Zoho Corp., provider of productivity, collaboration and business applications, recently enhanced its online accounting software to support automatic bank feeds. The company’s Zoho Books will now automatically retrieve and import transactions from clients’ bank and credit card accounts.
Zoho partnered with Yodlee, a digital financial management provider, to eliminate the need for manually entering account and transaction data. With the new automatic feeds, users simply choose to accept or reject downloaded transactions for inclusion in their reports. This new feature is designed to make it easier for businesses to monitor and reconcile their bank and credit card accounts. In addition, clients can create bank rules to automatically process transactions based on certain criteria.
“Our goal with Zoho Books is to make it the must-have accounting software for every SMB,” said Raju Vegesna, Zoho evangelist. “That means making Zoho Books powerful yet easy to use, so they can effectively track their business financials without wasting time and effort. The new automatic bank feeds feature reinforces that efficiency and effectiveness by reducing the burden placed on the user.”
Zoho Books’ automatic bank feeds will transmit data between the Zoho server and users’ computers using 256-bit SSL encryption and will support data transmission from thousands of banks and credit card companies.
Joe Polverari, chief marketing and strategy officer at Yodlee, Inc., said, “By taking advantage of our developer tools, Zoho has just multiplied the value proposition of Zoho Books. Users are going to see more accurate information, more quickly because Yodlee is working behind the scenes to bring their account information into the Zoho Books UI. This is particularly powerful for SMBs who don’t have the luxury of a dedicated accounting department yet still need to stay informed on their company’s financial performance.”
The enhanced software is available immediately for purchase or a free 30-day trial. The company also demonstrated the new automatic bank feed feature at Zoholics 2012, its user conference.