Risk & Business Magazine CEO/CFO Business Today Magazine | Page 5

INVOICING
comes to invoicing, the business manager
not only collects the payment but must also
create the invoice, send reminders, track
whether the payment has been made, and
possibly invoice the customer again. Most
market solutions handled only one part
of the process, forcing the business owner
into purchasing and learning multiple
products in order to facilitate the entire
sale. also sends automated reminder emails
when payment is not received. The
system can also be used to send money
out, paying the bills of the business’s
vendors. Autobooks recently announced
that it is working to add payroll support
to the service. The ultimate goal is to give
business owners complete control of their
cash flow without the need for advanced
training or multiple pieces of software.
Autobooks and other fintech innovators
seek to create an all-encompassing solution,
putting business owners in control through
an extremely easy-to-use interface. With
the system, users can create a professional-
looking, printed or emailed invoice in
minutes; collect payment by credit card,
account transfer, or even mailed check;
automatically deposit payments to the
business’s account; and make bookkeeping
entries to the customer’s file. Autobooks Most Autobooks users send invoices on day
one of picking up the service. For Ohio Valley
Bank customers, the Days Sales Outstanding
(DSO) from invoice date to payment date is
22 days. DSO is the standard for measuring
turnaround time for payments and typically
varies by industry. For example, industries
like healthcare traditionally have much larger
acceptable DSOs due to insurance paying
their part before the patient pays the final
invoice.
Besides Autobooks, one of the most notable
advances in the simplified invoicing
service introduced recently is that of
QuickBooks, as touted by a massive Super
Bowl campaign in February of this year.
Their solution, newly optimized for mobile,
comes with a multiplying price tag with
fees added for each component. In addition
to pricing, major non-bank players like
QuickBooks and Square Invoicing are
also hitting obstacles when it comes to
competing with the local support offered
by community banks, freeing business
owners of unreturned emails and long hold
times with overseas call centers.
It will be interesting to see how the field
of simplified invoicing and payment
collection further evolves over the coming
years. If you have any thoughts on the
subject, I invite you to tweet me at @
tonystaley. +
FOR OHIO VALLEY BANK CUSTOMERS,
THE DAYS SALES OUTSTANDING
(DSO) FROM INVOICE DATE TO
PAYMENT DATE IS 22 DAYS.
DSO IS THE STANDARD FOR
MEASURING TURNAROUND TIME
FOR PAYMENTS AND TYPICALLY
VARIES BY INDUSTRY.
BY: TONY STALEY,
Tony Staley, Ohio Valley Bank,
currently serves on multiple
banking software user boards, both regionally and nationally.
He is often a counselor and resource for community banks
throughout the nation seeking advice on technology that will
set them apart. At Ohio Valley Bank, Tony chairs the Product
Research Team, a group dedicated to the pursuit of acquiring
and developing new technology to benefit the consumer and
small business. Follow Tony on LinkedIn at www.linkedin.com/
in/tonystaleyovb.
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