Review of MoneyWorks accounting software
While a smaller player in the business accounting software field, MoneyWorks can do a lot of work for your money. How does this New Zealand-based global firm make accounting different? Canstar Blue reviews its products and pricing.
MoneyWorks is a set of software products by Cognito, for all kinds and sizes of businesses. Currently more than 40,000 organisations use a MoneyWorks accounting product around the world, with user support centres based in North America, the UK and Europe, South Africa, and the Asia Pacific. What could make MoneyWorks the solution for your business?
MoneyWorks accounting software
Cognito claims that MoneyWorks provides the processing power of large accounting software, but that it is optimised for both speed and ease of use. Most of the product range is desktop programs, with one private-server based and one cloud-based option.
MoneyWorks is designed as a no-frills system, without bloatware that makes other programs sound fancy but don’t significantly enhance (and can even impede) usability. You can clearly get that vibe from the website – it doesn’t have the high-end, visually stunning website design of its competitors, but it has very easily accessible detail about its product features. It skims out all the marketing spin and tells you exactly, in detail, what each feature can accomplish at each different price point. This can be refreshing for those who prioritise utility first and foremost.
What features does MoneyWorks offer?
The desktop programs integrate with other relevant programs, including Microsoft Office and Filemaker, plus a number of cloud-based applications. Users can, depending on which product they purchase, host their MoneyWorks data on a local device, private company network, or the MoneyWorks secure cloud.
The base features, found in all MoneyWorks accounting packages, include the following:
- Cashbook for payments and receipts, with functions for recurring items, printing cheques or creating electronic direct payment files (for supported banks), generating profit and loss reports, all using unlimited bank/credit card accounts
- Integrated general ledger, with comparative reports and graphical analysis with drill down to transaction level
- Reporting across a number of report types and output formats, with data drilldown, data subset and summary reports. Report types include salesperson commission, backorders, sales/purchase history, recurring transactions, budgeting – around 70 report types with Cashbook and Express, and around 105 with Gold, Datacentre, and Cloud
- Dashboard with at-a-glance overview of key data and trends and data drill down for up to the last five years
- GST/VAT/sales tax support for most countries
- Unlimited accounts with most packages
- Accounts Export feature allows creation and sending of MoneyWorks file backup copies, in formats accessible by multiple accountants’ packages. Datacentre allows remote user access over the internet for real-time access by your accountant
- Built-in audit trails, including user tags
- Sticky notes can be attached to records, which then pop up whenever that record is interacted with
- Customise data entry screens and lists
- Budgeting, comparing budgets to performance, and external spreadsheet and text file compatibility
- Set up recurring transactions
- Manage customer and supplier contacts, send bulk emails, analyse contacts, and set automatic follow-up reminders
- Product database
Across the range of MoneyWorks products are different levels and complexities to the functions of each of the features described above, as well as some features unique to particular product packages.
What plans does MoneyWorks offer?
MoneyWorks offers what is possibly the widest range of price points for any mainstream accounting software in Australia, ranging from free to nearly $3,000. Most come in a choice of outright purchase or monthly subscription.
MoneyWorks Cashbook (free subscription)
Suitable for small businesses, clubs, societies, and small non-profits, MoneyWorks Cashbook covers all of the base features, with some function limitations, for the simplest accounting needs.
- Cashbook for payments & receipts, with professional income and expenditure reports
- GST tracking
- General ledger, with account details maintained for more than 7 years
- Bank reconciliation
- Import bank statements
- Email or report as PDF for any MoneyWorks form, invoices, and statements
MoneyWorks Express ($450 outright, or $25/month subscription)
This steps up your functions access, with more customisability and tools in addition to the base features lineup.
- Store your original source documents in MoneyWorks for easy access and space-efficient storage
- Accounts receivable
- Accounts payable
- Design your own invoices, statements, receipts, cheques, letters, labels, etc
- Analyse sales and purchases; in addition to standard reports can modify or create own
MoneyWorks Gold ($895 outright, or $39/month subscription)
In addition to the base and Express features, MoneyWorks Gold includes the following features:
- Custom report writer
- Enhanced product database and full inventory and stock management over multiple locations
- Create quotes and estimates, and manage sales orders and shipping
- Serial and batch number tracking
- Work in multiple currencies
- KPI monitoring
- Track client jobs & time billing
- Multiple user privileges control
- Built-in scripting and user-interface builder, to customise MoneyWorks functionality
Datacentre takes your accounting needs to the level of a private server, making your data accessibility greater without compromising security. There are two versions of Datacentre:
- Single company, available only as a subscription – $55/month subscription for one user, plus $22/month for each additional concurrent user access
- Multi-Company – $2,995 outright (includes 3 concurrent users), or $69/month subscription for one user plus $22/month for each additional concurrent user access
Both include the following features, in addition to the features offered by all of the other MoneyWorks products thus far described:
- Multiple simultaneous users
- Optimised networking
- Live access from mobile devices or computer browser
- Cloud accessible (private cloud)
- Enhanced security – per-folder and per-file user and password control, SSL encryption, tracking who entered what data, automatic daily backup and monthly archiving
MoneyWorks Now (from $75/month subscription, for a single concurrent user)
The fully cloud-based version of MoneyWorks Datacentre, Now is hosted on a public cloud managed by MoneyWorks – that’s one less job for your business to worry about. MoneyWorks Now includes the full range of software features offered by MoneyWorks accounting solutions.
Should I use MoneyWorks for my business?
As it’s not as big or as widespread as its competitors, it may mean a greater learning curve for those with no prior exposure to the software. However, being a smaller business doesn’t correlate to a lesser user experience. You shouldn’t necessarily write off MoneyWorks before doing a little further research into what it can offer for your needs.
If your budget means accounting software may not even be on your radar yet, the free MoneyWorks Cashbook is absolutely worth a try. You can always upgrade later as your business grows along with (hopefully) your budget. At the higher end, with products that can allow for some custom coding, MoneyWorks can offer a properly tailored solution that doesn’t leave you dependent on third party software development – you can customise in-house with your IT team.
Every business has different needs and priorities, so the best approach is to go in open-minded to the possibilities of what kind of accounting software can make your money work best.