Balancing the books, sending out invoices and keeping the cash rolling in can be thankless but vital tasks for small business owners.
In a push to bring in more small business accounts, TD Bank is launching a new online payment and accounting feature on its online platform for small businesses.
The new TD Online Accounting features technology developed by Detroit-based Autobooks. By tapping into the Autobooks “integrated accounting and receivables platform,” TD Bank small business customers will now be able settle their “credit card and electronic payments directly in their TD Bank business checking account,” the bank noted in its product launch announcement.
And that, in turn, will speed up the entire payments process, with cash flow now more than important than ever in the wake of the COVID-19 pandemic and the disruptions it has caused across the business world, the bank said in a Monday (Aug. 17) press release.
As it looks to boost its portfolio of small business customers, TD Bank is limiting the offering to small businesses that have a business account with TD Bank and are enrolled in its online banking platform.
“Many business owners are constantly juggling numerous activities to keep their businesses running smoothly,” said Chris Giamo, head of commercial bank, TD Bank, in the announcement. “TD Online Accounting takes away much of the administrative tasks of one of these critical activities — reconciling books and accounts — and empowers business owners to keep track of inflows and outflows more efficiently. Most importantly, this new tool allows business owners to have more time to serve their customers.”
The new TD Online Accounting system also includes features the ability to send invoices electronically, accept payments via email, text, social media and other methods, and automatically reconcile statements, create reports, and deal with bookkeeping tasks, the bank said.
In addition, “TD Online Accounting users also can access dashboards with real-time data and insights on their business’ health through their TD Small Business Checking Account.”