LANSING – LAFCU’s investment in Autobooks, a Detroit-based financial technology company, has paved the way for LAFCU members to be the first in mid-Michigan to benefit from innovative software that helps business owners manage funds.
“Technology is accelerating efficiencies in the financial sector, and we want to be on the forefront of providing these efficiencies to our members; we want to be leading the way,” said Patrick Spyke, LAFCU CEO.
The software, also named Autobooks, was developed by seasoned professionals in the fintech industry. The business was identified as one of 20 fintech companies to watch in 2016 by American Banker, a daily trade newspaper and website covering the financial services industry.
The technology is now available to LAFCU business members.
Autobooks is a payment and accounting software integrated with online business accounts. It enhances cash flow with electronic invoicing, multiple options for accepting payments, and automatic bank reconciliation.
“Our community is stronger when our businesses are stronger, and businesses are stronger when they get paid in a timely manner,” Spyke said. “Electronic invoicing and payments are key components of Autobooks.”
Beth Gill, LAFCU assistant vice president, says that Autobooks is ideal for small businesses that primarily invoice their customers, such as attorneys, lawn care services, painters and property managers.
“Because it’s so easy to use and integrated with LAFCU business accounts, business owners will have more time to run their companies and can make informed decisions 24/7 with Autobooks’ real-time data,” Gill says. “It’s more streamlined and less technical than QuickBooks and offers capabilities comparable to PayPal.”
When online, a business owner sees who’s paid and who’s past due as well as business income versus spending for the month or year.
Invoices are created using templates and can be sent via email or printed and mailed. Payment reminders are sent automatically, which reduces the need for the business owner to follow up on unpaid invoices. Customers of the business can pay online and save their payment information for future transactions.
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.
Business owners who live, work, worship or attend school in LAFCU’s 11 designated service counties are eligible for membership in the not-for-profit cooperative credit union.
For more information about LAFCU Autobooks, visit www.LAFCU.com/business/autobooks. Information is also available at 517.622.6600 or at any LAFCU branch office.