Every month, Heard requires therapists to upload their bank statements. However, you can eliminate this monthly task by allowing Heard limited access to your bank account (also known as limited bank access or read-only).
What is limited bank access?
Limited bank access is having restricted access to your bank account. This access is granted by providing Heard with a unique username and password. This will not be the same credentials as your own login.
Each bank allows the bank account owner to create individual account access levels and allow Heard to view and manage accounts for your different businesses. You choose how much Heard sees and what actions we can take (we only need the ability to download your bank statements).
Note: Depending on the bank, you could be required to upgrade your account to include account management.
Why is limited bank access important?
You’ll no longer be required to upload bank statements. Once this access is set up, Heard can directly download your bank statements each month. It's one less thing to think about!
Does Plaid provide limited bank access?
Granting limited bank access to your accounts for us to access your statements is a slightly different process from authorizing the accounts via Plaid which syncs transactions to Heard automatically. We request limited bank access to your statements so that we can pull statements on a monthly basis to ensure all transactions are accounted for and synced via Plaid and to ensure month-start and month-end balances match what we have in your books as part of our reconciliation process. Without limited bank access set up, you'll need to upload statements on a monthly basis. However, we would still ask that you connect your business accounts via Plaid to automatically sync transactions as the alternative is to enter them manually. Connecting your accounts via Plaid enables your bookkeeper to review transactions and reconcile them with your statements on a monthly basis.
Is this required?
No, this isn't required. You can complete this set-up only if you’re comfortable. If not, feel free to continue uploading bank statements monthly.
Please reach out in the Conversations tab if you're interested and we'll walk you through the process.