On Demo: Thumbs Up for Small Business FinanceWorks

Digital Insight, the financial institution division of Intuit Inc., just rolled out Small Business FinanceWorks two weeks ago, which not only aims to simplify small business owners’ financial bookkeeping lives, but also help banks compete for small business deposits.

I toured the product with Karen Van Kirk of Digital Insight the other day and liked what I saw.

This application, which is delivered from a bank’s online website, is easy to use and offers a range of services including invoicing, online payroll, payment processing, home scanner remote deposit and legal filings.

One of my favorite features is its billing manager, which clearly outlines who needs to pay what. For the overdue customer, a click of a mouse will shoot her a reminder notice to pay the bill. Making an invoice is simple using the tool, too.

“It’s about helping smaller businesses get paid,” Van Kirk says.

Small Business FinanceWorks is currently live for two clients, while another 33 financial institutions are in various stages of implementing the tool. Van Kirk says most banks will charge users a fee, and the two live clients are doing just that. The fee banks charge will vary based on what Small Business FinanceWorks features they offer. For voice invoicing, the bank might charge $8 to $12 per month, she says.