What does the company do well? The clean interface of InDinero’s dashboard is easy to understand and use. It gives you an at-a-glance report of your business’ financial health in real time, which is a helpful benefit. Everything you would need to do with this accounting program is intuitive. The receipt-tracking feature is as simple as sending an email — literally. Scan or snap a photo of each receipt related to your business expenses, and then email them to your account managing team.
Vendor management is easier with InDinero than other accounting software because your vendors simply send the bills to InDinero. You don’t have to track anything yourself, which frees up your time, so you can focus on your business and not the finances.
Payroll and taxes are taken care of automatically, which takes a lot of pressure off you. Plus, the automatic transaction categorization means you’re not doing much of anything manually, and it’s easy to see where your money is going. This is handled both by artificial intelligence-powered algorithms and your account management team.
InDinero tends to give clients a handful of account managers, rather than just one. You get a CPA, staff accountant, and a controller who oversees the staff accountant, a tax manager, and a CFO, essentially. Most businesses will deal with the staff accountant and controller, but bigger companies at higher tiers might get more access to the other team members.
What does the company not do well? The low-tier plan from InDinero only gives you 50 monthly transactions, which doesn’t seem realistic for any size business that has lots of little expenses. The higher tiers only allow for 100 and 200 transactions. Go over the 50 or 100 transactions regularly, and you end up paying extra. The good news here is that your account managers will only make the switch in plans for you If you’re averaging more, not if you go over by a few transactions once or twice.
The price is likely exorbitant for small businesses that don’t have a lot of positive cash flow. The three plans range from $310 to $1,300 per month, billed annually, which means a small business that doesn’t need payroll reconciliation would end up spending $3,720 for a barebones accounting platform. There is a monthly fee option, but that costs $400 per month, which is nearly $100 more per month for the lowest-priced plan.
A chatbot answers your questions on the website, and it was difficult to even get through to sales for questions we had. Articles in the help center aren’t updated frequently (the latest one had been posted one month ago), which means fixes and changes are also infrequent, so if you have an issue, it might not get taken care of quickly.
What do you wish you had known about the company before using? As a small business accounting software solution, InDinero seems promising. It offers a service that, as a concept, works: Accounting professionals doing the bookkeeping, reconciliations, and taxes for each business that’s a client. However, the cloud-based program itself seems buggy, at least with bank account syncing, which could show you inaccurate balances.
It would be nice to know that you will be charged if your spending as a business increases and you go over the allotted transactions your plan allows. Also, for accounting software, InDinero isn’t a complete solution — you may still need integrations — so, the monthly fee seems steep for a product that relies on third-party apps. However, compared to hiring a financial team, InDinero is a bargain.