In today’s fast-paced business environment, maintaining a close and efficient relationship with your accountant is crucial. One of the most effective ways to achieve this is by providing them with “View-Only” access to your bank accounts. This not only streamlines the process of managing your finances but also ensures that your accountant has real-time access to the information they need, when they need it.
Why Your Accountant Needs View-Only Access
You might wonder why your accountant needs access to view your accounts. The answer is simple: it saves you time, effort, and potentially even money. When your accountant can access your financial data as needed, they can address any issues or questions immediately, download statements needed for reconciling your checking account and credit cards rather than waiting until the end of the month or tax season. This proactive approach can help you avoid surprises when it comes to filing taxes and may even reduce your tax liabilities. Moreover, having an additional set of eyes on your accounts can protect against errors or misappropriations. It also frees up more of your time so you don't have to fetch bank statements every month!
How to Set Up View-Only Access Across Different Banks
Different banks have varied processes for setting up view-only access, but the goal remains the same: to provide your accountant with the access they need without compromising the security of your account. Below are the specific steps for various banks, along with direct links to the bank.
U.S. Bank
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- Log in to U.S. Bank online using your business user ID.
- Navigate to the “I’d Like To” menu on the left side of the page and choose “Manage Shared Access.”
- Alternatively, click “Customer Service” and then select “Shared Access.”
- Select “View Only” to allow accountants to view transactions, balances, and other details on selected accounts.
- Learn More: U.S. Bank Shared Access
Wells Fargo
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- Visit the Wells Fargo website and navigate to the small business section.
- Select “Account Access Management.”
- Grant your accountant online “View Only” access to one or multiple accounts.
- Learn More: Wells Fargo Account Access Management
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Chase Bank
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- Sign into your account and choose “Account Management”
- Select “Access & Security Manager” from the drop-down menu.
- Add an authorized user by selecting “Add New User.”
- Complete the required fields on the page.
- Choose the accounts a new user can access and assign their level of access by selecting “Assign access.”
- Learn More: Chase Account Access Manager
American Express
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- Set up your accountant's account using Amex’s “Account Manager” feature.
- Navigate to “My Account > User Administration” and click on “View/Modify” to create view-only bank account access.
- Modify user privileges as needed.
- Learn More: American Express Account Manager
Bank of America
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- Upgrade your online banking account to include “Account Management.”
- Create individual account access levels and allow a your accountant to view and manage accounts.
- Learn More: Bank of America Account Management
Capital One
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- Use the “Treasury Management” feature to adjust access settings for your authorized users.
- Grant view-only access to your accountant.
- Learn More: Capital One Treasury Management
Regions Bank
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- Utilize the “People and Permissions” feature to limit your accountant’s permissions.
- Create an account for your bookkeeper with view-only access.
- Learn More: Regions People and Permissions
PayPal
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- Use the “Managed Users” feature for business accounts.
- Navigate to “Account Access” and select “Update” next to “Manage Users.”
- Add a user and assign them view-only privileges.
- Learn More: PayPal Manage Users
Best Practices for Granting Access
When granting view-only access to your accountant, it’s essential to follow best practices to ensure your financial data remains secure:
- Use Separate Credentials: Whenever possible, create separate login credentials for your accountant. This limits their access strictly to view-only permissions and helps protect your account from unauthorized transactions.
- Regularly Review Permissions: Periodically check who has access to your accounts and adjust permissions as necessary. This ensures that only those who need access have it and that their access is appropriate for their role.
- Communicate with Your Accountant: Ensure that your accountant knows exactly what access they have and how to use it. This will help avoid any confusion or mistakes.
By following these steps, you can provide your accountant with the access they need to keep your business finances running smoothly while maintaining control and security over your accounts.