Finance Works >> Money Management

Money Management Screen Shot

Finance Works Migration

On the morning of Jan 11th, FinanceWorks is being sunset and replaced by an award winning digital money management platform called Money Management, a 6-time Finovate “Best of Show” winner that is widely regarded as one of the best PFM solutions in the industry. 

Benefits of Money Management 
MM has high quality aggregation, categorization and transaction cleansing capabilities resulting in accurate budgets, debt and savings goals, etc. with little-to-no effort by end users.

MM also uses a Modern user interface that is responsively designed, allowing for a better user experience when using a mobile browser within a tablet or smart phone.

What Migrates & What Doesn’t?
While most account information for both hosted and outside accounts will be migrated from FinanceWorks to Money Management, including the names, account types and balances, there are some limitations you should be aware of.

  • We will migrate ~18 months of transaction history for all accounts, assuming end users have at least that much transaction history in FinanceWorks.
  • For security reasons, we are not migrating outside account login credentials. Users will see an error message in Money Management that will walk them through providing their login credentials so that accounts will aggregate successfully from that point forward.
  • Money Management will look back 90 days for transactions that occurred between the date of your migration and the date they provide the credentials.
  • Transaction categories will not be migrated, instead allowing the MX auto-categorization processes to correctly categorize the transactions with more accuracy.
  • Budgets will not be migrated, instead allowing end users to use the one-click automatic generation of budgets based on the improved transaction categorization.
  • Alerts will not be migrated, but end users can easily setup both email and SMS text alerts within Money Management.
  • Goals will not be migrated, instead encouraging users to setup not only Debt Payoff goals but Savings and Retirement goals as well.
  • Business Income & Tax Report is not available in Money Management, if you wish to create this report for 2017 tax purposes you will need to print before the Jan 11th migration.

What is Different?
Spending widget on Online Banking Home Page: replaced with Bubble Budgets.

Business Income & Expense tax report: This feature is replaced with a powerful export feature that allows exporting your transactions along with categories and tags you have configured. You can filter downloads by dates and  by specific accounts. Download format is .csv allowing you to use popular spreadsheet programs to open, manipulate and print the downloaded content.

Tax Watch reporting tool: Being replaced with broader categorization reporting for:

         -Charitable donations

         -Child and dependent care expenses

         -Any other categories a user is tracking!

What is New?
MX Bubble Budgets widget replaces FW spending widget on OLB home page

Improved auto-categorization (90% success with MX vs 65% w FW)

Set financial goals for debt payoffs, savings and retirement

View trends

Debt pay off forecasting

Net worth (new and improved)

Text alerts

Getting Started
To help you get started there is an extensive help guide available by clicking the ? mark in the top navigation bar, from within Money Management, there choose the topic you are interested in. If you have further questions or need additional support submit a support request from within the help screen. Support requests will be answered within one business day.

 

Feature Comparison

Feature

FinanceWorks

Money Management

Outside Accounts widget on home page

X

X

Spending widget on home page

X

 

Budget widget on home page

 

X

Aggregate outside accounts

X

X

Quick peek

X

X

Auto categorization success rate

63%

~ 90%

History

X

X

Split transactions

X

X

Add Notes/Memos to transactions

X

X

Adding sub-categories

X

X

Flag & view business transactions

X

X

Spending Chart

X

X

Budgets

X

X

Goals

 

X

View Trends

 

X

Debt Payoff Calculator

 

X

Net Worth

X

X

Email Alerts

X

X

Text Alerts

 

X

Outside account data & transaction data

 

X