Money Management
HoneyBook Introduces HoneyBook Finance for Small Businesses
The independent business CRM platform HoneyBook has unveiled its latest offering: HoneyBook Finance.
About HoneyBook Finance:
HoneyBook has rolled out a new money management platform for small and independent businesses. This suite of financial tools combines a business checking account and debit card with cashflow management and payment tools. With these features, business owners can manage all of their finances in one place.
The HoneyBook Finance features will also integrate with the service’s customer relationship management platform. For example, those with HoneyBook Finance checking accounts can enable instant client payment deposits for immediate access to funds. Additionally, business owners can set up automatic savings buckets by selecting a percentage of incoming funds to set aside. This can help owners prepare for upcoming tax payments or earmark funds for future business purchases. While the platform will give businesses an overview of their finances including revenue and expenses, the service will also integrate with third-party tools like QuickBooks.
Since launching in 2013, HoneyBook has processed more than $11 billion in transactions across 7 million invoices for over 100,000 businesses. Using the platform, businesses can not only send invoices and receive payments but can also allow client booking/scheduling, manage projects, and more. The service currently offers three plans starting at $19 a month (or $192 for a year paid upfront) and going up to $79 a month (or $792 if paid for a year upfront). Access to HoneyBook Finance is included with any of the company’s three plan tiers.
What they’re saying:
Announcing the expansion, HoneyBook’s co-founder and CEO Oz Alon stated, “With HoneyBook Finance, we’re not just giving independent business owners the tools to manage their money—we’re enhancing their financial confidence by offering an intuitive, comprehensive platform to gain visibility into their business health.”
Alon continued, ” We’ve tailored these tools and integrated them into our robust CRM to empower users with control, clear insights, quick access to funds, and automatic savings features, all while addressing the real challenges our members face in managing their finances.”
My thoughts:
Even though HoneyBook Finance is far from the first platform of this nature, for those already using HoneyBook’s CRM services, this expansion may be big news. In particular, quicker access to client payments could certainly be beneficial to small businesses — and the automated savings buckets could also be useful. So, if you’re a business that already uses HoneyBook or you’re considering it, it may also be worth looking into HoneyBook Finance and whether the service could fit your business’s needs.
