Small Business Management Made Easy with WorkingPoint

If you stumble on the web, there is very good chance you will fall on a streaming music site or an invoicing app. There are simply too many of those sites online; I’ve wondered if they just buy a script and just change the CSS and logo. Contrary to music sites which can be differentiated based on their library, it is not that easy with online book keeping apps. They tend to be pricey, featureless or, in most cases, both.

WorkingPoint claims to be unique, feature rich and affordable. After the jump we’ll find out whether or not that claim holds any water.


Overview

Overview

Pricing

Unlike many other competing apps, which usually have four or five pricey account plans, WorkingPoint offers two simple subscription plans. An excellent free plan and an affordable, yet power packed monthly plan at $10. Premium accounts support unlimited users & invoices, premium reports, payment collection via Paypal, payroll services and email marketing. Even though free accounts allow invoicing only five clients, the rest of the features are on par or better than other invoicing/accounting web apps.

Pricing

Pricing

Sign Up

The sign up form is pretty minimal, with the standard fields for company name, email address and password. WorkingPoint requires the password to have at least 7 characters, must contain at least one alphabet and one number. Given the sensitivity of data processed in the app, a strong password is absolutely necessary and a pat on WorkingPoint’s shoulder for ensuring it.

There is no need for free users to give out their credit card number. Both free and premium users get their unique WorkingPoint web address to access their account from. Users don’t have to activate their accounts from verification emails and can log in to their accounts straight away.

Sign Up

Sign Up

The WorkingPoint team takes security of the service very seriously. Both free and premium accounts are created over a secure (https) connection. In addition to forcing users to sign up with a strong password, users are locked out of the account temporarily after five unsuccessful sign in attempts, making the service less hackable.

Timed Out

Timed Out

User Interface

After logging in, WorkingPoint surprises you with a brilliant widgetized business Dashboard. With widgets to show expenses, reports, pending invoices, projections and banking account summary. In a single page, WorkingPoint’s killer of a dashboard gives an overview of your business at a glance. With bar & pie charts, the dashboard looks like it has been taken straight from the accounting module of a modern ERP (Microsoft Dynamics NAV 2009 has a very similar unified dashboard).

Dashboard

Dashboard

Adding widgets is extremely simple. Select the widget you would like to see on the homepage and voila! It is on the dashboard. Widgets can be deleted or moved around at will with great ease.

Adding a widget

Adding a widget

To move a widget from its original position, just drag and drop them.

Connecting to your Bank

Since WorkingPoint is not just another invoicing app, let’s start from a very interesting feature: connecting the WorkingPoint account with your bank or financial institution. Though certain web apps like Mint already support this feature — to analyze your spending patterns — WorkingPoint successfully ties this feature in with your bookkeeping in entirety.

Connect to Financial Institutions

Connect to Financial Institutions

In total, 18 financial institutions are supported. In most cases, multiple credit cards and account types of the same bank can also be add to the WorkingPoint account book.

Connecting to Paypal

Connecting to Paypal

The import happens in the same manner it’s done at prominent sites like Mint or Wesabe. You will have to trust the app and enter the login credentials of your account or credit card for them to pull the data. This is mainly due to the lack of OAuth-like support for pulling financial data and not a shortcoming of the app.

Submit the login credentials

Submit the login credentials

The import was pretty smooth and fast, lasting only about a minute or two. After importing the data from the bank, you can choose which category the transactions should show up for easy book keeping.

Processing

Processing

Paypal Import

Paypal Import

You can multiple accounts or credit cards of the same or different financial institutions from the Accounts section.

Invoices

Being a freelancer for a couple years now, the biggest problem I face is when creating invoices. I have tried a lot of web bookkeeping apps and they all lack one thing or the other. WorkingPoint is the first app that perfectly fit my needs allowing me to customize the entire invoice.

Creating a new invoice

Creating a new invoice

WorkingPoint is one of the very few apps that even lets free users customize the entire invoice, complete with a logo. Customers are organized as a list of contacts and all associated invoices/quotes can be viewed by just clicking on their names. New customers are automatically added to the contacts list as and when invoices are created.

New item creation

New item creation

No need to create separate invoices for quotes you have already created. You can convert a quote to invoice right away.

You can view all the invoices that have been sent to a customer just by clicking on the name in the contacts list. Invoices can be prepared for goods as well as services and you can also offer regular customers with discounts, descriptions, notes and many more.

Adding items to Invoice

Adding items to Invoice

If you have a Paypal account, you can receive payments directly from the customer — making life easy for both you and the customer. The invoice created can be sent via email or regular post. I loved the option of downloading the invoice as a PDF file, which many accounting apps do not allow. Once the invoice is created, the money owed is automatically added to your accounts and receivables.

Final Invoice

Final Invoice

Change in Receivables - 1

Change in Receivables - 1

Change in Receivables - 2

Change in Receivables - 2

Customer over payments can be adjusted in future invoices and the beauty is that WorkingPoint automatically adds the amount exceeding the original Invoice amount to the customer’s credit.

You don’t have to look up for Sales tax component everytime. It is calculated based on the customer’s zip code.

Bills

The goodness and ease of invoice creation is also visible when creating the bills. Vendors can be selected from an existing list or can be created when writing up a new bill. The bill can be associated with a bookkeeping account swiftly by using a drop down menu with a brief description.

Creating a new bill

Creating a new bill

Payments on the bill can be done by either the bank account or a credit card. Money will be deducted and all the book keeping accounts will be adjusted accordingly. An excellent purchase history for each and every vendor can be maintained and tracked from your WorkingPoint account.

Recording bill payment

Recording bill payment

Reports

I have said this earlier and now I reiterate once again: WorkingPoint reports are simply awesome. Reports for three categories – Financial, Bookkeeping and Tax – can be pulled at whim. The reports are comprehensive and are neatly presented.

Reports

Reports

Reports can be viewed on-screen or can be downloaded in PDF, Excel or XML formats. I suggest the WorkingPoint team align certain reports (like the balance sheet pictured below) at the center of the page. Certain reports will take up the entire page but for reports that are tiny, it is not very pleasing to see them presented at a corner.

Balance Sheet

Balance Sheet

Company Profile

Even in this digital age, many freelancers and small businesses do not have their own website to showcase the world. Though not much, WorkingPoint lets you create a web page of sorts containing details about your company from the dashboard. The website will point to your account URL (http://username.WorkingPoint.com) and you can allow only your employees or other companies with a WorkingPoint account or the entire world to view the webpage.

Creating a WorkingPoint Profile

Creating a WorkingPoint Profile

Given the page rank of WorkingPoint on Google search results (PR 5), there is a great chance that the SEO juice will make your company show up in Google search results for the relevant keywords.

Final Thoughts

WorkingPoint has a boatload of features and I am very sure that it will fit everyone’s bill. As far as I have seen, they have looked into other competing apps and have filled all the holes with WorkingPoint. When it comes to premium features, the 500 email credit with Vertical Response will be very useful for many users. However, I found the payroll feature to a be a bit on the pricier side.

Apart from being a wholesome bookkeeping web app, the only hurdle WorkingPoint faces is making everyone know that such a great app exists. Bookkeeping app market, both desktop and online, is very crowded and WorkingPoint might consider starting a huge marketing campaign to get more attention. As there is no native iPhone app, I think a fair assessment of WorkingPoint would be a 9/10 rating with a strong nudge to start promoting it left, right and center.


Summary

WorkingPoint is small business accounting and online invoicing software, providing the "total package".

9