Why do I have to connect my accounts to Bench?
Connecting your bank accounts to Bench ensures your bookkeeping team has access to all the financial records they need to get your books ready on time and accurately. It's step one of being able to get your books ready.
Connecting also offers several advantages to you. Here are a few:
- Automated inflow of information: Bench will automatically import and categorize transactions securely, simplifying the bookkeeping process and reducing the help we need from you each month.
- Real-Time Financial Reporting: Bench will provide up-to-date financial reports, allowing you to understand your business's financial health at any given time.
- Ease of Reconciliation: Bank feeds make reconciling your books with bank statements easier and more efficient for your bookkeeper, ensuring your financial statements are always up-to-date and accurate.
Why do I have to reconnect my account after I’ve already connected?
It’s normal that your accounts require re-authentication from time to time. This might happen for several reasons.
- When financial institutions make upgrades or updates to their own platform. In instances like this, they would need you to reconnect to ensure your connection is made with the latest security enhancements that have been implemented on their end. The cadence at which you need to reconnect your account is according to bank security measures to keep your data safe. This is generally every few months.
- Re-authentication requests will also happen at regular intervals as a security measure. You may be asked to reconnect if you update your credentials (username/password) or if a multi-factor authentication (MFA) times out as some banks only authorize MFAs to work for ~90 days at a time. This, of course, is dependent on the bank and their security practices.
Example: If your bank recently updated its online portal, or you changed your password for security reasons, you will need to reconnect your account to Bench.
Why are my login credentials rejected?
There are various reasons that your login credentials may be rejected when trying to connect your accounts with Plaid.
- First, make sure you’re selecting the right institution. Commonly, credit cards might be separate institutions from the bank associated with it. In addition, large banks may have multiple product offerings. When selecting an institution in Plaid, look at the website underneath it. If this is the page you use to login to online banking, this is the right institution.
- If you are using any software, including password managers, to auto-fill your credentials when connecting your bank, they may be rejected. This is due to Plaid’s security standards. Please type in your credentials manually.
- Bank passwords are also typically case sensitive. Double check to ensure that you’re using the right case when typing in your password.
- If none of these work, please message your bookkeeper.
Example: If you use a Chase credit card, you may need to select “Chase Credit Cards” instead of “Chase Bank” within Plaid.
Troubleshooting Tip: If none of these work, please message your bookkeeper for additional assistance.
Why won’t my account connect after I successfully sign in?
- Plaid generally supports multi-factor authentication (MFA). However, some banks do have multi-factor settings that Plaid is not compatible with, such as banks that require One-Time Passwords (OTP) at each login to repeat sites.
- If you're having trouble connecting at this step, you may wish to see what other authentication methods your bank offers through online banking. Please message your bookkeeper if you have any questions about this.
Troubleshooting Tip: If your bank requires a security code via text for every login, check if there is an option to enable a trusted device or reduce the frequency of this requirement.
Can you see the account details after I’ve authorized Bench to collect my data?
- Bench can only see the card name and typically the last 4 digits of the card or account number.
- Some banks will provide the type of card or account (i.e. Chase Sapphire or American Express Gold)
- We will need you to identify what type of account this is once connected. Whether it’s a business account (used entirely for business), personal account (not at all used for business) or a personal account used for business will determine how it’s treated when getting your books ready. You can identify and review these on your connections page.
- If an account is marked as a Personal Account, Bench will not pull any transaction data or be able to see anything from that account.
- If an account is marked as a Personal Account used for Business, Bench will only see the data for transactions that you end up marking as business transactions.
- If an account is marked as a Business Account, Bench sees all transaction data flowing in from that account.
Example: If you connect a personal credit card but only use it occasionally for business expenses, you should mark it as a “Personal Account used for Business.”
Should I connect my personal bank accounts?
If you use personal accounts for business purposes, it is important to connect them to Bench to ensure we accurately capture all your business expenses. Here are some common examples of when you should connect personal accounts:
- You purchased business supplies using your personal credit card.
- You paid for a business subscription (e.g., Zoom, Canva) from your personal bank account.
- You covered a client's lunch using your personal debit card.
When to Avoid Connecting Personal Accounts:
- If you never use a personal account for business expenses.
- If you have a fully separate business bank account and credit card for all business transactions.
Tip: If you connect a personal account, mark it as “Personal Account used for Business” so that only business-related transactions are reviewed.
Additional Troubleshooting Support If you’re still having issues after trying the steps above, here are a few extra tips:
- Clear your browser cache and cookies, then try connecting your bank again.
- Try connecting using an incognito or private browser window.
- If you are getting an error from your bank, visit your online banking portal to ensure there are no alerts or actions needed on your account.
- Verify that third-party access is enabled in your bank settings. Some banks allow you to manage permissions for financial apps like Plaid.
What is Plaid?
Plaid is a platform that lets you securely connect your financial accounts to Bench in a matter of seconds. By connecting your accounts with Plaid, Bench will be able to automate the inflow of your financial data and get your books ready faster. It allows us to reconcile your books in real-time. Not only does it make it much faster for your bookkeeper to get your books ready, it also helps you avoid the need to manually upload statements each month.
Plaid is trusted by over 12,000 financial institutions around the world, and beyond Bench, it powers over 8,000 of the world’s apps and online services.
To learn more about Plaid, click here.
Is it safe & secure to connect my accounts with Plaid?
Absolutely - we take the safety and security of your financial data very seriously. Both Bench and Plaid are SOC-2 compliant with security practices that meet or exceed industry standards. Plaid keeps your data safe and private with best-in-class encryption protocols like the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS).
Learn more about Plaid’s safety standards: https://plaid.com/safety/
Learn more about Bench’s safety standards: https://www.bench.co/security
My bank or institution is not listed in Plaid. What should I do?
Plaid supports over 12,000 financial institutions around the world, but from time to time we discover some that are not yet supported. If you work with a financial institution that you don’t see listed in Plaid, reach out to your bookkeeper in the message feed and they’ll let you know what to do next.
Example: Local credit unions or smaller regional banks may not always appear in Plaid’s directory.