If we have to reimburse our employees, if we have to pay our vendors, if we have to provide rebates and discounts to our customers, we use Plooto for everything.
Srinivas Pabbaraju CPA, CA
Controller, True North Mortgage
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Table of Contents
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The Client
True North Mortgage is mortgage broker based out of Calgary. Their industry is a competitive one, and at stake is nothing less than people’s ability to buy a home, and providing a good return to investors. It’s all about money, so handling money with the highest level of professionalism is paramount.
The Challenge
In a competitive industry True North Mortgage needed a way to stick out, and making sure they could make payments in an efficient way — to employees, vendors and even clients — was important to their business. The company’s controller Srinivas Pabbaraju knew, no one wants to wait around for payments.
We want our employees and vendors taken care of. And we don’t believe in waiting for a month for paying our payees. We want to keep them happy, and we want them to stick with us.
They wanted a system that would allow them to get payments out quickly, as well as being simple for payees on the other end. Srinivas recalls using checks as payments at other organizations in the past, and how much time that would take.
We never knew when the checks got cashed, and we had to constantly keep looking at reconciling our bank accounts. With Plooto that’s one big thing, everything is reconciled, and we don’t have to keep worrying about if a check will be cashed.
As a company that looks to keep up with the latest technology the slow, inexact checking system was not even an option. Add to this the fact that True North requires two approvers on every payment, and checks become even more cumbersome.
The Solution
Plooto’s online payment system truly simplifies payments for accountants like Srinivas. As invoices come in, they’re able to process all of the payments simply and easily. The two-approver process is handled incredibly easily, too: Approvals can be done online from anywhere in the world, so that payments can go out without delay. With Plooto, all the information that someone may need to approve a payment is at their fingertips.
Whatever we attach in QuickBooks comes into Plooto, so whoever is reviewing and approving — they can see it all online. You don’t have to go back to paperwork or go back to another part of the system, like the email, or the drive where we have the documents, or the accounting software. We can just go to Plooto and it has everything for us.
Inputting and approving payments quickly means that True North Mortgages payees can get their money quickly to.
We pay our employees, vendors and sometimes we even provide incentives and rebates to our customers. We use Plooto for everything, and Plooto keeps great records of what we do, both for control and audit purposes.
Integrating seamlessly with QuickBooks, Plooto eliminates the need for data entry and reconciliation, saving accountants like Srinivas time and money.
The Results
Plooto allows True North Mortgage’s two-person accounting team to keep their payment systems efficient. The team processes payments daily, with a turn-around no longer than 48 hours, to ensure vendors and clients are satisfied.
Plooto’s integration with QuickBooks gives their management team a single place to look when approving payments, so they can make their approvals anywhere around the world and have all of the information about each payment at their fingertips. The integration also cuts down time on data entry and reconciliation.
It saves quite a bit of time because it’s all aligned so well. The transition from the accounting software to Plooto is very seamless.
But the most valuable thing True North Mortgage gets from the quick, efficient payments that Plooto provides, is a happy payee.
In short if you look at it, Plooto has everything we need and more. We don’t have to shop around anymore, we are so happy.
Do you want a payables solution that’s quick and easy for your accounting team and all the people you pay? Try Plooto today with a 30-day free trial.
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