We're spinning off a portion of our business and we opened an account with relay last week. Boy do i feel like the smartest tax firm COO ever. Thanks Jason!
If this works........... This would solve a ton of issues! We have a lot of real estate clients who have on average 20 accounts. I'm digging into this!
@@jasoncpa how did you find how stable the link was? Compared to QuickBooks? Because I feel like if the link from the bank to their software isn’t very good then you’re in the same boat You are in with Quick books. Any experience with Navy Federal credit union in particular?
@Tim_Krause I haven't used it but I would imagine the kinds of issues you have with QB regarding bank feeds won't be present here. With QB, you sometimes have issues with intuit's system talking with the bank's. If either org's servers go down or if they push an update that breaks things, QB can stop importing bank feeds. With this, however, it's all within the bank's system. You don't have two systems talking to each other, you just have one system where users are given access to multiple accounts under one login. Now if you're trying to import information from Relay into QB, yea you risk running into QB issues.
@@Tim_KrauseI can't speak to Navy Federal in particular, but you generally have two types of bank feed connections "Direct" connections, where QBO works with the bank to make their own connection And the rest use an aggregation service like Plaid, so it's a service talking to a service, and these are generally less reliable Obviously Relay's a sponsor here but I can say from person experience they're putting more attention on bank feeds than anyone else I've seen. To the point where you log into Relay, and there's an alert bar at the top saying "there's a QBO outage so bank feeds may be interrupted for a bit" So in this case the things Relay cares about are generally going to be better aligned with the things accountants care about
I may have missed something in the video, but does Relay pull the additional data like suggested category that you show around 3:30 for those externally linked bank accounts or just the ones in Relay?
On an ongoing basis, just the Relay accounts I believe .Though during initial setup it will go find those recurring transactions in the other external accts to help you migrate them
So this is designed to replace a client's back account right? It's not just aggregating data from, for example, US Bank. The connection to US Bank would just be during setup? What's that doing?
Yep it's functioning as the bank The connection at the beginning is to help you identify recurring charges to be transitioned to the new acct, and to transfer funds from US Bank (or any other bank) into Relay if needed
We're spinning off a portion of our business and we opened an account with relay last week. Boy do i feel like the smartest tax firm COO ever. Thanks Jason!
Thank you for RELAY'ing this message
You should be honored that the 4 times The Cloud Accounting podcast shared about Relay, I exercised enough self-control to not make that pun.
If this works........... This would solve a ton of issues! We have a lot of real estate clients who have on average 20 accounts. I'm digging into this!
Can confirm I was a heavy user in my firm days
@@jasoncpa how did you find how stable the link was? Compared to QuickBooks? Because I feel like if the link from the bank to their software isn’t very good then you’re in the same boat You are in with Quick books. Any experience with Navy Federal credit union in particular?
@Tim_Krause I haven't used it but I would imagine the kinds of issues you have with QB regarding bank feeds won't be present here.
With QB, you sometimes have issues with intuit's system talking with the bank's. If either org's servers go down or if they push an update that breaks things, QB can stop importing bank feeds.
With this, however, it's all within the bank's system. You don't have two systems talking to each other, you just have one system where users are given access to multiple accounts under one login.
Now if you're trying to import information from Relay into QB, yea you risk running into QB issues.
I've been using Relay for a couple of years. For my own banking and also for my clients. It's been a lifesaver
@@Tim_KrauseI can't speak to Navy Federal in particular, but you generally have two types of bank feed connections
"Direct" connections, where QBO works with the bank to make their own connection
And the rest use an aggregation service like Plaid, so it's a service talking to a service, and these are generally less reliable
Obviously Relay's a sponsor here but I can say from person experience they're putting more attention on bank feeds than anyone else I've seen. To the point where you log into Relay, and there's an alert bar at the top saying "there's a QBO outage so bank feeds may be interrupted for a bit"
So in this case the things Relay cares about are generally going to be better aligned with the things accountants care about
I may have missed something in the video, but does Relay pull the additional data like suggested category that you show around 3:30 for those externally linked bank accounts or just the ones in Relay?
On an ongoing basis, just the Relay accounts I believe .Though during initial setup it will go find those recurring transactions in the other external accts to help you migrate them
So this is designed to replace a client's back account right? It's not just aggregating data from, for example, US Bank. The connection to US Bank would just be during setup? What's that doing?
Yep it's functioning as the bank
The connection at the beginning is to help you identify recurring charges to be transitioned to the new acct, and to transfer funds from US Bank (or any other bank) into Relay if needed
Looks like a great tool! Can anyone confirm if Relay is compatible with UK tax laws, especially regarding HMRC's Making Tax Digital requirements?
Your accountant can see your credit card # and your banking info.