TD Bank announced on Monday it has launched TD Online Accounting to provide integrated payment and accounting product for its small business customers. TD Bank reported that TD Online Accounting uses the technology of Autobooks, an integrated accounting and receivables platform that allows business owners to get paid faster by settling credit card and electronic payments directly in their TD Bank business checking account. This will accelerate transaction settlement times is especially important for businesses as they seek to maintain a healthy cash flow as a result of the COVID-19 pandemic
While sharing more details of the product, Chris Giamo, Head of Commercial Bank, TD Bank, stated:
“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. The addition of TD Online Accounting demonstrates this commitment, especially during these extremely challenging times, where every transaction and payment is critical.”
The banking group further revealed that TD Online Accounting helps businesses increase and accelerate their cash flow by providing a self-service, digital onboarding experience to help business owners get paid electronically. The product also allows the following:
- Electronically send invoices
- Accept payments from any location via a payment link (text, email, social media, etc.)
- Automatically and immediately reconcile all incoming payments
- Create customizable reports including balance sheets and income statements
- Keep track of payments
- Automatically handle bookkeeping tasks
TD Bank added TD Online Accounting users also can access dashboards with real-time data and insights on their business’ health through their TD Small Business Checking Account.