Granting View-Only Bank Access to Your Accountant

05/08/2024

In the realm of business finances, trust is paramount. Entrusting your accountant with access to your bank accounts can be a delicate matter, but it's a necessary step in ensuring accurate financial management. While the decision ultimately rests with you, providing "View Only" access is a common and prudent practice. This level of access allows your accountant to gather essential financial data without the ability to initiate transactions or alter your funds. 

At Sonny Peak CPA, LLC, we understand the importance of trust and transparency in financial partnerships. As your dedicated financial advisors, we rely on a holistic view of your business to address concerns promptly and effectively. Here's why granting view-only bank access to your CPA is not just beneficial but essential for optimizing your financial health:

  1. Efficiency and Accuracy: Direct access to your bank accounts streamlines financial management for both parties. With real-time access to transactions and balances, we can ensure accurate and up-to-date financial records. This efficiency translates into faster tax preparation, comprehensive financial planning, and precise decision-making.

  2. Proactive Guidance: Continuous access to your financial data empowers us to offer proactive advice tailored to your unique situation. From timely tax planning to customized insights, we can identify opportunities and address issues as they arise, helping you make informed financial decisions that drive success.

  3. Enhanced Monitoring: Granting view-only access fosters closer collaboration between you and your accountant. We can monitor your financial activity for anomalies, providing an extra layer of security and accountability. In the event of audits or inquiries, our familiarity with your records simplifies the process, saving you time and stress.

  4. Secure Access Management: To facilitate the process of granting view-only access, we've compiled instructions for several banking institutions. Whether you bank with our partner Relay or another provider, we're here to guide you through the steps, ensuring a smooth and secure transition.

We Recommend Relay for Optimal Banking Services

Consider utilizing Relay as your primary banking service. As a certified Relay banking partner, we endorse its efficiency and security features. Relay offers seamless integration with QuickBooks Online, ensuring smooth financial management.

Other Top Bank Recommendations

Banks like M&T, PNC, and Chase also offer reliable services conducive to read-only access. Here are instructions for enabling read-only access (click or tap to expand for bank-specific instructions):

M&T Bank

M&T Bank gives you the ability to add a Sub-User with specific privileges for each account. To learn how to add a Sub-Use, check out this demo.

PNC Bank

PNC Bank gives you the ability to grant "view only" access to a third party with limited access to items such as bank statements, check copies, and ability to connect accounts to QuickBooks Online. To grant "view only" access:

  • Log into PNC.com
  • Click on the Business Tools tab
  • Find the Account Delegation section and click on Add/Edit Sub Users
  • Add the required information on the Sub User form and click on Next
  • On the next page, be sure to check Accounts under Select the services that will be granted to the Sub User, and click on Next
  • Add access to all business accounts by checking the box next to each one, and under each account select access to Online Statements and View images of checks and deposit/withdrawal slips
  • Click Save and email us the User ID you created along with the temporary password

Chase Bank

Chase Bank offers the Chase Access & Security Manager. This feature is designed to help you save time managing your business accounts and determining who has what access. It gives you the ability to delegate cash management services without turning over the control or security of your account. To access this feature:

  • Sign in to your account and choose "Account Management"
  • Select "Access & Security Manager" from the drop-down menu
  • You will see the option to add an authorized user by selecting "Add New User"
  • You will need to complete the different fields on the page
  • Choose the accounts a new user can access. Assign their level of access by choosing "Assign access"

Empower your Accountant Partnership with View-Only Bank Access

By embracing view-only bank access, you empower us to fulfill our role as your trusted financial partner fully. At Sonny Peak CPA, LLC, we prioritize data integrity and client confidentiality, implementing rigorous measures to safeguard your information. If you have any questions or need assistance with granting access, don't hesitate to reach out. Together, we can strengthen your financial foundation and pave the way for lasting success.

 If you need help, don't hesitate to reach out. 

Disclaimer: This blog article is for informational purposes only and does not constitute legal, accounting, or tax advice. We recommend consulting with a qualified professional for personalized guidance tailored to your specific needs and circumstances.

This post may contain affiliate links. See our disclosure about affiliate links here.

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