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Open banking platform Basiq partners with Rounded

By Edil Corneille

August 17, 2020

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Basiq, SydneyAustralian company Basiq has announced its partnership with Melbourne-based Rounded, a simple accounting software that aims to make work better for the self-employed. With the collaboration, Rounded customers are able to connect their bank accounts to save time in logging expenses. Customers can get a snapshot of their overall financial position.

Rounded uses Basiq for income and expense tracking. Business expenses are often the most difficult to keep organised. The manual data entry involved in updating spreadsheets and keeping track of receipts is tedious, error-prone and takes valuable time away from clients. With Basiq, Rounded users can connect their bank accounts into their Rounded account. This ensures that any money going in and out of their account is accurately reflected in their accounting software.

Rounded users don’t need an accounting background or hours of tutorials to get started. The app provides all the tools to run a freelance business and be ready for tax time, without any added complexity. Users can send invoices, track income, and expenses as well as receive online payments to automate much of their accounting.

Building a business as a one-person team means being solely responsible for every aspect of the business, especially its financial management. Being tax-ready can take hours, if not days, of work.

Rounded founder Grant McCall enunciated, “Our seamless integration with Basiq and the consistent access to quality data is a win for both our customers and the Rounded team. The development and customer experience has been excellent and we now have a solid data platform to build upon.”

McCall decided to start Rounded with a focus on simplifying financial management for the self-employed. The company integrates a time tracker with invoicing to ensure that users are paid for every second spent on a project. Invoices can also be created in less than a minute with automated overdue reminders so users can spend less time chasing up payments.

Access to banking data will allow Rounded to add features such as automatic reconciliation in the near future which will save users even more time and effort.

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