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News & Press: FOCUS

New Financial Technology Helps Automate Accounting for Small Businesses

Monday, December 4, 2017  
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If you're a small business owner who shudders when it comes to the bookkeeping aspects of your business, help has arrived! 

New financial technology, called LAFCU Autobooks, is available to help you manage customer invoicing, vendor payments and bank reconciliation, all in one easy-to-use accounting system, online.

“The goal is to make invoicing and accounting easier so business owners have more time to run their business,” said Beth Gill, LAFCU assistant vice president. “Autobooks is ideal for businesses that invoice their customers, like attorneys, lawn care services, painters and property managers, to name a few.”

The new service enhances cash flow because invoices can be sent electronically, reaching customers sooner, and direct online transfers are one of the multiple options for accepting payments.

“Autobooks provides real-time balances of who’s paid and who’s past due as well as business income versus spending for the month or year. This allows business owners to make informed decisions 24/7.”

With LAFCU Autobooks, time-consuming bank reconciliation is not necessary – it’s done automatically.

Use of the software is free. There is a small processing fee of 1.99 percent on incoming customer payments, which is below typical charges for credit and debit card use, Gill says. The fee for payments via electronic funds transfers and checks is capped at $5 each.

Invoices are created using templates and can be sent electronically or printed and mailed. Payment reminders are sent automatically, and customers have the option of paying online or mailing payments.

Accounting Expertise Not Needed

“Compared to QuickBooks, LAFCU Autobooks is more streamlined and less technical, making it easier for business owners to manage in-house without relying on external resources,” Gill said. “The software also incorporates the capabilities of PayPal. It’s extremely userfriendly.”

The software is integrated with LAFCU business accounts, which are available to members of the mid-Michigan credit union. As a credit union, LAFCU is a member-owned, not-for-profit organization. Membership is open to individuals who live, work, worship or attend school in LAFCU’s 11 designated service counties.

“Our goal is superior member service and embracing state-of-the-art financial technology helps LAFCU create efficiencies and other benefits for members,” said Patrick Spyke, LAFCU CEO. “Our community is stronger when our businesses are stronger, and businesses are stronger when they get paid in a timely manner."

For more information, visit www.LAFCU.com/business/autobooks, call 517-622-6600 or visit LAFCU branch offices in Charlotte, Corunna, DeWitt, Eaton Rapids, Mason, Owosso, South Lansing, St. Johns or West Lansing.

Click here to download the December issue of FOCUS.


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