US-based Mint Software Inc and Toronto-based Wave Accounting
are two online services that are all set to help Canadians manage their
personal and business finances more effectively. As reported in Financial
Post, these finance tracking services will make Canadians think twice about
their spending habits and encourage them to save money for debt, mortgage and home equity loan
repayments.
Mint Software Inc’s online service has been in operation in
the
since 2007. It helps users track spending, presents charts, helps them set
budgets and provides spending alerts. What makes this online tool so effective
is that it allows users to import financial information from different bank
accounts, pay-pal accounts, investment firms and credit card companies on a
single platform. Partner agreements with Canadian banks and institutions are
underway. Mint also offers money-saving recommendations, some of which are
provided by companies that pay Mint for referrals. This is one reason why some
of Mint’s services are free.
Wave Accounting, a start-up, is also all set to launch its
accounting service for small businesses. The online application will offer
users a glimpse into their personal and business finances. This will be especially
useful for freelance contractors and solo entrepreneurs.
An advantage of such online finance tracking tools is that
it allows users to access their financial data from just about any
browser-equipped device. RBC (Royal Bank of
tracker, though it uses only the information from its own accounts. RBC says
that its tracker has received positive response and upcoming iterations will
offer more options.
