DepositNow!(TM) Receives Innovation Award for Simplifying Small Business Accounting


LAS VEGAS, June 12 // -- DepositNow!, the groundbreaking system that lets businesses make bank deposits online and updates their QuickBooks records at the same time, has been honored with a Tax & Accounting Technology Innovation Award for its time-saving contributions in small business accounting. The awards are presented by The CPA Technology Advisor, the leading technology magazine for accountants.

Developed by San Francisco-based BankServ, the DepositNow! system is the first remote deposit product that interfaces with QuickBooks to make it easier for businesses to balance their books. With just a check scanner and an Internet connection, a business owner or accounting professional can make a deposit into any U.S. bank account without leaving the office, and each check is automatically matched to the right customer and invoice as it is scanned.

The CPA Technology Advisor's Executive Editor, Gregory L. LaFollette presented the award at the AICPA TECH+ show today. A practicing CPA and holder of the Certified Information Technology Professional (CITP) credential, LaFollette recognized DepositNow's potential to streamline financial practices in the small business world.

"The ability to scan checks and deposit them online is something that immediately saves significant time and effort," LaFollette said. "Because DepositNow! also automates data-entry and reconciliation of invoices to payments, it also dramatically improves the ability for QuickBooks users to manage their finances."

While online check deposits have been legal since 2004, DepositNow! also employs proprietary technologies that process not only the banking information on checks, but also the handwritten dollar amounts. When checks are scanned and deposited, the system matches to the correct customer, marks the correct invoice as paid, and records the payment in a QuickBooks journal. By automating most of the paperwork, DepositNow! saves time and eliminates costly mistakes, said David F. Kvederis, BankServ's president and CEO.

"BankServ has designed DepositNow! to make the accounting process as close as possible to scan-and-click. Depositing a check has historically been manual, time-consuming and expensive, with too much room for error," Kvederis said. "This powerful tool that saves time and money could become as widespread in the business accounting world as direct deposit is today."

Besides The CPA Technology Advisor honor, DepositNow! was also recently presented with a "2007 Awesome Add-On" award by the Sleeter Group QuickBooks experts. In October, Deloitte and Touche named BankServ one of the 50 fastest- growing technology companies in Silicon Valley.

Other winners of The CPA Technology Advisor award included Intuit, Microsoft, SurePrep and Thomson Tax & Accounting.

About BankServ

Since 1996, privately held BankServ has developed electronic payments technology for banks around the world, including systems for Fedwire, SWIFT, online payments and Check 21. More information about the DepositNow! system can be found at www.bankserv.com/ or www.depositnow.com/.

Source: BankServ

CONTACT: Brad Kvederis of BankServ, +1-415-983-0571, brad.kvederis@bankserv.com

Web site: www.bankserv.com/
http://www.depositnow.com/

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