Out of the 20 Million businesses in the US, there are many very small businesses who combine their home and business finances.
Recognizing that many budding entrepreneurs do combine their finances, Microsoft’s Chris Jolley, who runs Microsoft Money shared with me some of the new features in Microsoft Money Plus, and in particular the home & business version.
If you want to take your business beyond a hobby, blending your home and business finances is not good. The main reason is that there should be a clear distinction between business and personal finances. It’s easier for you to spot trends and problems and better when dealing with the IRS.
If you only need a product for your home finances, you can do just fine with the more basic versions of Microsoft Money – read about the full list of Money products here.
In this latest version of Microsoft Money, Microsoft released Microsoft Money Plus which has customizable “Insights,” to deliver important financial information right to the desktop, without the need to open the Money program.
For businesses Microsoft Money Plus Home and Business has several new and improved features.
There’s $900 of discounts to a variety of business services including one year of online backup using Carbonite. Backup is a must for personal or business finances.
At $59, Microsoft Money Plus Home and Business is definitely an easy purchase, but if you want a product to really manage your businesses finances, I would strongly. suggest you look to Microsoft Accounting or Intuit’s Quickbooks.
I took a quick look at Intuit’s Quicken Home and Business Product (the direct competitor to Microsoft Money). It’s $20 more and offers similar features to Money Home and Business.
The Accounting Software Library is a resource you should check out to find accounting software for your business.