Starting a small business can be a daunting undertaking, with so many details beyond simply creating the best product, service, or experience for your customer. And many entrepreneurs may not realize how much time will be spent on the accounting side of launching their business.
While there are numerous resources for Arkansas and Missouri entrepreneurs to help them plan and grow their enterprise, from the Arkansas Small Business and Technology Development Center to Missouri’s Startup Ecosystem through the Department of Economic Development, many small businesses rely on their local banking partner to help prepare the financial aspects of running a small business, from paying for day-to-day operating expenses to accepting their first customer payments. Autobooks, an online accounting service offered through CS Bank, is one of the many tools available to small business owners to help them easily manage these needs.
Whether you’re looking for an easy small business invoicing solution or an all-in-one online payment platform, Autobooks may be the affordable answer for your company—no matter your size or specialty. In this post we’ll give an overview of what Autobooks is, how it works, and how using Autobooks can provide numerous benefits to your business.
What is Autobooks?
Autobooks is an affordable online accounting platform that offers POS (Point of Sales) and automated invoicing. Similar to QuickBooks and Square, it allows you to easily make and send invoices and track and receive payments, while cutting out the fees and wait times of third-party payment processors. Autobooks allows you to:
- Create and send electronic invoices and estimates
- Accept multiple forms of payment: credit cards, debit cards, and electronic bank transfers
- Receive payments right to your CS Bank Business Checking Account or link external accounts
- Customize invoices with logos and company details
How does Autobooks work?
When you create an account with Autobooks through CS Bank, you gain access to their easy-to-use online accounting platform which allows you to send estimates, send invoices to request payments, accept payments, and even pay your own bills online. Integrated with your Business Checking Account, Autobooks streamlines all your incoming and outgoing payments in one place, generating accurate cash flow reports to simplify your accounting practices.
How are payment requests sent? Invoices can be created right in the online platform—invoices are emailed to your customer with easy options for online payment or payment over the phone. You can also:
- Generate a link to your invoice, sharing it via text message, email, or other form of electronic communication
- Create customized payment forms to be used on your website
- Generate a QR Code which links directly to your payment form
- Accept payments face-to-face, using the Autobooks app on your smartphone
How are payments received? Payments are deposited directly to your CS Business Checking and are typically cleared between 1 and 3 business days.
What are the transaction fees? While other card processing services can charge 3-4% per transaction, fees are just 2.89% for credit and debit card purchases and 1% for ACH transfers. And unlike some POS systems, all money received is deposited directly in your bank account.
What are the benefits of using Autobooks?
As we mentioned above, Autobooks is best known for how easy it makes it to send invoices and receive payments. But there are number of additional benefits of using Autobooks for your small business or organization:
Simplifies your financial reporting:
- Autobooks’ automatic reporting keeps track of all your transactions—both when you get paid or when you make payments.
- Profit and loss reporting helps you better understand your business’s financial health and spot your business’s most profitable (and least profitable) aspects.
- Balance sheets provide a picture of your business’s financial position at any point in time.
Makes it easy to track customer payments:
- Easily identify outstanding accounts and customers that owe you money to stop on top of late payments.
- Quickly send follow-up invoices for late payments.
Helps manage cash flow:
- Keep track of all incoming and outgoing payments in real time.
- Stay ahead of your payments by keeping an eye on vendor payment information such as upcoming due dates.
- Track your bank account balance alongside incoming and outgoing payments.
Works directly with your bank:
- Autobooks is not only offered through CS Bank, but is thoroughly integrated with our online banking system.
- Links directly with your CS bank account.
- View information right from your online banking portal.
Saves you money on bookkeeping:
- Autobooks is so easy to use—even without an accounting background.
- Reduce time and money spent on bookkeeping, while keeping your records streamlined, organized, and ready for tax season.
What are the requirements for using Autobooks?
The requirements for Autobooks are simple: you need a business checking account and you need to sign up for digital banking. In fact, if you are already using digital banking at CS Bank for your business, you are ready to start using Autobooks–it’s access right through our online banking platform.
Not already using digital banking for your small business? There are more reasons to signup than just access to Autobooks. Digital banking at CS Bank also offers:
- Remote Deposit Capture
- Payroll Direct Deposit
- Online Billpay
- 24/7 access to account information including check and deposit images
- Easy transfer of funds between accounts
- Secure chat with CS Bank representatives during business hours
Simplify Your Business Banking Experience With Autobooks
Ready to simplify your invoicing and payment systems? Adding Autobooks can make your small business’s accounting practices more efficient, and save you money, too. Visit our Autobooks page to learn more about Autobooks through CS Bank, send yourself a sample invoice, or share your email address with us to get started!
CS Bank is proud to partner with businesses throughout Northwest Arkansas and Southwest Missouri. We offer an array of small business banking services to our small business customers, including Merchant Card Services to help accept payments, Cash Management Services with ACH functionality to manage your cash flow, and Business Credit Cards for everyday purchases. Looking to build your business’s nest egg or set aside funds for upcoming expenses? Open a Business Savings Account or Commercial CD and earn interest on your cash reserves.
Stop by one of our local branch locations today to see what we can do for your small business!