Business finances can be one of the most complex (and tedious!) aspects of running a business. While proper financial management is key to long-term success and stability, it can also take away valuable time you need to develop plans, perfect your products and services, and continue to grow your market.
Minimizing time spent on accounting tasks can mean more time for other aspects of your operations. But saving time shouldn’t be achieved by cutting corners or skipping important management practices. Fortunately, there are tools available to help.
Autobooks, offered as a service through Peoples Bank, is one of them. Directly integrated with your business bank account, Autobooks allows you to create invoices, accept and track customer payments, and generate financial reports all in one place. Curious about how Autobooks works and how it can help you? Keep reading to learn more about this powerful business financial tool!
What is Autobooks?
Autobooks is an online accounting platform that lets you send estimates, create and send invoices, accept payments, and pay bills online. Though it is similar to QuickBooks and Square, because it is provided right through your bank, it cuts out the fees and wait times of third-party payment processors and integrates seamlessly with your primary checking account. When you enroll in Autobooks with Peoples Bank, you can consolidate all your income and outgoing payments, providing accurate reports that make accounting easier and more accurate!
Along with all of the conveniences, Autobooks is very competitively priced. The feature itself is absolutely free. With each debit card transaction, Autobooks will charge a 3.49% fee, and 1% for ACH transactions. A $9.99 monthly subscription fee applies to unlock the full suite of accounting and financial reporting tools.
Autobooks can:
- Create and send customized and professional invoices and estimates online.
- Accept most major types of payments including credit cards, debit cards, and electronic bank transfers.
- Receive payments right to your Peoples Business Checking Account (usually clearing in 1-3 business days).
- Make payments to vendors.
- Generate cash flow reports.
Autobooks is flexible, and you can adapt how you use it for your business’s needs. It can be a standalone tool, or used alongside other payment processing methods and cash management services.
Business Checking Account Integration
Autobooks directly connects with your Business Checking Account, serving as a centralized platform where you can manage all your business’s financial tasks. By consolidating your cash inflows and outflows, it allows you to oversee all your financial management in one convenient location.
Income and Expense Tracking
Keep track of your income and monitor expenses effortlessly. The Autobooks platform helps you stay organized and maintain a clear overview of your finances, reducing the need for manual tracking as well as the risk of accounting errors.
Professional & Efficient Invoicing
With Autobooks, you can easily create and send professional and customized invoices directly from your business checking account. You can also generate links to share via text or email, create custom payment forms for your website, generate QR codes for easy access, and accept payments in person using the Autobooks app.
Autobooks also offers the ability to set up recurring invoices for repeat customers, saving you time and ensuring consistent billing without extra effort.
Automated Bill Payments
Autobooks also offers a robust and simple platform for setting up your own autopayments. Not only does it simplify your payment process, but this feature also helps you avoid late fees by ensuring timely payments. Schedule payments in advance based on your cash flow needs and availability, resting easy knowing that your bills will be paid at the right time.
In-Depth Transaction Monitoring
Review your entire transaction history in one place, gaining deeper insights into your business’s financial health. With detailed records at your fingertips, Autobooks can help you make informed financial decisions and tailor your long-term plans for spending and growth.
Accurate Record-Keeping
Autobooks helps ensure that your financial records are precise and up to date, simplifying the process of applying for loans and managing your financial obligations. With well-organized records, you can confidently present your business’s financial health to lenders.
Customized Financial Reports
Financial reports generated through Autobooks can offer a clear and comprehensive view of your business’s financial health. These reports, from profit and loss reports to balance sheets, can be used to illustrate key metrics.
Managing cash flow efficiently is vital for the success of any business. When your inflows and outflows are properly balanced, it means your business can cover its daily operational expenses, be prepared for unexpected costs, and lay the groundwork for future growth.
Optimize Your Cash Flow
Reliable cash flow is important to ensure that you can cover operational costs and also prepare financially for growth. You can facilitate your cash inflows by using Autobooks to create and send timely invoices, as well as payment reminders. Receive payments faster, spend less time chasing late payments, and reduce the impact of nonpaying accounts when you improve your invoicing system.
Streamlined Payment Reconciliation
Autobooks automatically matches payments received with their associated invoices, minimizing discrepancies and saving valuable time. This process also helps you maintain precise financial records and improves overall financial transparency.
Cash Flow Forecasting
Whether you need to plan effectively for upcoming expenses and financial challenges, or your business has big plans on the horizon, having a better understanding of your future cash flow requirements and expected income is essential. Autobooks reporting tools can help you more accurately predict future cash flow, understand your current cash flow, and even create plans for how to make your business run more efficiently.
Built-In Merchant Processing Capabilities
Just like Autobooks complements your cash management, it can also work with your Merchant Processing Services, providing additional avenues to accept payments effortlessly, while consolidating your records in one platform.
Multiple Payment Options for Convenience
With Autobooks, you can accept a variety of payment methods, including credit cards, ACH transfers, and more. Offering multiple payment options enhances customer convenience, potentially boosting sales and increasing customer satisfaction. But you don’t need to use Autobooks exclusively for payments. Cash, checks, and other POS options can not only be used alongside Autobooks, Autobooks can help consolidate records of your diverse cash flow streams in one place.
Efficient Payment Reconciliation
Whether you use Autobooks exclusively to accept payments, or utilize multiple payment options, Autobooks automatically reconciles your accounting records, significantly reducing the need for manual entry. This automation also ensures that your financial records are up-to-date and accurate, saving you time and minimizing errors.
Secure Transaction Processing
Rest assured that Autobooks is one of the most secure ways to accept payments, reducing losses due to theft or fraud associated with more traditional payment methods. Autobooks prioritizes the security of your transactions, providing robust protection for both your business and your customers’ sensitive information. And when customers feel secure making payments, it can foster additional trust and confidence in your business.
Built Right into Your Online & Mobile Banking
Once you sign up for Autobooks, it will appear right inside your Peoples Online & Mobile Banking—no need to log in to multiple accounts or platforms. This integration allows you to handle financial tasks with ease, whether you're at the office or on the go.
24/7 Financial Access
Enjoy round-the-clock access to your accounts and reports, enabling you to check balances, transfer funds, monitor your account status, and get a snapshot of your financial picture from any device. This easy accessibility of Autobooks means you can stay on top of your finances, no matter where you are.
Real-Time Financial Updates
Receive real-time updates on your financial transactions, providing you with up-to-the-minute information on your business's current financial standing. And because Autobooks automatically reconciles payments with invoices, you’ll always know which customer accounts are current.
Convenient Mobile Deposits
Invoice paid by check? Use your smartphone to do a mobile deposit to your checking account and mark it as paid in Autobooks, eliminating the need for trips to the bank while keeping accounts organized. A time-saver for busy business owners, mobile deposit allows you to focus more on running your business and less on tedious financial tasks.
Simplify Your Business Finances: Sign Up for Autobooks with Peoples Bank Today!
Autobooks, combined with the comprehensive commercial services offered by Peoples Bank, can help you manage your business finances better and more efficiently. By simplifying tasks like invoicing, payment tracking, and financial reporting, Autobooks lets you focus on what you do best: growing your business.
For more information on how Autobooks and Peoples Bank can support your business, explore our Autobooks page or stop by one of our bank locations in Iowa, Minnesota, or South Dakota. With Autobooks and Peoples Bank, managing your business finances is a breeze!