Mint.com, arguably the most popular online personal finance application, is growing more and more comprehensive when it comes to doing your own accounting. Not only can you track your credit cards and bank accounts, but you can also manage your loans, mortgage, and investments. It’s simple to use, and has a user-friendly and intuitive interface, which has also contributed to its popularity. However, it doesn’t work as well if you’re trying to manage your small business accounting online. So why isn’t there an analogous solution for small business accounting online?

SMBs Want To Do Their Small Business Accounting Online

Over the last ten years, there’s been a sort of Internet revolution where everything from our personal communications to our business dealings has moved online. Considering how affordable computers are, and how easy it is to find even a free wireless connection, it’s no wonder that more and more businesses want to migrate their operations to the Internet. As more consumers expect to conduct all of their business on their laptops, tablets, or cell phones, we start to look for applications that will make that possible, but not break the bank. To meet those needs (as well as take advantage of the trend), software vendors are creating more online applications for businesses of all sizes. So why hasn’t Mint.com jumped on that train for small business accounting online?

Why there isn’t Mint.com for SMBs?

For one thing, Mint.com as a service inherently cannot exist for small business accounting online. Though it sometimes may not seem like it, especially at tax time, personal finances are much simpler to manage than business finances. In your personal finances, you’re generally only tracking your spending, saving, and investing accounts, which are easy to access via your provider’s website.

On the other hand, in business financial management, you need to track all of those things in addition to payroll, inventory, taxes, profit and loss, etc. Additionally, if you want to keep track of employee hours, vacation, benefits, etc., something like Mint.com just won’t be able to manage it. Financial management is a little too complicated for the simplicity of Mint.com’s services, so it can’t really be adapted to work for small business accounting online.

Is There Hope For Small Business Accounting Online?

However, that doesn’t mean that aren’t any financial management applications for small business accounting online. Though part of the appeal of Mint.com is that it’s free, you generally don’t want to go with free accounting for your business. Outright.com provides comprehensive online accounting services for a low monthly fee, as well as WorkingPoint and inDinero to a lesser extent. At the end of the day, you just need to find the solution that works best for you, regardless of the price. Afterall, can you really put a price on the financial health of your business?

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