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Michigan Credit Union League

LAFCU's Investment in Autobooks Offers Early Access to Accounting Automation for Businesses

LAFCU/Autobooks Logo

LAFCU’s investment in Autobooks, a Detroit-based financial technology company that recently partnered with CU Solutions Group, 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,” said LAFCU CEO Patrick Spyke. “We want to be leading the way.”

Autobooks is a payment and accounting software product integrated with online business accounts. It enhances cash flow with electronic invoicing, multiple options for accepting payments and automatic bank reconciliation.The software was developed by seasoned professionals in the fintech industry and 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.

“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’s 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 is 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 said. “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 can pay online and save their payment information for future transactions.

Use of Autobooks 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. The fee for payments via electronic fund transfers and checks is capped at $5 each.

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2018-02-09 00:00:00