BanktoBook is 21st Century Accounting
As somewhat of a background, Accounting is probably the most common and important App for business, the economy and efficient Government.
21st Century Accounting is about making accounting simpler and minimising accounting cost.
It is about minimal and automatic data entry.
It is about easier tax preparation.
It can be about mixing products and using 3rd party Apps.
It is about business security and using technology.
It is about automatic categorisation.
It is about saving time and money.
It is about meeting complex government regulations.
It is about cloud computing.
Why is 21st Century Accounting important for Government?
The Cash Economy is the enemy of tax collection due to tax evasion.
Transactions that go through bank accounts are traceable and verifiable.
Using bank accounts and reconciling what is in the books to bank accounts is possibly the most important thing for 21st Century Accounting
The idea of that famous person called Jesus could be most important when he said "Give to Ceasar what belongs to Ceasar". So we should pay whatever taxes and however unfair we perceive them to be to the Government.
There could be a case for the "Transaction Economy" that indicates that paying taxes actually increases economic growth and jobs.
Did you know that some Universities are starting to include How-To use 3rd party Apps in Accounting?
Apps or Applications that work with other Apps is the part of the future.
The complex mix regarding how to get transactions and how to move these from one application to another is probably the greatest advantage in moving to 21st Century Accounting.
Universities and places of learning are starting to switch-on-to the idea of how to use Apps.
Expect to see growth in this area.
This can, and should, include how to use Apps to convert receipts into transaction data. How to convert PDF files such as bank statements into transaction data that can be uploaded/downloaded with a batch method rather than individual entry.
What are some of the negatives that exist that can be overcome in the future to make this easier?
Many major banks only provide say 3 months of transactions for a download.
They should, and possibly will, move to unlimited downloads for an account such as from inception.
It is your data and they are required by law to keep it for say 7 years.
The limitation is typically in their download facility.
So improving this will improve 21st Century Accounting.
The description for a transaction should contain enough information for automatic categorisation.
Bank descriptions are generally sufficient while 3rd parties such as Paypal need to imrove their descriptions to always indicate the supplier/vendor/merchant.
Providers of Apps should always provide import and export capabilities.
They generally provide imports but may limit exports.
They want to lock you in to their product.
21st Century Accounting is about being a gateway so that users can move from one product to another and find the best solution for their business.
The term "transfer" should not be used paying a vendor/merchant/supplier. It should only be used when transfering money from one linked bank account to another. Transfers between bank accounts is significantly different to payments to external parties. This would assist with 21st Century Accounting.
One day soon, the media will get onto the idea of 21st Century Accounting.
They may, one day, realise that this idea of 21st Century Accounting applications is of majority interest.
The Media, one day soon, may get onto the idea of Security for 21st Century Accounting.
They may get onto the idea that giving away your banking userid and password is dangerous and a potential liability.
It may take one major hack of this information before it is highlighted.
BanktoBook does not require Online Banking details and is 21st Century Accounting.
BanktoBook is not only a complete solution for some people, it is also a gateway to other Accounting solutions and its philosophy is to provide imports and exports so that the user is not locked-in.
Any lack of import or export is only temporary as the product matures.
What is the Transaction Economy?
The essential idea is that in an advanced economy, which may not have a good manufacturing base, is highly regulated and the evasion of tax is minimised.
Every transaction, Ins and Outs, Receipts and Payments, and as seen through bank accounts, attracts transaction tax (GST, VAT, Sales Tax, Bank Fees) and the circulation of transactions creates economic growth and jobs.
It is the circulation of monies (transactions) that stimulate the economy.