What you need to know
Connecting your bank accounts to Collective Accounting is a crucial step in organizing your business finances and getting ready for your first financial report review as an S Corp.
Why Connect Your Accounts?
Our main goal is to gather and categorize all your business transactions. By compiling all of your financial information, we can provide a comprehensive review of your S Corp's financial health during your onboarding process.
What You'll Need to Get Started
Before we dive in, let's make sure you have everything you need:
Business Bank Account Log-ins: This includes your checking accounts, savings accounts, and credit cards.
Personal Bank Account Log-ins: You'll only need these if you have business transactions in your personal accounts.
How to Connect Your Accounts
You will be guided through connecting your account(s) in the Collective Dashboard.
Labeling your accounts
Once you have selected the account you wish to connect to Collective Accounting, you will need to label whether that account is business or personal.
Check your transaction categories
For Business Accounts: Browse through the transaction list to ensure that they are categorized as business transactions. If there are any personal transactions, you can label them as such.
For Personal Accounts: Look through the transaction list and change the classification from personal to business for any transactions that should be included in your business bookkeeping.
Next Steps
Once all your accounts are connected, you’re ready to move on to the next step in the setup process. Don’t worry about getting everything perfect—your Onboarding Accountant will review all the connections and categories with you during your training call. We’ll make sure no stone is left unturned and that you haven’t forgotten any transactions or accounts.
Your Training Call
During your training call, we'll go over all the connected accounts and categorizations together. This is a great opportunity to ask questions and make any needed adjustments. We’re here to ensure that everything is set up correctly so that managing your business finances is as smooth and hassle-free as possible.
Connecting your accounts might seem like a small step, but it's a big part of setting the foundation for your business's financial management. If you have any questions along the way or need a bit of extra help, don’t hesitate to reach out. Let’s get your financials in order and start on the right foot!
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.