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Ultimate Financial Cents Review: 5 Must-Know Pros and Cons

Ultimate Financial Cents Review: 5 Must-Know Pros and Cons

Are you still managing your accounting tasks the old-fashioned way? It’s 2024, and exploring smarter, more efficient solutions has become essential. 

One such tool is Financial Cents, designed to help automate your accounting processes.

Financial Cents offers features like project management, task automation, integrated email management, and organized client information, all within a cloud-based platform.

The question is, is it as good as it has promised, or are there any downsides to the software?

In this Financial Cents review, we’ll dive into the must-know pros and cons of Financial Cents. 

I’ll help you with its key features, discuss its pricing plans, and even compare it with Xenett, a powerful Financial cents alternative that might just be what you need.

Let’s get started!

What is Financial Cents? 

Financial-cents-homepage
This image shows the homepage of Financial Cents

Financial Cents is a tool you can use online to help manage your accounting work better. 

It is like an assistant for your accounting firm that lives in the cloud (the internet). 

It helps you keep track of your tasks, manage client work, and improve how your team communicates and stays organised.

Here’s how it helps:

  1. Manage Projects

Financial Cents lets you keep all your project information in one place. 

You can see what needs to be done and who is working on what, making it easier to stay on top of your tasks.

  1. Automate Workflows

This means that some of the repetitive tasks you do can be set to run automatically. 

For example, if you have a process that you follow for every new client, Financial Cents can help you set that up so it happens without you having to remember every step each time.

  1. Handle Emails

You can manage your emails directly from Financial Cents. 

This way, all your important communication is linked to the relevant projects and clients, making it easier to find and follow up on messages.

  1. Maintain a Client Database

Financial Cents helps you keep all your client information in one place. 

You can easily access contact details, notes, and any documents related to your clients whenever you need them.

  1. Improve Team Communication

The software makes it easier for you and your team to communicate. 

You can leave notes, assign tasks, and share updates, so everyone knows what’s going on and nothing falls through the cracks.

The main goal of Financial Cents is to make your accounting work more productive and efficient by bringing all these tools together in one easy-to-use platform.

So, you don’t have to jump between different apps and systems – everything you need is right there.

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What features does Financial Cents offer? 

Here’s a breakdown of the key features:

Project Management:

  • Track Client Work and Deadlines: You can keep an eye on all the work you need to do for your clients and when it’s due. This helps you stay on top of your tasks and ensures you meet deadlines.
  • Assign Tasks and Monitor Progress: You can give tasks to your team members and see how they’re doing with them. This way, you always know who’s working on what and how things are progressing.
  • Use Workflow Templates: There are ready-made templates that you can use to set up your tasks quickly. This saves you time and makes sure you don’t miss any steps.

Workflow Automation:

workflow-automation-in-financial-cents
This image shows the workflow automation in Financial Cents
  • Automate Repetitive Tasks and Reminders: Some tasks are the same every time, like sending reminders or following a specific process. Financial Cents can handle these automatically for you, so you don’t have to remember every detail.
  • Streamline Processes: By automating these tasks, you save time and reduce the chance of making mistakes. It makes your work smoother and more efficient.

Email Management:

Email-integration-in-financial-cents
This image shows the email integration in Financial Cents
  • Manage and Organize Client Communication: You can handle all your emails within Financial Cents. This keeps your client communications organized and easy to find.
client-communication-in financial-cents
This image shows how client communicate in financial cents

Project emails

  • Integrate Email with Projects: Your emails are linked to the relevant projects and tasks, so you always have the information you need in one place.

Client Database:

  • Store and Manage Client Information Securely: All your client details are stored safely in one spot. This makes it easy to access contact information, notes, and documents whenever you need them.
  • Access Client Data Quickly: No more searching through files and emails. All the data is right there at your fingertips.
client-database-in-financial-cents
This image shows how financial cents manage all its client database

Automate client data collection

Client Portal:

  • Secure, Passwordless Access for Clients: Your clients can log in securely without needing to remember a password. This makes it easy for them to access their information.
  • Upload Documents and Complete Tasks: Clients can upload documents and complete tasks directly through the portal. It’s convenient for them and keeps everything organized for you.

Document Management:

  • Store, Organize, and Share Documents Easily: You can keep all your important documents in one place, organize them however you like, and share them with your team.
  • Team Access to Necessary Files: Everyone on your team can access the files they need, so no one is left out of the loop.

Time Tracking & Billing:

  • Track Time Spent on Projects: You can log the time you and your team spend on different tasks and projects. This helps you see where your time goes.
  • Generate Invoices Based on Tracked Time: With all your time tracked, you can easily create invoices for your clients based on the actual work done.

Firm Visibility:

  • Overview of All Ongoing Projects: You get a clear view of all the projects your firm is working on and their status. This helps you manage everything more effectively.
  • Ensure No Tasks Fall Through the Cracks: With Financial Cents, you can be sure that no task is forgotten or overlooked. Everything is tracked and monitored.

Now that we have an idea about the features Financial Cents offer, let’s know about its pricing. 

How much does Financial Cents cost? 

Let's talk about the cost of using Financial Cents. 

There are two main pricing plans: the Team Plan and the Scale Plan. 

Both plans are billed annually, meaning you pay once a year. 

Each plan is designed to suit different sizes and needs of accounting firms.

Financial-Cents-pricing
This image shows the pricing of financial cents

Team Plan

Cost: $39 per user per month (billed annually)

Features:

  1. Integrated Email: You can manage and organize all your client communications within the software. This means no more switching between your email and the software.
  2. Workflow and To-Do Lists: Create and track tasks and projects easily. This helps ensure you don't miss any important work.
  3. Workflow Automations: Automate repetitive tasks. This saves you time and makes your work more efficient.
  4. Client Tasks & Requests: Assign and track tasks for your clients. It helps you manage all your client interactions smoothly.
  5. Client Portal: Provide a secure portal for your clients. They can upload documents and complete tasks without needing to create an account.
  6. Secure File Sharing: Share documents securely with your clients and team members.
  7. E-Signature: Collect signatures on important documents electronically.
  8. Document Management: Store and organize all your documents in one place.
  9. Client CRM & Database: Maintain a comprehensive database of all your client information.
  10. Time Tracking & Billing: Track the time you spend on tasks and projects. You can generate invoices based on this tracked time.
  11. Budgeting & Reporting: Monitor your project budgets and generate detailed reports.
  12. QuickBooks Integration: Seamlessly integrate with QuickBooks for simplified  financial management.

Scale Plan (Most Popular)

Cost: $59 per user per month (billed annually)

This plan includes everything in the Team Plan, plus additional features:

  1. Auto-Follow Ups for Client Tasks: Automatically send follow-up reminders to clients for pending tasks.
  2. Customise Client Task Emails: Personalise the emails you send to clients about their tasks.
  3. Task Dependencies: Create dependencies between tasks to ensure they are completed in the correct order.
  4. Emails Triggered by Tasks: Automatically send emails when specific tasks are completed or triggered.
  5. Work Triggered by Tasks: Set up workflows that trigger additional tasks or actions when a task is completed.
  6. SmartVault Integration: Integrate with SmartVault for enhanced document management.
  7. OneDrive & Google Drive Integration: Connect with OneDrive and Google Drive for seamless file storage and sharing.
  8. Zapier (5,000+ Integrations): Use Zapier to connect Financial Cents with over 5,000 other applications.
  9. Open API: Access the open API for custom integrations with other tools and software.
  10. Branded Client Portal: Customize the client portal with your firm's branding for a professional look.

Error-Free Books and Faster Close

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Pros of using Financial Cents

Let's chat about why Financial Cents could be a good choice for you. 

Here are some of the benefits:

User-Friendly Interface:

Finacial-cents-G2-review
This image shows the user review of Financial Cents in G2
  • Easy to Use: Financial Cents has a simple and intuitive design. This means you can start using it quickly, even if you’re not very comfortable with technology.
  • Quick to Implement: Because it's straightforward, you don’t need a lot of time to get everything set up and running smoothly.
Financial-Cents-G2-review
This image shows the user review of Financial Cents in G2

Comprehensive Workflow Management:

  • Track Client Work: The software helps you keep track of all the tasks and projects for your clients. This way, you stay organized and efficient.
  • Store Documents: You can keep all your important documents in one place, making them easy to find when you need them.
  • Time Tracking: Financial Cents allows you to track the time you spend on different tasks and projects, which is great for billing and productivity.

Excellent Integration Capabilities:

  • Works with Other Tools: Financial Cents integrates well with popular accounting software like QuickBooks Online. It also works with document management tools like SmartVault. This integration streamlines your workflow, so you don’t have to jump between different systems.

Customization and Automation:

  • Tailor to Your Needs: You can customize the software to fit your specific business needs. For example, you can create custom templates for tasks.
  • Automate Reminders: The platform allows you to set up automated reminders for your clients, which saves you time and ensures nothing is forgotten.

Cons of Using Financial Cents

Now, let's discuss some of the challenges you might face with Financial Cents:

Cost Considerations for Small Firms:

Fiacial-cents-G2-review
This image shows the user review of Financial Cents in G2
  • Expensive for Small Teams: If you’re a small firm or an individual practitioner, the cost of Financial Cents might seem high. Even though it offers a lot of value, it’s important to consider if it fits within your budget.

Complexity Due to Various Features:

  • Overwhelming for New Users: Financial Cents has many features, which can be overwhelming when you first start using it. It might take some time and effort to learn how to use all the tools effectively.

Limited Bulk Operations:

  • Not Fully Implemented: Some bulk operations, like moving or duplicating multiple files at once, are not fully available yet. This can make it less efficient when you need to handle large amounts of data.

Customer Support Limitations:

  • Slow Response Times: While the customer support is generally good, it can sometimes be slow. Responses might take 20-30 minutes, which can be frustrating if you need urgent help.

Email and Invoicing Limitations:

Financial-cents-G2-review
This image shows the user review of Financial Cents in G2
  • Lacks Advanced Features: Some users feel that the email functions and invoicing capabilities could be better. They wish for a more flexible email template system and more advanced invoicing options.

In summary, Financial Cents has many strengths that can help you manage your accounting work more effectively. 

However, it’s important to consider the costs and be prepared for a learning curve as you get used to its many features.

A Quick Recap!

Financial Cents is an online tool for managing accounting tasks, acting like a cloud-based assistant by helping with project management, automating workflows, handling emails, maintaining a client database, and improving team communication. 

It offers two pricing plans—Team Plan at $39 per user per month and Scale Plan at $59 per user per month

It providing features like integrated email, workflow templates, and secure file sharing, with pros such as a user-friendly interface, comprehensive workflow management, excellent integration capabilities, and customization and automation, 

The cons of Financial Cents include high costs for small firms, complexity for new users, limited bulk operations, slow customer support, and basic email and invoicing features. 

#1 Alternative to Financial cents: Xenett

Xenett
Xenett

Xenett is an online accounting tool that helps bookkeepers, accounting firms, CPAs, and CFOs simplify their accounting work. 

It's designed to make your life easier by automatically spotting errors, speeding up the book-closing process, making it easy to collaborate with clients, and providing interactive reports. 

The main goal of Xenett is to save you time, improve accuracy, and make your accounting tasks more efficient and reliable.

Xenett-templates
This image shows the templates available in Xenett for Entries

Why Choose Xenett Over Financial Cents?

1. Automated Error Detection:

  • Xenett: It checks for errors automatically using over 100 different checks, catching mistakes in real-time and ensuring your financial records are accurate without you needing to do manual reviews.
  • Financial Cents: You need to check for errors manually, which can be time-consuming and lead to missed mistakes.

2. Simplified Closing Process:

closing-process-in-xenett
This image shows the closing process in Xenett
  • Xenett: With its efficient closing process, real-time error corrections, detailed checklists, and smooth workflows, you can close your books up to three times faster, saving you significant time.
  • Financial Cents: While it helps automate workflows, it doesn’t focus as much on speeding up the book-closing process.

3. Interactive Reporting:

client-portal-in-xenett
This image shows the effective client portal in Xenett
  • Xenett: Offers interactive reports that you can share and work on with your clients in real-time, making communication and engagement much easier and more effective.
  • Financial Cents: Uses traditional reports that are static, which can make it harder to collaborate with clients.

4. Dedicated Support and Training:

  • Xenett: Provides a dedicated relationship manager, free onboarding, free staff training, and extensive customer support available almost all the time, ensuring you can fully utilize this financial close software.
  • Financial Cents: While it offers customer support, it doesn't provide the same level of dedicated service and training.

5. Pricing Model:

  • Xenett: Charges based on the number of clients, starting at $6 per month per client. This can be more affordable if you manage a large number of clients.
  • Financial Cents: Charges per user per month, starting at $39 per user. This might be better if you have fewer clients but more team members using the software.

Similarities Between Xenett and Financial Cents:

1. Workflow Management: Both tools help you manage tasks, projects, and deadlines efficiently, keeping your accounting work organized and on track.

2. Client Portal: Both platforms provide a secure portal where your clients can share documents and collaborate with you, making communication and document management straightforward.

Xenett-client-portal
This image shows the Client portal in Xenett

3. Time Tracking: Both Xenett and Financial Cents allow you to track the time you spend on various tasks and projects, which helps with accurate billing and understanding how your time is used.

4. Document Management: Both tools offer strong document management features, allowing you to store, organize, and share documents securely, so all your important files are easily accessible.

5. Integration with Accounting Software: Both Xenett and Financial Cents integrate with popular accounting software like QuickBooks Online, enhancing their functionality and making them easier to use within your existing accounting processes.

So here’s Xenett that stands out as a superior alternative to Financial Cents by offering features like automated error detection, faster book closing, interactive reporting, and dedicated support. 

However, both tools provide essential functions like workflow management, client communication, time tracking, document management, and integration with accounting software, making them valuable depending on what your firm specifically needs.

Final Say on this Financial Cents review

So, there you have it!

Financial Cents can really transform the way you handle your accounting tasks. It brings everything you need into one easy-to-use platform, helping you stay organized, save time, and reduce errors. 

Whether it’s managing projects, automating workflows, or keeping track of client communications, Financial Cents has got you covered.

But remember, no tool is perfect. While Financial Cents offers a lot of great features, it’s important to weigh the costs and be prepared for a learning curve. 

And if you’re looking for something with a bit more focus on automated error detection and faster closing processes, Xenett could be a strong alternative.

In the end, it’s all about finding the right fit for your firm’s needs. Take the time to explore your options, try out the tools, and see what works best for you.

Ready to take your accounting processes better? Give Xenett a try and experience the benefits of advanced automation and automated workflows for yourself.

Here’s to making your accounting work easier and more efficient in 2024 and beyond!

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