Being hands-on with clients’ bank accounts invites extra risk. One small mistake is all it takes to ruin your reputation — or shutter your practice.
Let’s say an associate accidentally makes a payment a few days early and unintentionally triggers a chain reaction of cash flow problems. Your client wants answers, but the money’s gone — and there’s no paper trail. Regardless of who’s at fault, you’re to blame.
So what’s the alternative? Requiring clients to approve everything manually forces you to hunt down approvals, drive to your clients for in-person signatures, and print hundreds of emails to document decisions.
With Plooto, there’s a better way that’s automated, safe, and secure.
The dangers of directly managing client bank accounts
Even the most meticulous and ethical accountants are vulnerable when they take direct control of client finances. Here’s why:
Mistakes and misjudgments
Small errors (like a poorly timed payment or misplaced expense) can have huge consequences. When you’re hands-on with client finances, even a simple data entry error can lead to claims or client losses.
Accidental mismanagement
Without a digital approval trail, documenting who authorized what is nearly impossible. Even unintentional misuse of client funds can bring legal trouble, reputational damage, and loss of credentials.
Unforeseen client circumstances
Your client contact leaves, and approvals stall. A team member flags inaccurate records or suspects suspicious activity. Suddenly, you’re caught in a situation you didn’t create and can’t control.
Three ways automating AP and AR with Plooto protects your practice
Plooto’s automated accounts payable (AP) and accounts receivable (AR) platform doesn’t just reduce liability—it’s the secret to airtight approval trails and greater peace of mind. It eliminates manual processes and boosts efficiency without compromising security. Here’s how.
1. Reduces miscommunication and guesswork
Shift decision-making to your clients, making approvals simple, fast, and well-documented.
Customizable approval workflows
No more chasing signatures. Tailor workflows and designate approvers by client—from single owners to multiple users—automatically alerting the right people at the right time.
Role-based authorization
Define who's authorized to make specific decisions, getting you off the hook for approvals while restricting access by client, function, or user to prevent unauthorized actions.
Hands-off payment management
You still control workflows, but you no longer need to access client bank accounts directly. Clients connect their own accounts, set up their own approval rules, and release payments themselves.
2. Prevents human errors, omissions, and accidents
Eliminate data entry errors caused by manual entry and physical security risks associated with paper processes.
- Seamless integrations: Connect directly with QuickBooks, Xero, and NetSuite to prevent data entry errors and miscalculations.
- Digital document management: Replace paper trails with secure digital workflows that reduce physical security risks.
- Custom processing rules: Set rules that can vary by bank or apply across all accounts, with options for security-boosting dual controls or verification requirements for supplier or customer payment changes.
3. Delivers real-time visibility
Gain complete transparency and tracking for every payment from start to finish.
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Comprehensive audit trails: Access detailed records of all actions and approvals.
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Payment tracking: Monitor delivery timelines and completion status for every transaction.
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Client-specific controls: Tailor visibility and control settings based on each client's needs and your risk tolerance.
Plooto in action: Enkel cut risk and reclaimed 100 hours per month
Clients wanted Enkel to manage their payments from start to finish. Co-founder Omar Visram was hesitant to introduce the risk and liability. When he discovered Plooto, he realized he didn’t need to.
“With Plooto, we can set everything up to the point where the client just needs to press the final button,” said Omar. And by no longer having to chase payments and approvals, Enkel saves 100 hours per month.
“Every time you use Plooto, you are saving money or time, or both.”
Ready to reduce your firm’s risk?
Less than a third (31%) of accountants say their clients have all the fintech they need—a gap that increases risk. But 76% say they're open to their accountant's recommendations.
Plooto makes automating AP and AR easy, reducing liability, and proving your value as a strategic advisor. It’s fast to implement, free to try, and powerful enough to protect your practice.
