Accounting Tools Product Review- MoneyPenny - ToOLOwl
Wednesday , August 15 2018

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Accounting Tools Product Review- MoneyPenny

accounting-tools-product-review-moneypennyFor any small business to grow, it is imperative to maintain a firm hold on the company’s finances and enhance the cash flow. The tasks of generation of invoices, making cost estimates, and tracking the expenses can become extremely convoluted and you regularly work under the fear of missing out on some minor and intricate details. The modern accounting tools can rescue you from the laborious frontline and help you save the time, efforts, and money.

MoneyPenny is a comprehensive cloud-based accounting tool that assists you in tracking the time, expenses, projects, and clients while presenting all your company data on one screen. The tool provides seamless billing services, one-click conversion of estimates into invoices, a loose association of timesheets and expenses with the bills, allocation of budget to various projects, and overall management of the company accounts. The features are all available up for small businesses and freelancers. So now, stay on the top of your accounting data and drive your enterprise forward.

Pricing and Editions

MoneyPenny provides a 30-day free trial without asking for any credit card information. There are three different packages available, and the pricing depends on the number of users involved.

Starter Professional Enterprise
$15 per month $55 per month $35 per month
1 user 2-5 users 6-30 users
Invoicing Invoicing Invoicing
Expenses Expenses Expenses
Timesheets Timesheets Timesheets
Projects Projects Projects
Estimates Estimates Estimates
Client Database Client Database Client Database
24/7 Email Support 24/7 Email Support 24/7 Email Support
Free Cancellation Free Cancellation Free Cancellation

For the requirement of involving more than 30 users, you can contact the company.  MoneyPenny also provides exclusive discounts on inviting users to use the tool.

Capabilities and Supporting Set of Features

MoneyPenny_DashboardDashboard
The panel presents a holistic view of the business, client and project data. You can identify the Key Performance Indicators (KPIs) for small businesses and freelancers and can display them neatly. The date ranges for the data can be changed so that the performance over the time can be compared and monitored. You can customize the dashboard and can configure at the user’s discretion.

 

 

MoneyPenny_ClientsClient Database
The tool lets you maintain an orderly database of the customers. The contact information and data records of clients, staff, and consultants can be easily added. The customer dashboard lets you view all the client’s activities and transactions at one place. You can also track the operations of the staff by analyzing the logged hours on different projects. The tool also provides basic CRM features by allowing the clients to sign in and access the permitted past invoices and records. It allows you to make smarter business decisions.

 

MoneyPenny_Cost EstimatesCost Estimates
The tool helps to prepare professional cost estimates and quotations of single or multiple products and services. These references can be easily converted to invoices on a single click. You can choose from a variety of international templates available and take your business beyond the geographical boundaries. The conversations entailed with the sent quotes can be tracked.

 

 

MoneyPenny_InvoicesAutomated Invoices
MoneyPenny lets you create professional invoices for your products and services. But wait, the tool is much more than that. You can also share the invoices and related past records with your customers to build trust and goodwill; set automated payment reminders; make drafts and schedule the sending of invoices; and track the full-payment and partial-payment situations. The templates provided are sleek and let you build your company’s branding. You can save these invoices as drafts, print them or directly email them to your clients on PDF formats. The tool also includes the feature of “recurring invoices” wherein the invoices can be automatically generated and sent at regular intervals as per the requirement. This saves both times as well as efforts.

 

 

MoneyPenny_Manage ExpensesManage Expenses
The tool lets you get rid of the arduous task of keeping the various receipts. All you need to do is take a snap of the receipt when you make the expenditure. The tool will store the details of the revenue on its cloud and automatically add it to the desired expense list. Yes, it is that easy. These costs can be further recorded in suitable categories to manage the taxation work effectively.

 

 

MoneyPenny_Time TrackingTime Tracking
The tool is amongst the best online tools for time tracking. You can easily create the timesheets for various projects, extract the data on the logged hours, schedule meetings, and monitor the staff’s performance to meet the deadlines. The efficient time management is one of the most important attributes for any team to flourish, and this tool can be your ideal assistant never to let you miss a deadline or waste time.

 

 

MoneyPenny_Project ManagementProject Management
You can create various projects on the device and link the staff to it. A user can also incorporate the timeline of the project along with the specific budget allocation easily. You can track the real-time progress of the project, and manage the finances accordingly. The project dashboard provides valuable insights of various related parameters. You can handle the team efficiently. The tool provides accurate data on who in the team is doing what and you can accordingly assign tasks and assess productivity.

 

MoneyPenny_ReportsReports
The tool compiles various reports so that you can monitor the expenses and timesheets and keep a tab on your profits. A user can generate the reports on payment trends of the employees. In addition to the financial reports, the users can export the analysis reports of the staff engagement and log hours. Thus, both the productivity and performance of the project is viewable, and necessary actions can be taken. User-friendly templates and diagrams are available to present a clear view of the data.

 

MoneyPenny_TaxationTax Consultant
Computation of taxes and related documents can be frightening. Since the data of all your expenses, invoices, and other transactions is on MoneyPenny, you can directly invite your tax consultant to join the tool. You can generate various weekly, monthly, or yearly reports and can export in no time. The accountants can get firsthand access to all your financial data, and everything becomes just so smooth and hassle-free.

 

 

Mobile Accessibility

The tool has user-friendly apps on the Apple App Store as well as Google Play. It is readily available via the mobile browsers.

Integration

The app does not incorporate integration with any other tool. You can export invoices in the PDFs. You can also download the analysis reports and timesheets in Excel or CSV formats.

Support

The tool provides 24/7 support via email, online query form, and telephone. There is also a very active option of live chat. All the features are available in detail on the website via the knowledge base, app tour, and video tutorials. The tool also marks presence and visibility via blogs and social media websites like Facebook, Twitter, LinkedIn, and Google Plus.

Pros and Cons of MoneyPenny

Pros

  • Supports Multi-language and multi-currency computation.
  • User-friendly interface.
  • Accessibility of permissible data to the clients.
  • Automated recurring invoices.
  • Strong customer support.
  • Highest Swiss data safety and privacy protocols.

Cons

  • A user is not able to import the client’s database directly from spreadsheets.

Differentiator

The tool clearly stands out and far from others of its kind since it provides integrated services of the management of finances and accounts along with the fundamental attributes of project and team management. The automation of invoices, importing of expenses by taking pictures of the receipts, pertinent analysis reports, time tracking, etc. are all its impressive features.

For more details, please visit MoneyPenny website.

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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