One of the challenges of bookkeeping is managing requests for information. At the beginning I request access to bank accounts so I can accurately create and categorize transactions. Sometimes though, even with bank access, I still have to ask about transactions because the bank does not provide enough detail in its online banking. These are three features that I like in business bank accounts.
Long Account History
I had some cleanup for a client where he needed 2 years cleaned up so he could file his taxes. Unfortunately, the online account only went back three months so he had to pay to give me access to the data I needed. Most banks will go back at least a year and a half and will have some means of providing transactions past that point.
View Checks
As I am categorizing transactions, I have to see the copy of the checks to know who they were written to and what for. A good online banking system will allow the checks to be viewed.
View Deposits
Often times, the information about deposits is all the same in the bank feed. “Mobile Deposit”. “Branch Deposit”. In order to know what source of income this is, I need to be able to view the deposit slips and checks that were deposited.
To save time and delay in getting your bookkeeping done, select a bank that has a long account history, allows you to view checks, and allows you to view deposits. A bank with these three features will streamline the communication between you and your bookkeeper.