Bank / Credit Union

TD launches online accounting service for small business customers

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August 18, 2020

TD Bank is launching an online accounting and integrated payment service for small business customers.

The program will help increase and accelerate cash flow, helping business owners get paid faster through a self-service, digital onboarding platform, according to a press release.

The online service uses Autobooks as a payment facilitator, which accelerates transaction settlements from credit cards and electronic payments directly into a TD business checking account.

"TD truly understands the needs of our business customers and providing them with a payment and accounting service that simplifies their banking experience and enhances real-time access to funds addresses business owners' concerns about getting paid in full and on time," Rick Burke, head of corporate products and services, TD Bank, said in the release. "TD chose to collaborate with Autobooks to develop this service due to its comprehensive knowledge of small and closely held business operations, a proven track-record of working with financial institutions and the strength of its business model."

In addition to getting paid faster, TD's online accounting service helps businesses with the following activities:

• Electronically sending invoices.
• Accepting payments from any location via a payment link (text, email, social media, etc.).
• Automatically and immediately reconciling all incoming payments.
• Creating customizable reports including balance sheets and income statements.
• Keeping track of payments.
• Automatically handling bookkeeping tasks.