I've long been an advocate against online banking when it involves your computer accounting software connecting to the bank for transaction download. Not that this connection isn't secure because it is, but because unless you have the proper security on your computer and network you are opening yourself up to unwanted intrusions whenever your computer is connected to the Internet.
Today's banking is protecting your financial data very well and now rather than connecting directly to the bank you have the capability to download a file with your transactions in the format for your accounting software and import the data. This is a two step process and gives you much better protection.
However, there are still business owners who are more than happy to tell me their online banking log-in and password so that I can do this for them. If that last statement didn't make the small hairs on the back of your neck just stand up, then you too may be one of the trusting souls who allow themselves to be embezzled from. When you give anyone your online banking log-in and password that's the equivalent to handing them a pile of signed blank checks!
Most banks today offer a view only online banking access for bookkeepers. I insist upon it! If your bank does not, ask them to look into it for you. If anyone other than yourself has the login and password to your banking, change it first thing Monday morning! If your bank does not have the view only account for your bookkeeper, take a moment to learn how to download and save the transaction file for your bookkeeper to import.
The core philosophy of The Bottom Line Bookkeeping Service has always been dedication to your success beginning with proper record keeping. The success of our clients across many different industries, from small business start-ups to franchised businesses, is proof that our methods work, and work well.
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