[MINI] Ep 2 ⎸ How to Get Bank Statements in a Timely Way

In this MINIsode, I answer the question, How do you get bank statements from your clients in a timely way?

You’ll hear:

• systems my firm uses for getting bank statements
• what to ask your client during onboarding

Resources mentioned in this episode:

• Relay Bank (affiliate link)
• Hubdoc

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Transcript

1:05

Welcome back to another mini episode where I answer a question. That has been asked in our community. So today's question is how do you get bank statements in a timely way from your clients? We have most of our clients on relay. And so we pull the statements ourselves while we're actually Relay pushes them to Hub Doc for us. So that's the majority of our clients. And then the other ones we ask for statement only access and we pull them ourselves. there's a few exceptions. Like there's some clients that-- like it's the credit card situation where it comes like after the 15th and our login never works. So we always have to ask for it. Like there's always going to be exceptions, but the general, what we generally try to do is when we onboard a client, it's in our proposal even is that we expect to have bank statement access. And we just kind of communicate that in a way of like, you don't want us to bother you. Let's make it easier on everybody. Like we're here to help. We don't want to keep bothering you for little things like that. That's why you hired us. So if there is a situation where they're with like a credit union and it's like another $50 a month for bank statement access, that's when we usually present them like you could switch to Relay and it'll be free and easy. So, But yeah, there's always gonna be exceptions. So we have like, that's the first task in all of our month end stuff, is to get the statements and categorize transactions. So the statement requests, like whoever is responsible for that task, it might not be like, it's probably more efficient to have just an assistant in your firm to just do that for all the clients. And at some point we're gonna get there. Right now, each person has a handful of clients that they are responsible for reaching out on the first of the month for statements. if we have to do that, but most of our clients we have access to that stuff.