MyMoney Live is an online application.
- You don’t need to install space-consuming software onto your harddrive or apply constant application upgrades
- All of your accounts are available wherever you are and at anytime
- You can collaborate with your accountant and/or external bookkeeper on the Internet simultaneously
Double-Entry and Single-Entry accounting support
Business accounting uses Double-Entry method where every transaction is a debit in one account and credit in another. If you don’t need that level of detail you can simply use Single-Entry accounting, where transactions are recorded against payees and categories, not accounts.
My Money supports both accounting methods out of the box.
My Money and Portfolio Analyst are designed to work with online bank and brokerage statements. If your bank is offering online banking you can setup My Money to download bank data directly into My Money database. You also can import your bank statements from banks websites, if direct connection is not available. We try to give our customers maximum flexibility by remaining agnostic to banks, financial institutions, data vendors, and third party technology vendors alike.
Powerful reporting and analysis
The real value of a database is not collecting your financial data, but in pulling your data out for analysis and projection. With over 30+ built-in reports and visualizations, My Money provides historical, current, and predictive views and analysis of your finances.
My Money is built on Open Source technologies. While we do not expect every user to become a programmer, we do not want any ceiling imposed on those who want to take a look under the hood. Our database design “blue prints” are freely available on our wiki, you are welcome to connect to the database from external programs, integrate with desktop applications or modify it in any way you see fit.
Low cost of ownership
My Money doesn’t require an expensive upgrade every year, we never “retire” or “sunset” product features just because someone is using an earlier version. In fact we consider these practices unethical.
We continuously develop new and improved functions and facilities to help you to keep control of your finances.
These new functions and facilities are automatically added every two weeks, and you don’t need to install new software or pay for the updates – they apply to your system automatically.