Hello,
I am a book-keeper for a client who has recently started using Kashflow (on my advice). I asked my client to activate the automatic bank feed to facilitate reconciliations, but they are uncomfortable with typing their online banking user and password details into this software. Their bank (Lloyds) said that the client should not do this.
How do other book-keepers deal with this issue? I can understand my client's position, especially given the advice from their bank, but it must be very common for people to use the bank feed facility.
Thanks,
Replies (6)
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Bank account security - Kashflow
Yours is a very good question.
I believe before settting up any client with online software it would be good practice to notify the Bank first. After all should the bank account get plaguerised then I doubt would be covered for losses if knowingly you had given a third party log in details. Forewarned with this information is better than forearmed.
Not sure if Kashflow is a preferred online choice for Kashflow. Have you checked this?
They might be better disposed towards others. Have you asked this question?
Meant to write 'Not sure if Kashflow is a preferred online choice for Lloyds Bank.
Disappointed that no other accountant has been able to reply to this. it is very important point of law as well as practice.
Alternative
I would be uncomfortable too at putting any log in information even if the bank had not said no.
It is a matter of minutes for the client to download an uploadable file for the software so that is all I would recommend.
Articles
If you search the web and this site you'll find good articles on this. It's likely to be ok and lots of people do give their bank details. It does however breach the banks terms and conditions so you do so at your own risk.