For many entrepreneurs, accounting is still an eyesore. The bookkeeping takes a lot of time unnoticed - time that you cannot spend doing your job - and it can be quite complicated at times. Of course you can hire an accountant, but it certainly does not work for free and that is not a first option for this starting entrepreneurs, self-employed persons and small SMEs. Myfinance is one self-employed accounting program which promises the solution for all these problems: carry out your bookkeeping through a simple program, scan your receipts quickly and easily via a mobile app and automatically receive VAT overviews. How does Myfinance work in practice? Review!
The target group: small entrepreneurs
Myfinance focuses primarily on self-employed people, starting entrepreneurs and small, but perhaps growing, companies. The latter group is of course interesting, because in such a case the switch must be made from an old accounting system to Myfinance. Myfinance offers the possibility to import files from the bank (exports).
For the inexperienced entrepreneur, such as starting freelancers - Myfinance offers a nice start-up aid. This way you get to know all the tricks of the software and the program helps you with the necessary initial settings, such as the current profit and loss account and balance sheet. In this way you guarantee that the program does what you want and can meet your wishes, even if you do not have any accounting knowledge.
Myfinance lacks a number of options compared to a more extensive program: online payments for customers, reminders and collections and UBL file. This makes Myfinance primarily a tool for starters and smaller entrepreneurs who want to be able to do bookkeeping and VAT returns quickly.
Working in the cloud
A modern program works in the cloud today: your information is quickly available 24/7, also on the move. Myfinance offers as a so-called Software as a Service (SaaS) the option to work on different devices in the same administration. Via desktop and the mobile app you have access to the most up-to-date figures, which makes it possible to quickly make a few changes along the way. Ideal if, for example, you often travel by public transport to and from customers or suppliers; when you get home, the accounting is already up to date. But note: entering on a mobile or tablet is fine, but for real operations, a keyboard is simply much faster. You can connect an external keyboard to your tablet.
Very important: if your device crashes, then your accounting is not gone. Countless entrepreneurs can unfortunately explain how many evenings of work it takes to reconstruct lost accounting. Fortunately, you don't run that risk with a cloud solution. Cons? If you are used to logging in to the site, you will also lose access to the internet with your access to the internet. If you use the app, you always have a copy of the data on your device.
Design and use
Myfinance is easy to use. Creating an account is smooth, only the automatically generated password needs to be stored properly. No unnecessarily troublesome menus or terms are used and the user interface works very intuitively. This applies to both the app and the desktop version. The user-friendliness of that interface is created by an important part of your initial configuration when you use the software. This means that before the first use you have to take the time to set this up optimally. You need: company details, VAT number and Chamber of Commerce number, opening balance sheet and your own delivery conditions. Unfortunately, you cannot pause the wizard temporarily, so make sure you have everything at hand when you start. So plan it for a moment. Takes a little time, but it saves you a lot of frustration and search in the longer term. You can also get help from Myfinance with the temporary transfer action: you will then receive a personal consultation, explanation of how it works and functionalities and a check on your bookings & mutations. Very handy for the starter.
This brings us to the most important consideration: does Myfinance save time? Ultimately, every entrepreneur wants to get started with his business and not endlessly tinkering in Excel sheets. Time is money. That is where Myfinance offers its added value: especially making your VAT return and preparing invoices is super-fast once you have used the program. A number of useful functions:
- Add products or services without restrictions
- Time registration and trip registration
- Chamber of Commerce link to quickly complete customer data
- Quickly switch between prices including or excluding VAT
- Copy created invoices
- Automatic total amounts
- Automatic bank linking with proposals
- Scanning (photographing and processing) of receipts via the app
- Send invoices directly from the program or first download and send yourself
A real plus: you can ask for help online. With the online package you do your own administration but you can ask for advice when you cannot solve it. They can also fix any errors for you. This saves unnecessary research.
Conclusion: ideal for the starter and self-employed person
Myfinance offers many options to do your accounting faster. With the transfer campaign, starters get a flying start with their accounting. Myfinance, however, is not entirely sufficient: for example, you can scan coupons quickly, but the values on the receipt are not recognized immediately. On the other hand: an accounting tool for € 9 per month with two users and an unlimited number of invoices makes it an immediate better choice than many online invoicing tools. Make sure that you have a clear picture of what is important to you. Myfinance has a free trial period of 15 days that ends automatically, so you can Myfinance try and test first.