A How-to guide for network company Presidents and Bookkeepers.
This document helps walk a user through the steps to allow Teamshares to view balances and transactions in network company bank accounts held at third-party financial institutions.
Providing this access allows the Ownership and Finance teams to better support Presidents and Bookkeepers in the monthly distribution. Additionally, the data will be used to determine the best approach and timing for migration to the Teamshares financial account offering (coming soon).
If a company successfully connects all of their bank accounts via this process, they will no longer have to manually submit cash balances via the google form, removing a manual step to kick-off assessing monthly distributions. Additionally, the team will have more real-time updates to the cash balances as the month progresses, so stale data does not lead to an suboptimal distribution.
This section outlines the steps to take to connect your financial account via Plaid. This will give certain Teamshares employees read-only access to the company’s balances and transactions. This process should not take more than 5 minutes.
<aside> 📽️ A video demonstrating this flow can be found here.
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Step 1
Begin the process by visiting this webpage.
Enter the company name in the form box and click Next.
<aside> 💡 Note this part is only required for first time connection. If you have previously gone through the process to connect accounts, the re-connection flow is nearly identical; however, you should not enter the Company name here again.
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Step 2
The next page will kick off the flow to connect your account(s) through Plaid. Click Continue.
Step 3
You will be redirected to a page that introduces Plaid. Click Continue to navigate to the “Select you bank” page. Use the search bar to find your financial institution. Click on the institution to continue.