Keeping your books up to date just got easier. With Auto Statements, Collective can now pull your bank statements from your financial institution automatically each month, removing the need for manual downloads and uploads.
Why This Matters
For solopreneurs, your time is best spent on your craft, not on backend administrative work. Accurate bookkeeping and reconciliation require monthly statements to ensure every transaction is accounted for. By automating your monthly statements, we reduce your monthly "to-do" list and ensure our accounting team has exactly what they need to keep your business tax-ready and organized.
How Auto Statements Work
This feature is powered by our partnership with Quiltt, a secure financial data platform. Quiltt connects to your banks and credit cards to retrieve your statements as soon as they become available. Here are some of the benefits of Auto Statements:
- Automatic Sync: Once enabled, statements are pulled automatically for our accounting team to reconcile your books.
- Document Center Access: Even though the process is automated, your statements will still appear in your Collective Document Center for your own records.
- Secure Connection: Your bank login credentials are never shared with or stored by Collective.
Getting Started
Setting up automated uploads takes just a few minutes and is currently available to our early-access beta group.
- Locate the Task: Log in to your Collective dashboard and find the Auto Statements task.
- Click on the Task: Click the task to go to your Settings page, where you can securely connect your accounts via Quiltt.
- Enable Your Accounts: Select the specific business bank or credit card accounts you'd like to automate. You’ll be prompted to login to your accounts and connect them.
- Confirmation: Once your accounts are connected, you will see “Auto Statements enabled,” indicating your accounts are set up for automatic retrieval going forward.
Maintaining Your Connection
While the system is designed to be "set it and forget it," there are rare instances where a statement cannot be retrieved—for example, if your bank requires you to re-authenticate your connection.
- Manual Backup: If an automated pull hits a snag, the system will automatically create a manual upload task on your dashboard.
- No Interruption: This backup process ensures your reconciliation stays on schedule even if the technology needs a quick refresh.
- Automatic Retries: We will always attempt to resume the automated pull the following month once the connection is restored.
Supported Institutions
Auto Statements work with most major banks, including:
- Chase, Mercury, and Relay Financial
- American Express, Capital One, and BlueVine
- Wells Fargo, Bank of America, and U.S. Bank
If your bank is not supported yet, you can continue uploading statements manually as you do today.
Frequently Asked Questions
- Which accounts should I connect? You should connect any business bank or credit card accounts used for your S Corp or LLC. These are the same accounts you currently use for your monthly bookkeeping sync.
- Is this mandatory? No. This feature is optional. If you prefer to maintain manual control over your statement uploads, you can skip the setup task and continue with your current workflow.
- Will this work for credit cards? Yes. If your credit card is from a supported institution, you can enable it for automatic retrieval.
- What if Auto Statements does not pull all my statements? You may occasionally notice a missing statement. Don’t worry—our system is designed with a manual backup. If the automated pull with Quiltt ever hits a snag, we will automatically trigger a manual upload task for you on your dashboard and let you know via email so your reconciliation never falls behind.
- What is Quiltt and is it safe to connect my accounts through them? Quiltt is a secure financial data platform that Collective uses to bridge the connection between your bank and our dashboard. It is built with the same security standards used by major financial institutions to keep your data protected.
- Bank-Level Security: Quiltt is SOC 2 Type 2 compliant, which is a gold standard for protecting sensitive customer data.
- Advanced Encryption: Your information is encrypted both while it's moving between systems and while it's at rest, making it unreadable to unauthorized parties.
- Privacy First: When you connect through Quiltt, your bank login credentials (username and password) are never shared with or stored by Collective.
- Read-Only Access: The connection only allows Collective to retrieve the specific statements and data needed for your bookkeeping; it does not give anyone the ability to move money or make changes to your bank account.
- You're in Control: You choose exactly which accounts to connect and can disconnect them at any time through your settings.
Need Help?
Your feedback is incredibly valuable to us. If you have questions or run into any issues during setup, please reach out via the Message Center in your Collective dashboard.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as legal, financial, or tax advice. It is not intended to be a substitute for obtaining legal, accounting, or other financial advice from an appropriate and/or licensed adviser, or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.