Small business owners have a few options available to them:
- Allow the bookkeeper “View” only access to the bank account. This allows the bookkeeper to log into the bank account and view transactions only.
- Allow the bookkeeper “View” access and the ability to upload payment files. These payment files could include superannuation payments, BAS payments, creditor payments, and wage payments. Once the payment files are uploaded, the bookkeeper would email the business owner the details or reasons for the payment, such as a copy of the quarterly BAS being paid. The business owner can then verify that the biller code and reference being paid are correct and ensure that the bookkeeper isn’t using the business bank account to pay their own BAS.
- Allow the bookkeeper full access to the bank account but require a second authorizer for any payments.
- Allow the accounts person full access to the bank account, with an understanding that they will only handle wage payments or wage and tax payments.
There is one other method commonly used where the business owner provides their bank password to the bookkeeper, who then logs into the bank and makes payments under the business owner’s name.
