FINSYNC Review: Cash Flow Management for Small Biz

Keeping tabs on cash flow is a constant challenge for small business owners. With limited time and resources, it's hard to get a unified view of finances across banking, accounting, payroll and more.

FINSYNC offers a promising solution - an integrated platform delivering complete cash flow visibility and automated accounting for SMBs. Early users report it's helped them improve financial control and decision making.

In this review, we'll take a closer look at FINSYNC's key capabilities and benefits, including its unified dashboard, automated transaction mapping, custom integrations and more. We'll also discuss ideal customers, pricing, and our final recommendation on who should consider adopting FINSYNC.

Introduction to FINSYNC

FINSYNC is a cloud-based financial management platform designed to give small business owners real-time visibility and control over their cash flow by unifying accounting, payments, reporting, and more into a single integrated solution.

Overview of FINSYNC

Founded in 2009 by CEO David Jecks and based in Orlando, Florida, FINSYNC aims to simplify financial operations for small businesses. Their platform connects to a business's bank accounts, credit cards, and other financial systems to automatically aggregate transaction data. It then categorizes all income, expenses, sales, payments, and more to provide up-to-date financial insights through interactive dashboards and custom reports.

Key features include:

• Automated bookkeeping and accounting
• Invoicing and expense tracking
• Cash flow analysis and forecasting
• Customizable financial reporting
• Payment processing and disbursements

These capabilities help small business owners gain clarity into their finances to better manage cash flow, track expenses, accept payments, pay bills, and make data-driven decisions.

Key Capabilities

As an all-in-one financial platform, key capabilities of FINSYNC include:

Automated Accounting
Seamlessly connects bank, credit card, and other business accounts to automatically import and categorize transactions. This eliminates manual data entry and ensures accounting books stay up-to-date.

Invoicing & Billing Create, customize, send, and accept invoice payments online. Set up recurring invoices, track accounts receivable, and monitor customer statements.

Expense Tracking Capture expenses via mobile app by snapping a photo of receipts. Expenses are automatically categorized and recorded for accurate bookkeeping and real-time reporting.

Cash Flow Reporting Interactive dashboards provide real-time visibility into cash flow status and trends by tracking income, expenses, account balances, payables, receivables, and more. Custom reports can also be generated.

Payment Processing
Accept credit card and ACH payments directly through the platform. FINSYNC also facilitates vendor payments and payroll disbursements.

With these unified capabilities, FINSYNC aims to simplify financial management for lean small business teams by eliminating manual processes, providing real-time cash flow insights, and enabling data-driven financial decisions.

Key Benefits for Small Businesses

FINSYNC offers several key benefits that help small businesses better manage their cash flow and streamline financial operations.

Unified View of Cash Flow

FINSYNC provides a unified, real-time view of cash flow across all financial sources, including banking, accounting, sales, and expenses. Key features include:

• Real-time dashboard showing up-to-date cash flow metrics from integrated systems
• Customizable reporting and analytics for cash flow forecasting
• Insights into seasonal trends and outliers impacting working capital

By centralizing all cash flow data into one platform, FINSYNC makes it easy for small business owners and finance teams to monitor their financial health and cash flow positions. This unified visibility enables better and faster decision making.

Automated Accounting

FINSYNC automates many repetitive accounting tasks, saving small business owners and finance staff significant time. Capabilities include:

• Automatic reconciliation of transactions from bank and credit card accounts
• Digitization of expenses from receipt scans and expense reports
• Creation and tracking of invoices and payments

By reducing time on accounting busywork, FINSYNC lets small business teams focus their efforts on more strategic initiatives. The workflow automation also reduces human error that can occur with manual data entry in accounting systems.

Overall, FINSYNC modernizes financial operations for small businesses through unified cash flow visibility and accounting automation. This simplifies financial management and provides actionable insights to run a smarter, more efficient business.

Customizable Features

FINSYNC offers a range of customizations and integrations to tailor the platform to each business's unique needs.

Modular Platform

FINSYNC provides a modular system that enables businesses to activate only the features they need. This allows them to streamline workflows specific to their operations and avoid unused tools that would otherwise create clutter.

Key customizations include:

• Chart of accounts setup
• Custom fields and labels
• Automated transaction mapping
• Tailored approval chains
• Departmental spending limits
• Conditional transaction workflows

By configuring these options during implementation, FINSYNC can be tuned to match each organization's accounting processes, controls, and reporting requirements. This eliminates the need for manual workarounds while ensuring the right people have visibility and sign-off authority on financial data.

3rd Party Integrations

To centralize financial data flows, FINSYNC integrates with over 100 popular small business apps spanning:

• Payroll systems like Gusto, ADP
• POS platforms like Square, Clover
• Ecommerce tools like Shopify, WooCommerce
• CRMs like Salesforce, Zoho
• Banking systems

Rather than toggling between disconnected systems, these integrations automatically sync key transactions into FINSYNC for consolidated cash management. This saves ample time on manual imports/exports while enabling real-time financial decisions.

With its API and webhooks, FINSYNC also allows custom integrations when an out-of-the-box app is not supported. This means virtually any business system can be connected to create a single source of truth for cash flow.

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Implementation and Onboarding

Onboarding Process

The onboarding process with FINSYNC is designed to be quick and seamless. Once signed up, you will be assigned an implementation manager who will walk you through:

• Data migration: Your historical transaction data will be securely transferred into the FINSYNC platform. This ensures you have continuity of reporting.

• System integration: We will connect FINSYNC to your bank accounts, accounting platform, payment processors, and other business systems. This allows automatic syncing of data.

• Training: Both online and customized in-person training options are available. We will tailor the training to your team's needs to ensure everyone understands how to use FINSYNC's features.

• Support resources: You will have access to our online knowledge base, community forums to connect with other users, and the ability to submit support tickets.

The typical implementation takes 2-4 weeks from signup to having FINSYNC fully up and running.

Ongoing Support

After the implementation is complete, you will be assigned an account manager who understands your business needs. They will periodically review reports with you and suggest ways FINSYNC can better support your financial operations.

Additional support resources include:

• Knowledge base articles with tutorials on all key product features and workflows. These are continually updated.

• Community forums to ask questions and connect with other FINSYNC customers.

• Email and phone support during business hours with our US-based team. Priority support options are available as well.

Pricing and Plans

FINSYNC offers flexible pricing plans to meet the needs of small businesses at various stages.

Plan Options

FINSYNC has three main subscription plan levels:

• Basic - Best for solopreneurs and very small teams just getting started with automated cash flow management. Includes basic invoicing, payments, and reporting. $19/month.

• Plus - Additional features like advanced reporting, bill pay, reimbursements, and light budgeting. Scales as your business and team grows. $39/month.

• Professional - Robust features for established small businesses ready to tightly integrate FINSYNC into their workflows. Includes custom reports, allocations, advanced budgeting, and more. $99/month.

All plans include unlimited users and transactions. Higher tiers have increased limits for customers, vendors, invoices, and other data thresholds.

Cost Considerations

Compared to traditional accounting software and bookkeeping services, FINSYNC offers significant cost savings with its automated cash flow management system:

• Saves 60+ hours per year by eliminating manual data entry and reconciliation tasks. Those hours convert to hard dollar savings.

• Reduces accounting fees by $200-500 per month for outsourced bookkeeping and reporting. FINSYNC automates much of that work.

• Frees up owners, managers, and staff to focus on higher-value and revenue-generating tasks instead of cash flow admin. The compounded impact over years has major financial implications.

For many small businesses, FINSYNC pays for itself within the first 3 months by enabling process efficiency, time savings, and reduced accounting overhead. The platform scales up smoothly as your business grows without requiring major investments down the road.

Conclusion and Recommendation

FINSYNC provides a unified platform for cash flow management tailored to small businesses. Here is a summary of key pros and cons for small businesses considering adopting FINSYNC:

Pros and Cons

Pros

• Automates accounts receivable and accounts payable processes to simplify cash flow tracking
• Offers real-time cash flow visibility and forecasting to improve financial planning
• Integrates with accounting software like QuickBooks for centralized financial data
• Provides payment processing, lending, and payroll services beyond just cash flow visibility

Cons

• Monthly subscription fees can add up, especially for very small businesses
• Integration with other software requires some initial setup time and expertise
• More complex than basic bookkeeping apps, so may have a learning curve

Ideal Customer

FINSYNC is best suited for small businesses that:

• Have between 10-100 employees
• Want an all-in-one financial management solution
• Need advanced cash flow tracking and forecasting
• Struggle with manual accounts payable/receivable workflows

For simpler needs, basic bookkeeping software may suffice at a lower cost. For large enterprises, FINSYNC may not provide robust enough features for complex financials. But for feature-rich, unified cash flow management, FINSYNC hits the sweet spot for many small businesses.

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