As we continue our journey through finding solutions for statement chasing—aka, the laundry equivalent for accountants—the next potential area is document fetching. If you missed our first article on managing access and client bank credentials, check it out HERE.
To recap the mission of this article, we have implemented some workflows and automation to help with the notorious statement chasing tasks and wanted to share them.
What is document fetching?
Keeping track of bank and credit card statements is a pain. With document fetching apps, you can automate the collection and download of documents. They allow you to access and download client statements when you need them easily.
Below, I present LedgerSync and QuickBooks Online as potential solutions.
An option for securely retrieving bank statements is LedgerSync. This app allows you to connect your client’s bank accounts to their platform securely, and it automatically fetches bank statements and check images.
This solution also relieves your workers of having to log into each individual bank account portal and keeps passwords protected.
LedgerSync dashboard for managing clients
Managing bank account connections in LedgerSync
Additionally, you can directly map the downloads to several document storage solutions, such as Box.
QuickBooks Online is another great option for document retrieval. Here are the steps on how to view and download the statements for accounts that are connected to QuickBooks Online:
- 1. Open your client’s QuickBooks Online company file first
- 2. Select Reconcile
- 3. From the Account dropdown, select the account you want to reconcile
- 4. If you see the View statements option, you can get your bank statements directly from your bank for this account. Select View Statements to see your available statements
- 5. When you are ready to start, select Start reconciliation or Resume reconciliation
Again, much easier than doing laundry. I hope you stay tuned for our next and final article as we dive into how to automate communications for those clients who do not offer their bank account credentials.
Liz Scott is a multi-business entrepreneur working to bring together technology and accountants through her business, Liz Scott Consulting. A member of Intuit Trainer/Writer Network, she authored and taught Master level courses, including Advisory Guides and Consulting Tools for Accountants. In addition to Liz Scott Consulting, she also owns Accounting Lifeline, a firm to serve small businesses with their financial needs. Liz is a co-host of the “Appy Hour,” which helps other accountants learn about the different tools and apps for small business needs. Holding a high passion for real estate investment, she owns properties throughout Oklahoma.
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