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Two QuickBooks Online-Related Apps to Solidify Your Cash Flow

The explosion of new financial technologies, or fintech , has given rise to a range of applications allowing entrepreneurs to take care of their business like never before. The QuickBooks online accounting software has its own app store offering its users intelligent and practical additional solutions. 6DT Conseil today recommends two pay-per-use applications, Rotessa and Plooto, which have their weight in gold when the time comes to collect the amounts owed and manage your cash flow. No matter which one you choose, the 6DT team will be able to assist you in getting the most out of it.

Rotessa

A Canadian company, Rotessa 's mantra is: “Don't wait any longer for your payments”. The application allows you to automate customer payments by pre-authorized debit, which ensures more regular cash flow and reduces the risk of late (or non-payment) of doubtful accounts. You can therefore establish financing or payment plans with customers whose ability to pay requires a little more flexibility.

How it works :

• Set up a pre-authorized debit agreement with your customer.
• Enter, import or sync customer bank account details into Rotessa from any internet-connected device.
• Enter, import or synchronize a single or recurring transaction calendar in Rotessa based on your agreement with your client.
• Funds will be withdrawn from your customer's bank account based on the amounts and dates entered.
• Your QuickBooks accounting software is updated automatically.

Monthly fee :

• $9 (1-5 transactions/month),
• $29 (6-50 transactions/month),
• $49 (51-100 transactions/month),
• $69 (101-250 transactions/month),
• $89 (251 to 500 transactions/month)

More details

Plooto

Plooto works in a similar way to Rotessa, but also offers the possibility of depositing funds to pay suppliers. These funds can be transferred manually or automatically and on a recurring basis. By setting aside the amounts that need to be paid in a separate account, your cash flow management becomes much simpler and much less stressful. Thus, and with its fixed prices, Plooto allows you to eliminate checks and high transaction fees. Plooto also allows you to process other currencies with advantageous exchange rates.

How it works :

• You must first have each customer sign a virtual identification document.
• Then deposit a nominal amount into each customer's account to meet security requirements.
• Import unpaid invoices.
• Customers view and pay their invoices online.
• Your QuickBooks accounting software is updated automatically.

Costs :

• Flat fee of $1.00 or less per transaction
• $9.99 per cross-border transaction (+ additional mid-market exchange rate).

More details

Which is better?

Both Rotessa and Plooto are compatible with Quickbooks Online, the leading cloud accounting software. Both applications are easy to learn intuitively and are very rewarding when implemented properly.

Rotessa offers a more favorable pricing model for businesses with a larger number of monthly transactions, but, unlike Rotessa, Plooto allows scheduling payments to suppliers and processing multiple currencies.

It should be noted that these applications could seem less advantageous for Desjardins business clients, since they can already benefit from personalized supplier payments and transfers between free business accounts (depending on the monthly plan limits). However, according to our sources, Desjardins should implement an Interac transfer program for business accounts as early as September 2018, so stay tuned!

6DT Conseil and the QBO Experts team have adopted both applications. We use Rotessa to manage recurring payments for our business and those of our customers, and Plooto to manage payments to our suppliers.

Both applications are only available in English, we can help you understand all the details. Trust the Experts-QBO team to help you evaluate and properly implement one or other of these tools.

About the Author

Christiane Constantineau holds a 2nd cycle in corporate finance as well as an executive MBA from the University of Quebec in Montreal. She has more than 20 years of experience in financial strategy both in Canada and abroad. She participated in the financing of several start-ups.