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SteveChase
SteveChase
August 2, 2017

Does anyone know if you can you have bank statements automatically emailed to your bookkeeper?

  • August 2, 2017
  • 6 replies
  • 0 views

I am interested in receiving bank statements automatically via email with my clients bank accounts. This is coming from a bookkeeper's workflow. 

 

I am wondering if this is even possible with Wells Fargo, Chase, Paypal, and AmEX. I know the technology is there to have emails automatically scheduled and delivered on the 1st of each month to a specified email. But since I haven't seen this feature I wonder if the banks don't support this because of security reasons. Perhaps I'm wrong and someone is doing it.

 

If you are a bookkeeper, what is your system or process of receiving bank statements from your clients?

 

Steve Chase

    6 replies

    ParkwayInc
    ParkwayInc
    August 3, 2017

    At Parkway we utilize Ledgersync for all of our clients. Ledgersync provides us a single dashboard to collect all of our clients statements, transactions and my favorite check and deposit images.  Even after converting most of our clients to QuickBooks Online, we find that it helped reduce the time spent on each month end close.  I also find it very useful for repair and rebuild projects.

    While its not an emailed solution, it does provide them access to all your statements once they have been made available. 

    Check them out at www.ledgersync.com

     

    Matthew Fulton

    Parkway Business Solutions

     

     

     

     

     

     

     

    SteveChase
    SteveChaseAuthor
    August 3, 2017

    Thanks Matthew. I am seeing that organization of systems and processes is a key fundamental in this line of work.

     

    Steve Chase

    lynda11_2
    lynda11_2
    August 3, 2017

    Most banks allow you to set up a view only user.   That is what I have my clients do for me so I have access.  

      SteveChase
      SteveChaseAuthor
      August 3, 2017

      Linda, this is awesome!!! I will inquire how to set this up.  A view only is exactly what will help me work faster.

       

      Steve

        H
        Hochh130
        August 7, 2017

        Yes, as long as your clients give you permission to set up an email account for them to receive bank statements, bills due, receipt fopr payment online, etc.  This is what I have done for my client but I also have their Power of Attorney

        T
        TSS_Accounting
        August 16, 2017
        Hubdoc.com is great for that. You just have your client log into to their banking with their banking credentials, but through the hubdoc app.
          SteveChase
          SteveChaseAuthor
          August 16, 2017

          I keep hearing from more and more people that hubdoc is awesome. I was just on their website (again) but this time I clicked on their pricing and it looks like it is $20 a month. hmmm I will keep this in mind as my bookkeeping business grows.

           

          Thank you @TSS_Accounting for the recommendation.

            T
            TSS_Accounting
            August 16, 2017

            It's an awesome tool.  Sometimes they run a special for QuickBooks ProAdvisors to get 20% off on the first 6 months.  They also give discounts for having many clients signed up with them.

              dipanshutyagi20
              dipanshutyagi20
              August 25, 2017

              Hi Steve

              Thanks for sharing your problem on this platform and giving us an opportunity to help you.

              I think the best way (as mentioned by other advisor) is to get view only Access of bank accounts of which you want the statements. By this way u can not only get the PDF but also Excels format of Statements. As we know excels format are more helpful than pdf ,as these can be easily converted in to IFF, CSV format required to upload in to the Quick books.

               

              Hope the information will help you

               

              Best 

              Dipanshu Tyagi

              The Bookkeeper

              +91-9911090356

              dipanshutyagi2011@gmail.com

                SteveChase
                SteveChaseAuthor
                August 25, 2017

                Thank you @dipanshutyagi20

                I
                InstantBookkeep
                August 25, 2017

                Hi Steve, 

                 

                You might wanna check out filethis.com They'll automatically import the statements in a verity of Doc Folders. i.e. Google Drive, Dropbox, then the client can give you access to the Google Drive Folder or Dropbox etc.  

                Best of all it's free for up to 6 Connections and weekly imports,  or for 50 dollars a year unlimited connections and daily imports.  but as @lynda11_2 said the bank may from time to time ask for the security questions, which the client will obviously have to take care of. 

                Hope it helps. 

                  Markus
                  Markus
                  September 14, 2017

                  Almost all of my clients give me access to there bank accounts. This makes everything so much easier. It would waste to much time emailing the client every month to retrieve the bank statements. The client may forget or it may not be at the top of their priority. Remember, to be a bookkeeper trust needs to be established. If the client can't trust you then their will be problems. 

                    angelacct
                    angelacct
                    April 22, 2021

                    Careful what you wish for.

                    I just learned that you should always get "view-only" access to clients' bank accounts because if the client (or client's business) ever owes back taxes, the IRS can and will go after all parties who had access to the accounts.

                    The IRS looks at it, "if you had the ability to access the funds, you should've paid the bill." So they will collect all back taxes from all individuals (and businesses) who had access.

                    I have not researched into this myself but was told there are lots of cases of this happening. (When I find the original post I learned this from, I will edit this post and add the link to it.)

                    So, to be safe, just get view-only/read-only access. 

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