When it comes to your business finances, you need to be able to trust your accountant. However, it can become tricky when dealing with bank accounts. You must personally decide how much information and access you give to your accountant, but the most common practice is to grant them “View Only” access. This will allow your accountant to see statements and check images but they will NOT be able to make transactions or transfers, pay bills, or move YOUR money.
Like any long-lasting relationship, trust and transparency are the cornerstones of success. As your trusted financial partner, Fusion CPA needs a holistic view of your business to ensure that we target the biggest areas of concern first, and fast.
Looking at your bank statement is the best way to gather accurate information regarding expenses, income, and cash flow for bookkeepers. Your accountant can create business plans, prepare your taxes, and create financial reports with this information.
Our CPAs have years of credibility in the field and take their oath to honor data privacy, to heart. We understand the significance of ensuring that your financial data is not only accurate but also easily accessible to those who need to know more. That’s why we’re excited to delve into the importance of granting your CPA View-Only Access to your bank statements and offer comprehensive guidance on how to do so safely.
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Here’s why it’s beneficial to share view-only bank account access with your CPA partner.
- It allows for greater efficiency and accuracy: Providing your accountant with direct access to your bank accounts streamlines financial management and reduces the risk of errors. Real-time access ensures accurate and up-to-date financial records, making tax preparation, financial planning, and decision-making more efficient and precise.
- It allows your CPA to offer you proactive guidance: With continuous access to your financial data, we can offer proactive advice and strategies to optimize your financial situation. This includes, timely tax planning, customized insights, and the ability to spot opportunities or issues as they arise. This will ultimately help you make more informed financial decisions.
- It allows for easier financial monitoring: Granting view-only access facilitates better collaboration with us as your financial partners. Your assigned CPA can monitor your financial activity for anomalies. In case of audits or financial inquiries, having our CPAs already familiar with your records can simplify the process, and save you time.
Whether you’re a current Fusion CPA client or simply interested in optimizing your financial relationships, this guide to granting “View Only” bank access can help you safely share important information with your CPA.
At Fusion CPA, data integrity is one of the cornerstones of our business, and we have all measures in place to keep our clients’ information safe. Granting us view-only bank access enables us to enhance the efficiency, accuracy, and collaboration in managing your finances. Contact us if you need assistance with this or if you have any questions.
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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.