Banking support in digital business operation to help achieve higher efficiency
Does your company still require manual transaction reconciliation? BAFS(HK), an accounting and advisory firm which used to handle their daily transaction records manually and saw the need for a solution to simplify the complicated and manual procedures. Based in Hong Kong, BAFS(HK) provides professional services for SMEs or enterprises to start their business in Hong Kong, including setting up the company, secretarial service, accounting, auditing, tax advisory, and online business support.
Tam Kai Chung Alex from BAFS(HK) pointed out that their daily routine included handling huge amounts of bills and transaction records. Those documents are mostly paper documents that required a lot of time to handle, not to mention concerns about storage and misplaced issues. Moreover, the chances of human errors or delays are relatively high, and with the process long and ineffective, customer relationship and business development of the company might be affected if errors arise.
API real-time reconciliationcan simplify daily accounting procedures!
DBS recognised the needs of BAFS(HK) and introduced them to DBS’ enhanced mobile payment services powered by Faster Payment System. The payment method is real-time and efficient, messages and emails will be received instantly to facilitate all reconciliation process thus reducing workload and manpower. Furthermore, the cashless and contactless payment requires only QR code scanning, which greatly enhance the working efficiency and customers’ experience!
In addition, DBS RAPID is an advanced solution enabling FPS QR Code matching, so that BAFS(HK) can easily identify remittance records, payment source and channel. Along with XERO online accounting software integration, real-time transaction records will flow into BAFS(HK)’s accounting system automatically so that manual reconciliation will no longer be required. By simplifying this daily process, the chance of human errors has been reduced.
With the innovative solutions from DBS, BAFS(HK) was able to digitalise their business to increase operational efficiency, retain their advantageous position in the industry, and maintain their customer service level. BAFS(HK) also promotes work-life balance for their employees. By implementing DBS RAPID, processes are simplified and complex reconciliation are elimated which all contribute to a better working environment and less overtime for their employees. BAFS(HK) appreciates the assistance and services of DBS.