Partner Bank Accounts

RoamHR partners with banks and credit unions to offer quality account products and servicing that work directly with our platform features.  Some of these accounts are free accounts provided by the institutions.  A chief advantage of opening these partner accounts is the instant transfer capabilities between the primary account and the Tax Withholding account: Taxes are processed faster and access to your funds is immediate.  In addition, some of these accounts offer additional services like bill pay and other banking services.

 

Using one of our partnering banks is the least expensive way to access all of our features and give yourself the best user experience and outcome.

 

 

What if I don’t want to open a new account?

Connecting your bank account to the RoamHR platform is safe, and provides you with a number of great features that will help you better organize and run your freelance business. In this post, we’ll look at how to connect your account, and the features that you get to take advantage of once you’re connected.

Is it Safe?

Roam uses a third party provider called Plaid to make the connection with your bank account.  Plaid stores your credentials with a high degree of security and care.  You can learn about it here: https://plaid.com/security/

When you connect your bank account, Roam creates a Tax Savings Account on your behalf, and connects it to your checking account.

When you log on to RoamHR, we use a secure token provided by Plaid to access your account. This allows you to transfer back and forth between your linked checking account and your new Tax Savings Account. You can also connect more than one account and then switch to the one you need under the “Accounts” tab.

Why Should I Connect?

If you choose not to open accounts with one of our partner banks, you can still connect to your existing account via our partner Plaid.  By connecting to your checking account, you can pull in your most recent deposits for income tracking.  Additionally, you can import your most recent outbound expenditures and count them as business expenses.

Deposit Notifications

If you’re like most self-employed people, your income can be a little unpredictable. People working on their own often get paid at odd times, with varying amounts from payment to payment. When you connect your account to the RoamHR platform, we’ll make sure to notify you as soon as your bank sees a deposit. This way, we can transfer your withholdings in a timely manner. RoamHR will send you a push notification indicating a new deposit, or you can set up a rule to have the withholding automatically moved to your tax savings account. 

Most Recent Deposit Lookup

At any time, you can click on the Deposits button to see your most recent deposits. This is great if you’ve turned off notifications and you want to use RoamHR more manually. Once you connect your account, the Deposits button will pull your last thirty days of deposits, and you can click on them to process your recommended withholdings.

Expense Tracking

One of the best features that RoamHR provides is the ability to quickly track your expenses.  Once you connect your account, you can look up any expenditures you’ve made from your connected account and quickly make them into an expense. The button for “Expense Lookup” can be found on the “Expense” tab. By touching it, you can see the last thirty days of your outgoing expenditures. Clicking one of these will set up a quick expense entry.

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