DETROIT, MI (March 19, 2019) — Autobooks is a small business payment and accounting platform integrated within financial institutions’ digital experience. Today, the company announced that 25 financial institutions have selected Autobooks to make small business banking better by offering a singular experience for integrated receivables, payables, and accounting.
Developed to strengthen small business relationships, Autobooks offers financial institutions the ability to compete against non-bank providers with a core-integrated small business banking solution. The company has partnerships in place with leading core and digital banking providers, ensuring their certified solution is quick and cost-effective to deploy, to help financial institutions grow deposits, increase fee income and surface new business lending opportunities.
Sparta, Mich.-based ChoiceOne Bank has a strong focus on small business banking and was one of the first institutions to launch Autobooks. Adom Greenland, chief operating officer of ChoiceOne, commented, “Before Autobooks, small business accounting was saturated with single purpose, expensive and complicated solutions. Autobooks introduced us to a simpler way to run a business, which our customers needed. Most of our clients operate their business from the field and need flexible solutions. Autobooks helps us become that one-stop digital destination for small business owners, supporting the backbone of our local economy.”
Autobooks’ insight into small business performance provides financial institutions with growth opportunities. For instance, electronic invoicing provides institutions with a look into their customers’ cash-flow and future creditworthiness. Small businesses accepting payments with Autobooks have increased their deposits by an average of 18%.
Rob Bava, president and CEO of Farmington Hills, Mich.-based Community Choice Credit Union, added, “Integrating small business receivables, payables and accounting into our digital offering is a strategic, progressive way to grow new membership and deposits. And, with Autobooks, we are helping our small business members gain a competitive advantage by bundling and automating financial instruments backed by a credit union they know and trust, rather than third-party solutions such as Square, QuickBooks or PayPal.”
Leveraging partnerships with industry leaders like Microsoft, Autobooks stays at the forefront of predictive business intelligence tools. The company provides contextual insights to help businesses proactively manage their cashflow, with personalized recommendations, best-practices and automated alerts – sending customers payment reminders or automating late fees. With Autobooks, businesses strengthen their relationship with the financial institution, depending on them for back-office services to manage their finances, payments and accounting, all in one convenient place, accessible by desktop or on the go with mobile.
Steve Robert, co-founder and CEO of Autobooks, stated, “At Autobooks, we are helping financial institutions bring critical services down-market to an audience that has been historically difficult to service. Financial institutions like ChoiceOne Bank and Community Choice Credit Union can now offer a full range of business services, that can grow with their clients. Together, we provide an on-ramp for companies ranging from gig-economy and lifestyle businesses, to micro, small and medium businesses. We benefit each stage of a company’s lifecycle with a focus on improving cash-flow and access to working capital. As a result, these financial institutions are attracting net-new business accounts, growing deposits and ensuring long-term banking relationships.”