Here are 7 good reasons to stick with Ledgersync even if you have Third Party Bank Access:
1- Security- I know your team has access to third party login but consider if someone leaves the firm they have access to all your client passwords- even with LastPass one with security access can see the password
2- Password Change/MFA Token Code Request- When clients change their password to say BofA it will break the connection and your team will have to chase down the client. The bank may also ask for token codes. With Ledgersync you can mass text all your clients to fix their bank connections on their phone WITHOUT having to track them down with phone calls.
3 - Third Party access is being phased out- We are seeing that Third Party access is slowly being phased out by banks. The banks will not allow third party access to connect to any system. Bank of America, TD and others are examples/
4- Check Fetching- Ledgersync is the only private software focused on check fetching. We have many banks on
5- OCR bank statements- IF you have bank statements that are scanned you can convert these bank statements to excel
6- Ledgersync Rules Engine- This is a major game changer product. Essentially you set up rules at your firm level and it categorizes all your client transactions to the correct GL Code and pushed it into QBO. It’s a huge time saver. Let me give you an example, imagine only having to setup a rule for Starbucks as a “ Meal Expense” only once and centralizing the rule so that all transactions are auto categorized. When you add a new client to Ledgersync the system auto categorizes those transactions. Huge time saver!
Imagine all the time wasted one logging and logging out. The mistakes in rules, and the needle in the haystack finding mistakes. The software accounts for “client rules” and “global rules” and can even assign splits. The overall result is that we aim to have 80%+ of the transactions auto categorized by end of the month, only leaving the outliers.
7- Customization- Are there specific software solutions that are expensive- we are happy to look at it and see if we can replicate the functionality so long as it deal with the banking data.