Wednesday, July 14, 2010

Tech Wednesday

Hello all! Stephanie here with your weekly dose of Tech Wednesday.

Small businesses have to account for a large number of financial transactions, especially when they are first getting started. Managing personal finances is tricky enough, and expanding those records to a small business adds even more complexity to the accounting. Can the ever-powerful Internet possibly come to the aid of business owners? Of course it can – or, at least, it is trying to. InDinero the web-based money management tool, was launched last week in an attempt to fill this need. Although the program is just getting started, it has already generating a fair amount of buzz on tech blogs such as Mashable

How it works:
inDinero is NOT a bank account. Rather, it aggregates the income and spending data from multiple business accounts, and organizes all of the information in plain and easy-to-read graphs and charts. Business owners allow the site to access their financial records, and inDinero starts crunching the numbers. Some managers may be turned off by the fact that the application requires access to financial information, but it should be noted that multiple third-party firms have verified the security of the site. inDinero cannot move money from account to account; it just shows you what money is where.

Features and benefits:
- Access account information from anywhere with an Internet connection
- Daily data synchronization with multiple accounts
- Set up notifications and alerts as cash flows in and out of your business, and to monitor for cashflow gaps
- Allows both managers and their CPAs/bookkeepers to access the account
- Track spending trends and find out where your business is spending the most
- Graphs to identify most profitable products, as well as to predict future cashflow gaps
- Export financial data to .CSV files for use in Excel and Quickbooks

For a single owner business/entrepreneurship with up to 50 transactions per month, inDinero is free. inDinero is $29.95/month for small businesses with 500 transactions or less per month, and $99.95/month for unlimited transactions (for large companies). While the top-of-the-line package is a bit pricey, the small business option may be an attractive and useful tool for companies that are just getting started.

Do you use any online applications to manage your personal or business finances? Which ones? Leave a comment on the blog and let us know!

That’s all for this Tech Wednesday. See you next week!

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