- Quick and easy
- Works on any device
- Payroll add-on
- Lockbox for checks
- Light on features
- Lack of integrations
- No dedicated mobile app
It’s not easy to choose the right accounting software when there are so many different options. Each package is designed with a specific type of customer in mind, so what works for a giant corporation might not be relevant to a growing business. Based in Atlanta and launched in 2011, FINSYNC aims to be an ideal solution for small-to-medium businesses. FINSYNC offers users an efficient and uncomplicated browser-based online accounting platform. This simplicity means you don’t need hours of training to get started. FINSYNC also gives you an unlimited number of users, in-depth reporting, and ’what if’ scenarios to allow companies to plan financially for any situation. FINSYNC is one of the cheaper solutions for accounting software with its flat rate of $45 per month, but users can test it out first by using the free 7-day trial.
The most important aspect of FINSYNC is how user friendly it is, with a target audience of entrepreneurs and growing businesses. FINSYNC has developed accounting software for people who don’t have the time for complicated accounting software and prefer a trimmed-down solution. From the FINSYNC dashboard you’re shown all the essentials, or you can customize the dashboard to your own preferences. One very useful part of the interface is the quick links button which directs you to all the important tasks without having to navigate the menus. From the settings menu you’re able to change almost every aspect of FINSYNC, including adding an unlimited number of users and adjusting their permissions.
FINSYNC shines when it comes to cash flow projections. From the cash flow page, you can see all your future incoming funds and expenditures, with a projection of your balance. You’re also able to input ’what if’ scenarios. This is a helpful way of seeing how any future financial decisions will affect your overall balance.
The reporting section will provide you with all the information you’ll ever need about your accounts, with balance sheets, ledgers, and accounts information. These can be filtered by department and turned into comparisons with previous time frames. All reports are downloadable as CSV or PDF files.
Like every other aspect of FINSYNC, creating and sending an invoice is an easy process. FINSYNC allows you to create one-time, recurring, or retainer invoices – including additional attachments and notes. There’s also the ability to automatically remind the customer about the invoice at weekly or monthly intervals. However, there are a few drawbacks to this simple invoicing process. FINSYNC lacks a lot of the customizable features provided by other accounting software, only allowing you to add a logo to the top corner. The most frustrating omission is that you’re not able to include sales tax automatically on your invoices. Instead, you’ll have to input the sales tax manually on every single invoice.
The inventory page is divided into three sections: your inventory of physical items, a list of services, and your supplies. As is a recurring theme with FINSYNC, this is user friendly and intuitive. FINSYNC will keep an eye on stock levels for you and give you reminders when you need to restock. The inventory also has a special section for purchase orders and allows you to adjust prices. The supplies section provides you with a running total cost of your supplies for the year-to-date – a great way of staying on top of expenses.
FINSYNC lets you pay vendors by check for a small charge which will be automatically added to your bill. The check is FINSYNC-branded with your business’s name and a space to add an invoice number. FINSYNC also has a unique Lockbox feature which really helps with incoming checks. Instead of having customers mail checks to you directly, you can have them mail them to your FINSYNC Lockbox instead. FINSYNC will then automatically deposit the checks into your bank account for you.
Since FINSYNC is browser-based, you can access it from just about every device that has a good browser. Sadly though, FINSYNC doesn’t have a mobile app at all, which is really a disappointment compared to most other services. However, there’s a mobile version of the website, so you’ll still be able to perform all the tasks as usual. The downside is that mobile browsers just aren’t as easy to use as a dedicated app would be.
Integrations & Extra Services
Where FINSYNC falls down is in its lack of integrations, especially when you compare it to other accounting software services like QuickBooks or Xero. FINSYNC does offer a few of its own extras though, like the payment service that provides secure payments. There’s also FINSYNC’s payroll software, a quick and simple payroll option that is similarly designed for small-to-medium businesses. The payroll software comes with a time management app that allows staff to clock in and out with the ability to turn on geolocation or link the app to a specific IP address.
FINSYNC has a very simple pricing structure. Accounting and cash flow management costs just $45 per month regardless of how long you want your subscription to last. The only thing you need to be concerned about is what add-ons you’d like to include. The payroll service costs an extra $40 per month, while adding payments adds a further $10 each month, making a complete FINSYNC package $95 monthly.
Since there are no annual commitments, you can cancel your subscription or change your plan at any time. On top of that, FINSYNC claims that if you’re not completely satisfied with the service then you won’t have to pay a cent, so signing up is completely risk-free. Of course, before you even choose a subscription you can test out the product with FINSYNC’s 7-day free trial.
Online accounting is a complex process and you never know when you’ll need some help. It’s reassuring to know that FINSYNC has an expert ready to assist you. Support can be found through the website’s live chat feature or by email. Alternatively, phone support is available from Monday to Friday, 8 a.m. to 6 p.m. EST. FINSYNC can be found on social media too, but as there is little customer interaction there it’s better to get in touch directly.
The FINSYNC website is a great resource for information with a large number of guides to help you through the process, although we would love to see the addition of an FAQ section in the future. The website also provides you with advice regarding best practices and a blog to keep you up to date with all the latest accounting news and FINSYNC updates.
We like that FINSYNC has no pretentions about being a premier accounting application. What it does do it does very well, and anyone new to accounting software will find FINSYNC an excellent entry point. With an uncomplicated and efficient user interface, accounting is made simple. We’re particularly impressed by the addition of Lockbox, which eliminates the hassle of manually processing checks. The main detraction for us was the lack of a dedicated mobile app. While the mobile browser still does the job, it doesn’t have the same efficiency as a dedicated application. Although FINSYNC isn’t as feature-filled as some of its rivals, this is balanced out by being a user-friendly platform. For bigger businesses, the lack of features will be a big drawback. However, for newcomers to payroll software and for small businesses FINSYNC is an ideal solution – and it comes at a great price too.