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TD Bank, Detroit's Autobooks Launch Online Small Biz Accounting Platform

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TD Bank, Detroit's Autobooks Launch Online Small Biz Accounting Platform

TD Bank announced a launch this week of the TD Online Accounting Platform in partnership with the Detroit-based financial accounting company Autobooks.

Built for Small Business Owners: TD Bank announced the service as a tool built for small business owners. 

It can be used with existing online banking features and can easily track paid or outstanding invoices, according to TD Bank. 

The TD Online Accounting Platform will get payments to businesses faster, as well as save time and money, the bank said. 

How Autobooks Supports Online Payments: Cash flow support is a must for small businesses, which need to keep money coming in, Derik Sutton, Autobooks' vice president of product and experience, told Benzinga in an email. 

With payments shifting from physical transactions to online, banks need to equip small businesses and nonprofits to accept online payments, the Autobooks exec said. 

"TD Bank’s commitment to making Autobooks available to its customer base, enabling their businesses to manage online payments directly within their online banking experience, is a market-leading move that will be common practice for financial institutions across the country in years to come." 

TD's 'Convenient Banking Model': TD Bank is among the 10 largest in the U.S. and is a subsidiary of The Toronto-Dominion Bank of Toronto, Canada (NYSE: TD). TD Bank has reported over 9.5 million customers nationwide.

Detroit-based Autobooks is designed to help financial institutions maintain and grow small business relationships. Autobooks works with 60 national banks, including TCF Bank (NASDAQ: TCF) and First Bancorp (NASDAQ: FBNC).

"TD Bank is committed to helping small and closely held businesses maintain and grow their businesses through effective, innovative solutions and a convenient banking model," Chris Giamo, TD's commercial bank head, said in a statement. 

"The addition of TD Online Accounting demonstrates this commitment, especially during these extremely challenging times, where every transaction and payment is critical."

Photo by Matthew G. Bisanz via Wikimedia

 

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