While you can create invoices and manually enter revenue and expenses, you can do much more after linking your business bank account. These features include:
Reconciling your feed to your bank feed
Automatically matching issued and paid invoices
Automatically tracking income and expenses
Creating cash flow projections
Generating business reports such as a Profit & Loss Statement
The best way to track your transactions and reconcile your account is to link your bank account. After that, machine learning does a lot of the heavy lifting so you have more time to focus on your business.
Our integration with Finicity allows you to connect with multiple financial institutions and pull bank data directly into your account. Finicity is AES-256 bit encrypted, which is the highest in the industry.
If you’d like to learn more about Finicity security and privacy, click here.
Bank Accounts: standard financial accounts have are available by default for your convenience.
Add New Account: clicking here will add a new account if you have used all the standard accounts made available to you.
More: click the drop down to select Show Archived which will display any accounts you have archived. These of course will not be present to first-time users
Step 4: Enter your online banking login information and complete verification
Step 1: Select account(s) to that you connected in your Lendio account
Select the same bank accounts to connect that are now available from Step 2
Step 2: Activate Bank Connection
Bank name: if this is a new account, you can create a unique name for the account here
Start date: enter a start date for the system to begin importing transactions (ex. MM/DD/YYYY)
Step 1: Return to the Bank Accounts homepage in the left hand navigation
Step 2: Select the account you want to view
From this selected bank view, you can:
Check status of your bank link: This lets you know which account is linked and if it is operating. A red message will tell you to reconnect your account.
See the account balance: The account balance is the balance Finicity pulls from your financial account. Running balance is the balance in your account based on matched transactions.
Note: Depending on how many transactions you have and how far back you pulled them, it may take up to 24 hours before transactions are imported. Be patient and let the magic happen!
In short, absolutely yes. Let’s examine all the ways Lendio keeps your bank data safe.
Vetted by Banks
Lendio has been vetted by major banks including Bank of America, Chase, Wells Fargo, Fidelity, SunTrust, Capital One, USAA, American Express, and more. Lendio currently integrates with over 10,000 financial institutions.
Whenever your data is transmitted, it is protected end-to-end with SSL/TLS (TLS1.2, soon to be TLS1.3) encryption. Data is stored at rest using AES256 encryption. Lendio uses Finicity (owned by Mastercard) to link to financial institutions, which is SOC2, Type 2 certified, and maintains a PCI Level 1 RoC/AoC. You can read more about Finicity’s industry-leading security measures here.
Lendio has read-only access to your bank information. Bottom line: Lendio cannot alter anything in your bank account.
As a security measure, every 30−90 days (depending on your financial institution), your bank will unlink with Lendio, prompting you to manually relink at that time. Meaning that even if you forget about it, Lendio will not store your data.
For more questions about data security, you can contact Finicity’s customer support.