What is account aggregation? Qonto’s new financial control center

Imagine a futuristic control room where all your transaction data streams converge. That's essentially what account aggregation does - it's your business' very own financial mission control.

At its core, account aggregation is a service that pulls data from all your financial accounts - banks, Stripe, Klarna, and more - and displays them in one unified dashboard. Think of it as when the Avengers assemble (but with your finances), with each account bringing its unique attributes to the table.

Let's break down the professional superpowers account aggregation helps users unlock:

1. X-ray vision for your finances: see through the clutter of multiple accounts and get a crystal-clear view of your overall financial health.
2. Time-bending efficiency: what used to take hours of manual data entry and reconciliation now happens in seconds. It's like having a time machine for your transaction tasks.
3. Predictive financial powers: with all your data in one place, spotting trends and adjusting your forecasts for future expenses becomes easier than ever. It's like having a crystal ball for your cash flow.
4. Safeguarding against financial errors: by automating data collection, you're reducing the risk of human error. No more typos throwing off your entire balance sheet.
5. Decision-making superspeed: with up-to-date information at your fingertips, you can make informed financial decisions faster than a jet plane.

Professionally, these benefits can be absolute game-changers. Why?

Here's what business users get from account aggregation:

• Many businesses juggle accounts across different banks. Account aggregation brings order to this chaos - helping you master multi-banking - with a unified view across all institutions.
• Mastering your cash flow is fundamental for businesses. As the saying goes, cash is king. Account aggregation gives you an up-to-date, clear view of your cash position across all accounts, helping you optimize your working capital.
• The days of manual data entry are long gone, thanks to account aggregation data fully integrated in Qonto’s API. When using third-party integrations, all of your balances will be up to date.
• With a complete, accurate financial picture always at hand, account aggregation perpetually prepares users for audits or investor scrutiny. All thanks to simple data exports, capable of illustrating the entirety of your financial wellbeing.
• Armed with comprehensive financial insights, you can make more informed decisions about everything from expansions to cost-cutting measures.

Essentially, account aggregation turns your fragmented transactional data into a cohesive, powerful tool. It's about more than convenience - it gives your business a financial edge in an increasingly competitive landscape.

Ready to suit up and harness these financial superpowers? Let's explore how Qonto's account aggregation feature can transform you into the superhero your business finances need.

Now that you understand the game-changing potential of account aggregation, here's how Qonto users can fully take control of their business' entire financial universe:

Your journey begins in the Qonto dashboard. Navigate to the "Accounts" section, where you'll find the magical "Add account" button. This is your gateway to financial unity. Clicking it will reveal a vast array of banks and payment service providers - thousands of them, in fact. See it live with the demo below, to find out how to connect your external accounts to Qonto:

For each institution you select, you'll go through a separate, secure authentication process with your outside institution(s). Simply use your existing login credentials for each account, and Qonto will handle the rest.

Security at Qonto is among our most valued characteristics, and this was a top priority in developing our account aggregation feature. All your data transfers are shielded with end-to-end protection. It's like having an impenetrable force field around your financial information.

Here's the kicker: Qonto never stores your external account passwords. You're always in control. Consent for data transfers must be renewed by every user, every six months. What’s more, you can cancel your consent at any moment without the need for an explanation. Think of it as a kill switch - you can revoke access to any connected account at any time - no questions asked.

At Qonto, we go above and beyond regulatory standards. We're committed to exceeding them. We're fully compliant with the Payment Services Directive 2 (PSD2) and GDPR, ensuring that your use of account aggregation is not only powerful but also fully aligned with the latest financial regulations.

Once you've connected your accounts, prepare for the big reveal. With your new centralized dashboard, you'll see your combined balance across all accounts - it's your financial health meter.

You can find the transaction history in the transactions section or view your latest transactions on the right side of the balance dashboard. This you to jump back and review your transactions from any connected account. And the cash flow visualizations? They're your ultimate sidekick - helping you spot trends and analyze your financial health, holistically.

Now, let's explore the superpowers at your fingertips:

• With the consolidated financial overview, you can see through the clutter of multiple accounts. All your balances are there on one screen, with a unified transaction history that tells the complete story of your business's financial journey.
• Gone are the days of manually matching invoices to transactions. Qonto's system allows you to simply click on your external transaction and then add your receipt. It's like having the power of teleportation when it comes to your receipt management.
• The cash flow visualization tool is your financial DeLorean. Track inflows and outflows, compare month-over-month trends, and spot patterns you never knew existed. It's like being able to rewind time when it comes to your business finances.
• Need comprehensive financial reports? With a few clicks, you can generate and export data that would have taken hours to compile manually. It's like having super-speed for your accounting tasks.

Whenever mastering a new tool, take it step-by-step, since practice makes perfect. Be sure to spend some time exploring your enhanced dashboard. Smart plan holders (and above) are able to play with the date ranges in cash flow visualizations. Export a few reports and see how they integrate with your third-party accounting software.

The more you use Qonto, the more insights you'll uncover. You might spot spending patterns you never noticed before. This can easily lead to new opportunities for cash flow optimization.

Remember, account aggregation isn't just about convenience - it's about giving you the power to make smarter, faster financial decisions. With all your data in one place, always up-to-date and accurate, you're equipped to steer your business with unprecedented clarity and confidence.

As we've seen, account aggregation revolutionizes key financial processes. For budgeting and planning, it provides a consolidated view that enhances accuracy and reveals cross-account trends. This comprehensive perspective allows for better seasonal preparedness and reinforces your cash flow predictions with more replete data.

Financial decision-making benefits immensely from the holistic POV provided by account aggregation. With comprehensive visibility over your finances, you can make crucial business decisions with confidence. Use your aggregated professional data to see the potential impact on your company's financial health. It's like having a supercomputer for business strategy right in your pocket.

To maximize the benefits of account aggregation, implement daily dashboard reviews - either personally or delegated to your business' financial team - to ensure data accuracy. Set up automatic synchronization for connected accounts and rest easily knowing that all your financial information is centralized.

But don't stop there, simply collecting data. Analyze your business finances regularly to identify growth opportunities. Use cross-account insights to optimize your product or service offerings. If your business is large enough, remember to always share relevant financial metrics with your team to align company-wide financial goals.

As open banking continues to evolve, we can expect even more powerful features:

• AI-driven financial insights and recommendations
• Seamless integration with a wider range of financial services
• Enhanced predictive analytics for accurate long-term forecasting

These advancements will further empower businesses to make data-driven decisions and stay ahead in an increasingly competitive marketplace.

Don't just take our word for it. Here's what Qonto users are saying about account aggregation:

Account aggregation offers transformative benefits for businesses:

• A unified financial overview across multiple accounts
• Centralized receipts merging Qonto with your external accounts
• Streamlined expense management and decision-making
• Robust security and regulatory compliance

Qonto's account aggregation feature tackles all of these pillars, providing a powerful tool for optimized financial management. By centralizing transaction data, connecting your external accounts with Qonto enables more informed decision-making and efficient operations for your business.

It's time to embrace financial superpowers for your business. Don't let fragmented finances hold your business back - unify your financial flows with Qonto's account aggregation and unlock your company's full potential.

Account Aggregation’ available across all plans, so simply get started with a free trial of Qonto today to check out our account aggregation feature for yourself.