How to simplify your small business banking with True North Accounting

Running a business is a full-time job, and managing monthly bank documents can often feel overwhelming. At True North Accounting, we understand the challenges of keeping your finances in order. That’s why we’re here to help streamline your banking processes so you can focus on what you do best — growing your business.

By granting us access to your bank accounts, you can save significant time and reduce the stress of managing bank documents. Here’s how to do it if you’re banking with CIBC, BMO, RBC or Scotiabank.

Why grant us bank access?

Managing bank statements, transactions, and reconciliations manually can be incredibly time-consuming. By providing True North Accounting with access to your bank accounts, you can:

• Automate your bookkeeping processes. We’ll be able to download your banking statements on your behalf and set up your Xero connections without bothering you

• Ensure timely financials: the bookkeepers and accountants can get to work without delay

• Focus on strategic aspects of your business.
  
  

Setting up bank access might require some initial effort, but it’s a small investment for a huge payoff in efficiency and peace of mind.

There are two main ways to grant us access to your bank information:

1. Delegating access through the bank directly
2. Direct feeds using Xero
   
   

Delegating access through the bank directly

You can delegate read-only access to your business accounts directly through your bank’s online platform. This allows our team to download your bank statements and transaction history without having full access to your account. We can also set up direct feeds using Xero to give you a more fulsome picture of your cash flow insights to support informed business decisions. 

How to delegate access:

1. Log in to your online banking account.
2. Navigate to the security or user settings section.
3. Add a new user and assign read-only access.
4. Share the access details with True North Accounting.
   

For detailed instructions on how to set this up with your specific bank, see the information below or contact your bank directly.

Delegating bank access through CIBC

CIBC customers need to use CIBC SmartBanking for Business. CIBC does not charge additional fees for their business banking platform. Balance your books and reduce errors by integrating Xero and Quickbooks, and granting access to your accountant.

Delegating bank access through BMO

If you use BMO as your business bank, you will need to have either a Platinum or Platinum Rewards card. After that, it's as easy as calling 1-855-825-9237 to add an authorized user. 

Delegating bank access through RBC

If you use RBC online banking, you’ll need to upgrade to RBC Express Platform, a business banking platform tailored for business owners. It lets you delegate banking tasks to employees or 3rd party service providers like your accountant. This platform gives you the options, insights and security you need to manage, run and protect your business.

Delegating bank access through Scotiabank

Scotiabank’s banking platform is Scotia Connect. The fees for this platform range depending on the number of monthly transactions you have. You can provide everyday access privileges to other users to allow them to create payments, submit payments and view reports on your behalf. 

Direct feeds using Xero

If you prefer not to delegate read-only access, you can provide us with a direct feed using Xero. 

Xero is a powerful cloud accounting software that integrates seamlessly with many major banks, including CIBC, BMO, RBC and Scotiabank. By setting up direct feeds, your bank transactions are automatically imported into Xero, making bookkeeping easier and more accurate.

Set up direct Xero feeds with CIBC

CIBC’s direct feeds can be set up directly through Xero with CIBC’s SmartBanking for Business. Once set up, your transactions flow automatically into Xero daily, reducing manual data entry and improving accuracy. This provides a consolidated view of your accounts, payables and receivables in a single location. 

Eligible account types

• Business operating accounts
• Business saving accounts
• Business foreign currency accounts

Find more details on setting this up on Xero’s support page on CIBC Direct Feeds.

Set up direct Xero feeds with BMO

BMO customers will need to have the Primary Customer Administrator (PCA) user role with administrative privileges in BMO to set up the connection in Xero.

Eligible account types

BMO bank feeds are only available in the US and Canada for customers on the BMO Online Banking for Business (OLBB) commercial platform. Eligible account types include:

• Business deposit and credit card accounts
• Commercial deposit accounts

Find more details on setting this up on Xero’s support page on BMO Direct Feeds.

Set up direct Xero feeds with RBC

If your account type isn't eligible for a direct bank feed, see if a Flinks or Yodlee feed is available. 

Yodlee is a third party online banking solution provider that connects to thousands of online banking websites and financial institutions worldwide. Yodlee retrieves transactions from your bank account and imports them into Xero on your behalf.

Flinks is an online banking solution provider that connects online banking websites and financial institutions in Canada and the United States. Flinks creates a connection between your bank and Xero to securely import your transactions.

Set up direct Xero feeds with Scotiabank

If your account type isn't eligible for a direct bank feed, see if a Flinks or Yodlee feed is available. 

Yodlee is a third party online banking solution provider that connects to thousands of online banking websites and financial institutions worldwide. Yodlee retrieves transactions from your bank account and imports them into Xero on your behalf.

Flinks is an online banking solution provider that connects online banking websites and financial institutions in Canada and the United States. Flinks creates a connection between your bank and Xero to securely import your transactions.

Learn more about using automatic bank feeds with Xero in our blog. 

Benefits of providing bank access

By providing us with direct or delegated access to your bank accounts, you can expect:

• Time savings: Automation reduces the hours spent on manual data entry and reconciliation.
• Accuracy: Automated feeds ensure your financial data is always up-to-date and accurate.
• Peace of mind: Focus on your business while we handle the nitty-gritty bookkeeping details.

At True North Accounting, our goal is to make your life easier and your business more efficient. Setting up bank access might require some work upfront, but the benefits outweigh the effort. With accurate, up-to-date financial information, you can make informed decisions and drive your business forward.

Ready to get started? Contact us today, and let’s simplify your bookkeeping processes together.

For more tips on streamlining business operations, check out our other blogs and resources.