Bank Access
Your bookkeeper does not require access to your bank account. However, granting read-only access does provide several benefits:
- You won’t have to download and send bank and credit card statements. With read-only access, your bookkeeper will be able to download your bank and credit card statements without involving you.
- Connections between your bank accounts to your accounting software can be sensitive. Let’s be honest, they disconnect all the time. If your bookkeeper has read only access, they will be able to reconnect them without involving you.
- Your online bank account likely provides a lot more details about transactions than they put on the statements. With read-only access, your bookkeeper can see those additional details (particularly for EFT and Interac Money transfers), which will reduce their need to ask you about them.
Find out if your bank offers read-only access and how you can get that set up.
Bank Access Instructions
Ready to grant your bookkeeper read-only access? Find your bank and learn how to get it setup.
Please note: this page is a work in progress as we work through each bank.
Last Update: Sep 12, 2024
Personal Accounts
BMO does not offer read-only access on personal accounts.
Business Banking
BMO Banking for Small Business and Commercial Banking do offer read-only access.
You’ll need to speak with your account manager to get it set up.
Personal Accounts
CIBC does not offer read-only access on personal accounts.
Business Banking
CIBC provides read-only access through the “CIBC Smart Banking for Business” service. It has no registration or monthly fees. You’ll only pay fees for the services you’re actually using.
You’ll want to speak with your account manager to learn more about your options and fees, and to set up Smart Business Banking.
Personal Accounts
Manulife does not offer read-only access on personal accounts.
Business Banking
Manulife does not offer read-only access on business accounts.
Personal Accounts
Meridian does not offer read-only access on personal accounts.
Business Banking
Meridian does offer read-only access on small business and commercial accounts.
You’ll want to contact your account manager to learn more about your options and get read-only access setup.
Personal Accounts
National does not offer read-only access on personal accounts.
Business Banking
National Bank does offer a read-only user role. They call it an “Accounting software user.”
Follow the instructions from National Bank to set up additional users.
Personal Accounts
RBC does not offer read-only access on personal accounts.
Business Banking
RBC offers two different platforms for commercial banking “RBC Online Banking for Business” and “RBC Express Banking.“
RBC Online Banking comes standard with any commercial plan but does not offer read-only access.
RBC Express Banking comes with some additional fees but does offer read-only access. Learn about those fees (from 2020) here.
You’ll want to speak with your account manager to learn more about your options and fees, and to set up RBC Express. (Don’t forget to ask them to waive the fees, worst case is they’ll say no!)
Personal Accounts
Scotiabank does not offer read-only access on personal accounts.
Business Banking
Scotiabank offers two different platforms for commercial banking “Scotia Online” and “ScotiaConnect.”
Scotia Online comes standard with any small business plan but does not offer read-only access.
ScotiaConnect comes with additional fees but does offer read-only access.
You’ll want to speak with your account manager to learn more about your options and fees, and to set up ScotiaConnect. (Don’t forget to ask them to waive the fees, worst case is they’ll say no!)
Personal Accounts
TD does not offer read-only access on personal accounts.
Business Banking
TD commercial banking does offer read-only access on small business and commercial accounts.
Commercial & Corporate Banking customers should speak with their account manager. Small Business Banking customers should call CMS Support at 1-800-668-7328.
You can follow the instructions on page 19 of TD’s Web Business Banking Guide.
Don’t see your bank listed? Let us know and we’ll look into it!
FAQs
Have questions? We have answers
What is Read-Only Access?
A user with read-only access can view your accounts, only. They cannot move money, pay bills, or make any changes to your account.
Why Give Read-Only Access?
There are a number of reasons to give your bookkeeper, accountant, or tax professional read-only access to your accounts:
- Easy Access: Your bookkeeper can easily access bank statements and transactions without involving you.
- Accuracy: Downloading data directly ensures the most accurate data. Nothing will get missed, forgotten, or changed in transit.
- Saves Time: This access can save time for the business owner since they won’t have to re-establish banking connections or download and send statements.
- Extra Layer of Security: It’s not a bad idea to have a second set of eyes on your accounts watching for misappropriations, mistakes, or fraudulent transactions. Furthermore, enabling read-only access means the bookkeeper doesn’t have any ability to make changes to your accounts or move funds.
What if my bank doesn’t offer read-only access?
Most small businesses will manually download bank statements and send them to their bookkeeper every month, then answer any questions the bookkeeper has.
This option has the lowest risk but requires the most effort from the business owner and their bookkeeper.
Alternatively, you can use accounting software (like Quickbooks Online) that will link to your bank account. This will allow your bookkeeper to view some of your banking activities, without giving them access to the accounts.
This option is low risk but many banks have security features that mean the business owner will have to “reconnect” the software and bank account regularly.
Some banks/plans allow multiple full users on one account. Each user is granted their own bank card and/or banking login details. You could grant your bookkeeper/accountant full access to your account.
This option has more risk (as you’re allowing someone full access to your bank accounts) but – once setup – requires very little from the business owner.
Some people might suggest giving your banking login details to your bookkeeper. You should never give anyone your login details to your online banking!!
This option is very high risk (and against the terms of service of ALL banks). Not only does this grant someone full access to your bank accounts, their access is indistinguishable from your own so you’d have no recourse if there were negative results.
Question still unanswered? Reach out to us and we’ll get back to you.
Contact Us
Solid Sums Bookkeeping Inc serves Barrie, Clearview, Collingwood, Thornbury, Wasaga Beach, and the surrounding areas.
Contact us for more information or to set up a free consultation.