Why do I need to provide bank or credit statements when Formations have my bank accounts connected?

Although we have a connection between your bank and our accounting system, Xero, this only provides us with a list of transactions that occur within your bank account.

We do not have access to your bank or credit card statements, which we use to verify the opening and closing balances each month and align with our accounting records. You can upload your statements to your Formations account on a monthly or quarterly basis to maintain a healthy book of business!