As “Web 2.0″ matures, users begin to demand that more applications be available online. Many of the daily tasks we used to handle on our desktops are moving to web-based applications. One category that is growing in popularity is financial tools. Most of us deal with finances on a day-to-day basis. Whether it is personal finances or business finances, we touch our virtual wallets almost daily. The web now offers a wide range of tools to help us with financial tasks. From full-blown accounting, to simply tracking how you are spending your money, the web now provides a full range of tools that won’t tie us down to our desktop only.
Accounting
Although most of us are not accountants, we still like to track where our money is going and how we are doing financially. As small business owners and individuals, we can’t always afford an accountant. Fortunately, accounting software has made it much easier for the average person to take care of there accounting needs. Here are some good web-based accounting software available to help you.
LessAccounting
LessAccounting has been around since 2007. It was really to specifically take on the QuickBooks desktop application. The developers’ goal is to make accounting easier for the average business owner and individual. The software provides the typical invoicing, expenses, and reporting. A few features that set it apart include:
- A contacts manager that is more akin to true customer relationship management (CRM) and not just simply a list of contacts.
- A mileage tracker for tracking business expenses. With integration for mobile devices, tracking expenses is much easier.
- A proposal/quote feature allows users to create a quote, and once it is accepted it can be turned into an invoice.
LessAccounting is a viable product for most small businesses especially service-oriented firms. You can sign up for a free 30-day trial. When the trial is over, it can cost anywhere from $12-$300 per month. The software also offers the ability to import data from QuickBooks and other accounting formats.
Xero
Xero is a full-blown accounting software that is available as a web application. The company was started by employees who left MYOB (a leading Mac-based accounting software developer) after becoming frustrated with the company’s resistance to developing web-based accounting software solutions. Xero uses a similar layout and scheme that MYOB uses. It is true double-entry accounting with invoicing and expense capabilities plus a wide range of reporting techniques. Some other features Xero provides are:
- Importing of banking info directly from selected bank institutions.
- Dashboard that reveals quick information like expected cash flow for the day/week/month.
- PayPal integration. You can send an invoice via email from Xero and the client can pay the invoice via your PayPal account.
- An API that is growing more robust as the software matures.
ArrowQuick has been using Xero for the last 18 months. The software is still in development so there are features yet to be developed that we are waiting for. Xero has served our needs adequately over the time period. If your goal is to find a web-based double-entry accounting solution, Xero is worth a try. Xero offers a free trial and cost $19-$39 per month once the trial expires.
Financial Tracking
There is a new breed of financial software on the web. Financial tracking sites offer the ability to aggregate your banking and credit card accounts at a single location to give you a quick picture of your finances.
Mint
Mint is the most popular application that falls in this category. Mint has grown over the years as they continue to build relationships with banks and other financial institutions.
Setting up a Mint account is fairly easy. Once you set up your account, things get a bit more difficult. The basic idea is to have Mint link to your various financial accounts, such as credit card accounts, bank accounts, IRAs, and others. Once you have provided Mint with the proper credentials, it will pull in your statements. The downside here is not all your financial accounts may be available online. So you may not get the full benefit of Mint.
If you are lucky enough to have access to all or most of your financial accounts through Mint, it becomes a powerful tool. You can quickly see where you are spending your money and set budget goals and track your progression. The concept is great, and as the list of institutions using Mint grows it will only become more powerful. Oh, did I mention it’s free?
HelloWallet
HelloWallet has recently moved into the scene as a competitor to Mint. Although the application is currently in beta, they offer similar options for financial information aggregation. However, there are somethings that make them unique.
- HelloWallet proactively seeks out financial options that may be better than your current ones. An example would be if a bank is offering a better interest rate then the one you have now, they will show you how to move your finances to that product.
- Free accounts to underprivileged families. For every 5 paid subscribers, HelloWallet provides a free account to a qualified family.
HelloWallet isn’t free, but you do get a 60-day free trial and paying accounts start at $5 per month.
Rudder
Rudder offers a similar aggregation option as the previous two services. Rudder is fairly new to the scene and seems to fit the bill as well. They offer some unique options that are nice.
- Email alerts when your budget is close to being overspent.
- Easily customized dashboard providing information you need at a quick glance.
All of these offer great methods for reaching our financial goals. I would recommend anyone signing up for one and giving it a try. Who knows? It might be the answer to organizing your finances. Rudder, like Mint, is also free.
Billing & Invoicing
There are some financial web applications that are narrower in scope. A few applications have surfaced with the simple goal of allowing small businesses to invoice their customers online without all the extra accounting features available in a full-blown accounting software.
FreshBooks
FreshBooks is the major player in this arena. FreshBooks has been around since 2004 and boasts over a million customers. Their goal is to make billing painless. There are some features that make FreshBooks a good option for online invoicing.
- A focus on auto-billing by automatically charging customers’ credit cards. This helps in the collection process.
- Strong time-tracking component. Keeping track of time and providing detailed billing information to your clients.
- Integration with contractors who work on jobs with you but are outside your firm.
If you are tired of the delays sending invoices via snail mail and want to try to make your billing process more streamlined, FreshBooks may provide that for you. Freshbooks offers plans from $0 to $79.95 per month.
Blinksale
Blinksale follows suit with Freshbooks. While the basic functionality is similar, there are some unique offerings from Blinksale.
- Fully customizable invoices. You are not limited to the layout and look of your invoices. BlinkSale integrated a standardized formatting language (CSS) into their invoices, allowing you to customize the look from top to bottom.
- Follow-up emails for reminding clients payment is due or past due. This can really help in automating the collection process by saving time and labor. It ultimately may result in quicker payment turnaround.
- Basecamp integration for customers using the Basecamp project software for contact information.
Blinksale offers a free trial and has paid plans from $6 to $24.
Online Financial Solutions Are Here to Stay
As you can see, there are a wide range of web-based services available in the financial arena. The software is robust and has the same capability that most desktop applications provide, with the added benefit of being accessible from anywhere on almost any device.
If you have been hesitant to move your financial application to the web, you should take some of these tools on a test drive. You may find your fears are unfounded. You may find that things will run more efficiently and, ultimately, you may find more money in your wallet. Nothing wrong with that!
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