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"Does this mean that you literally hand over your online account log in details to Intuit? Or how is this "scanning" done?" Yes. They use your banks credentia
by ransom1538 8y ago
"Does this mean that you literally hand over your online account log in details to Intuit? Or how is this "scanning" done?"
Yes. They use your banks credentials and scan the accounts. It is really awesome. Because you can centralize 20+ accounts into one flow in an automated fashion ++ you don't need a bookkeeper. Ironically, it is actually more secure since I can catch things within minutes.
"Also, your company's accounting information can be sensitive, and hence you may not want to share that information with Intuit (and whoever they choose to share/sell it to)."
Worse! Intuit does all my TAX RETURNS. Their tax system is absolutely worth it. I trust them more than "Jeff" at my local small bookkeeper firm. They handle a large percent of american's taxes. [Yes, yes I understand their lobbying is terrible].
- dec0dedab0de 8y agoWorse! Intuit does all my TAX RETURNS. Tax returns are generally a lot less sensitive than bank/credit card statements. Plus they have your plain text credentials too, so if they get hacked someone could transfer money out of your bank account.
- nucleardog 8y agoAnd my understanding is generally that your bank will disclaim liability for any "fraud" that occurs due to you intentionally and willingly sharing your credentials.
- hjek 8y agoExactly!
- hjek 8y ago> Yes. They use your banks credentials and scan the accounts. It is really awesome. Interesting. Is your bank OK with you handing out your web bank login to 3rd party? I found it strange how LinkedIn could trick people into handing over their email password. But the web bank login..!?