Plooto review: Ratings, Features and Details

Summary of our opinion

Don’t have time to read it all? Here is a summary of our opinion on Plooto, to help you understand whether Plooto is a good choice for you or not. 

For those who don’t have time to read our entire Plooto review, here’s a summary of our test:

• Plooto is a one-stop shop that allows organizations to streamline their domestic and foreign accounts payable and receivable tasks by combining payments, procedures, management, and reporting.
• The solution makes it easy for you to securely accept a variety of payment methods from your customers
• Plooto also has a clever 2 way synchronization Xero and QuickBooks, which allows for the automated synchronization of bills, invoicing, and payments as well as the reconciliation of accounting data while maintaining a comprehensive audit trail.
• Send domestic and cross-border payments between Canada and the U.S. with no percentage fees.

In summary, Plooto saves companies time and offers a variety of payment options allowing the software to take over the mundane tasks of invoicing a regular client each time. Instead, it automates the billing as you need it. 

The streamlined interface seamlessly integrates with major accounting programs to ensure you don’t have to integrate any further. For a full in-depth review, the following is our opinion of Plooto in detail.

Plooto pricing

Plooto only has one plan, and that plan costs $25 per company each month. If you operate two businesses, then you’ll be charged $50 a month to use Plooto. Customers are allowed to submit 10 payments to a firm without incurring any fees. After then, you will be charged a fee of $0.50 for each domestic payments until the beginning of the next month, at which point your payment total will be reset.

You should also be aware that there are transaction fees, which include the following items:

• $9.99 USD per transaction made in another country
• $1.99 for each payment via cheque
• $3 CRA transactions (for Canada)

Plooto Plan	Details
Monthly price	$25
Number of users	Unlimited
Accounting access	Free accountant collaboration
Accounts Payable	Yes
Accounts Receivables	Yes
Online payment approvals	Yes
Customers & Suppliers	Unlimited
International payments	Yes
Third-party integrations	Yes, Quickbooks and Xero
Approvers	Unlimited
Bank sync	Yes
Live support	Free

Plooto is also useful for bookkeepers and accountants to utilize in order to handle client payments on their clients’ behalf. They are required to pay an additional $25 per company each month, making your total monthly charge for working with them $75. This does not include any of the transaction fees indicated above.

Plooto does provide a free demo as well as a free trial that lasts for 30 days, and the free trial includes 10 free transactions. These are both designed to assist you in making a purchase choice.

If you do not do a significant amount of business over international borders or through paper checks, the prices are, on the whole, not prohibitively expensive.

How to access Plooto

Because Plooto is an entirely web-based service, there is nothing for you to download or install on your computer in order to use it. When your accounting software is able to sync in both directions, invoice reconciliation may be done automatically. You may also be paid through a credit or debit bank card.

Plooto does not yet provide a native application for either iOS or Android; nevertheless, it may be viewed rather simply using a mobile browser.

Required configuration

In order to access Plooto, all you need to do is use your internet browser. The supported applications are supported:

• Windows
• Mac
• Linux
• Android
• iPhone
• iPad
• Web app

Users just need to ensure they have an up-to-date browser and a decent connection and Plooto should work just fine. 

Who is Plooto for?

Thanks to its features, Plooto is an ideal solution for self-employed persons and small business accounting needs. Indeed Plooto was founded on the concept of developing financial tools for small to medium-sized businesses to help them run smoothly and efficiently.

With their fast and easy payment solutions, businesses can get paid faster. For a fee of $25 per month, you will receive access to all of Plooto’s features, including:

• Advanced AP, Account Receivables & payment management
• 10 Free domestic transactions ($0.50 for any additional domestic transaction).
• Unlimited users & approvers
• Unlimited bank account connections
• Accountants and bookkeepers may work together at additional cost
• Sync for free with both Xero and QuickBooks.

Plooto also supports international payments at a flat rate of $9.99 and cheque payments for $1.99. In our opinion, Plooto is suitable for most types of small businesses and businesses and the beauty of the product is it allows for direct integrations with accounting software. 

Ease of use

Plooto, as a whole, is simple to grasp, and its functionality can be deduced from its design. The user interface is really well structured, tidy, and straightforward, and we like how the signing authority is divided up into several “tiers.”

It also synchronizes with well-known accounting systems such as the AR function and QuickBooks Online, which enables companies to set up regular ACH payments from customers in exchange for a fixed charge. This is a feature that is both incredibly simple to use and quite helpful.

Features

For a 100% online solution, Plooto offers a wide range of features. This topic covers the main features, of which we will review the main elements.

Accounts Payable

Plooto is famous for its automation function and comes equipped with one of the easiest payment systems currently available on the market.

If it’s the first time that you are paying a supplier, you have the option of using electronic payments, which can help you save some of the fees associated with transfer and save the supplier for any future purchases.

The automation tools, in their most basic form, make it possible for you to integrate all of your invoices from accounting systems. Additionally, small and medium-sized businesses are able to seek and obtain approvals via the use of automated email alerts from the individuals in your company who are associated with those activities.

The technology enables you to organize the process and configure it to be repeatable, which will save you time and allow you to concentrate more on what is essential for your company.

Dashboard

The streamlined interface seamlessly integrates with major accounting programs to ensure you don’t have to integrate any further. Plooto keeps a full audit trail of all transactions, saving you countless hours on data entry

Bank sync

Plooto has an interesting automation tool connected to the bank account that will automate and take care of payments for you. The tool also integrates with popular cloud-based and desktop-based accounting systems including QuickBooks Online and Xero to support end-to-end accounts payable and receivable.

Accounts Receivables

Accounting systems such as Xero and QuickBooks may have their receivables imported into the Plooto software platform. Additionally, you will have the ability to schedule the debits from a regular customer account, and the program will also balance your funds within the accounting software. Both of these features will be available to you.

Plooto gives you a comprehensive perspective of your company’s cash flow, in addition to providing you with the ability to send your customers the produced invoices that have been integrated from the accounting platform.

As a result, providing a crystal-clear picture of paid bills, pending invoices, paid invoices, and a snapshot of your bank accounts in real time.

International Payments

The processing of ordinary payments and international payments via Plooto are essentially identical. The only thing that is different is the money that is being used to make the payment.

In addition, in order to use Plooto for international payments, you do not require a bank account denominated in the target currency. That will be taken care of for you by Plooto Inc.

Fast approval of payments 

When you sign up with Plooto, you’ll be able to customize your approval steps immediately. To approve a payment in the cloud is as easy as clicking a button, whether you’re the only one who can do it or there are several people involved.

Organizations with geographically dispersed approvers may gain the most from this configuration. It’s unfortunate when a signing party’s vacation or illness is the reason for a late payment, which may ruin your reputation with creditors and suppliers. Plooto solves this issue completely.

Payment transfers via email

Make sending and receiving payments even easier by using your inbox as a kind of virtual currency exchange. Plooto allows you to email a form that the recipient need simply fill up with their banking information.

When everything is finished, your money goes straight to the other person’s bank account. Even while your private financial information remains hidden from view, the seller guarantees its safety through this route.

Reporting

Plooto can provide reports for all of your invoices that include the finer details of each activity. This eliminates the need for companies to manually archive paid invoices. With Plooto, you’ll never wonder whether and when your customers have read your emails again.

In addition, you can set up notifications to alert customers when their payments are due or past due. Get paid quicker by knowing the current status of your payment.

Bank syncs

Strong interfaces with a variety of financial institutions and specific accounting software packages for small businesses are available via Plooto.

Plooto is integrated with a wide variety of financial institutions, including banks, throughout the United States and Canada. The ability to connect an unlimited number of accounts makes it simple to both receive and transmit financial transactions.

Smart approval workflow

With Plooto’s intelligent approval process, businesses can stop wasting time hunting down check signatures. This workflow gives you the ability to acquire payment approvals from designated approvers located anywhere in the globe.

Plooto’s credit card acceptance enables small and medium-sized businesses to improve their cash flow and begin receiving payments in as little as two working days (vs ACH which takes 4 to 7 business days). In addition to that, this gives clients additional leeway in terms of how they may pay.

Automatic invoice reconciliation

Payments are marked “Paid” automatically in your accounting system once the transfer is complete. Of course, this requires integrating Plooto into your accounting software. This saves you so much time from cross-checking invoices with payments.

Customer Service & Support

Plooto offers various resources to help you use its tool, including its Support Center which offers plenty of useful information on everything from getting started to its integrations in the forms of article guides and tutorials.

Alternatively, you can contact Plooto through email (support@plooto.com), telephone (1-844-475-6686), or live chat, as they offer round-the-clock support to all their customers.

Finally, Plooto offers training in person, through webinars, documentation, or live online.

Security

Utilizing optical character recognition tech (OCR), Plooto automates invoice processing and reconciliation, which simplifies and streamlines the billing process. Additionally, Plooto provides a visible audit trail, which helps to limit the risk of fraud committed internally.

• Every invoice is uploaded to the cloud, where it is then matched up with the appropriate accounting program.
• Reviewing the procedure may be done remotely and in a hurry for anybody who has access.
• The date and time of the invoice sync are both logged.
• Data input mistakes are cut down by a large margin when strong OCR information extraction technology is used.

The newly added functionality known as Plooto Capture makes it possible to generate a comprehensive audit trail for payments. In addition, invoices for each activity are backed up and saved in a safe location in the cloud.

This not only makes it simpler to find an invoice when it’s time for an audit, but it also reduces the likelihood of missing an invoice.

Plooto: Overall verdict

Plooto is perfect for small businesses and accounting organizations that need a cost-effective, straightforward service to manage their finances as it massively simplifies the workflow, makes it more secure, and reduces the chance of human error. 

The platform was designed with SMBs in mind and the optimization takes form in quick AP and AR cycle times, which in turn guarantees faster payments, reduced costs through e-banking, and accessible analysis of all financial data.

Whilst lacking some of the more complex capabilities that are available with other software alternatives, such as receipt scanning, Plooto provides a platform that is simple to use and is priced at a level that is affordable for smaller enterprises.

In summary, Plooto will be a big addition to any SMB to ensure they have “healthy” cash management, allow small businesses to process payments from customers or vendors even if they don’t have a Plooto account.