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Using Mint.com for your business

Technology is your friend. Not the kind of friend that you default to because all your other cool friends are out of town or busy, like how you default to Youtube or Facebook because you’re bored. I’m talking about that friend who comes over and helps you paint your house or fix your car. A useful friend. You want technology to save time, not consume it. Mint.com is just that: a time saving, useful friend.

What is Mint.com?

Mint.com is a website that tracks all your transactions from your bank account. Remember checkbooks? I don’t. I never used one. But if your older than 25 you might. Think of Mint.com like a digital checkbook. Instead of having to keep a record of every check you write in your checkbook just to keep track of your balances and expenses, Mint.com automatically reads all your transactions from your online bank account. It shows where you purchased items, how much it costs, and with a little help it categorizes it.

It’s safe. That’s usually the first concern. Mint.com only reads data. This means it can’t deposit, withdrawal or transfer any money, ever. It’s secure under 256 bit encryption, so you never have to worry about hackers.

Getting started is free. All you do is register an email address to sign up. Once you first login you’ll need to start adding accounts. Just search or type in the name of your bank, your username and password you use to login to your online bank account, and that’s it. The magic begins. Mint.com will start to pull your transactions automatically. You can now scroll through all the purchases you’ve made in the transactions section.

Mint.com For Business

Here are a couple ways Mint.com can be useful to your business.Categorizing transactions.

  1. After you’ve set up your first account, you can now see the transactions you’ve made around town. What you can start doing is clicking under the category column on the transaction and selecting the proper category. As you can see, the name of the business where you purchased the item is listed in the transaction so this makes it easy to categorize. If the category doesn’t exist you can create it by selecting a category on the right side. There’s an option to add/edit categories. A nice feature about Mint.com is once you start categorizing your purchases the system will remember and automatically file it under that category next time you buy something at that location.
  2. Seeing your trends. Another nice feature of Mint.com is trends. In the trends section you can see all sorts of options. After you’ve categorized a lot of your transactions, trends will start to appear. You’ll see if you’re spending too much on a specific item, like if you’re buying too much office supplies and need to cut down. Another nice feature is you can also track your income. Trends create a nice flow chart of all your assets and expenses. You can see why this could be useful to any business owner.

Now that you’re a little familiar with Mint.com, you can see how it can really save you time. No more pouring over checkbooks, receipts, and expense sheets. You can sit down and view it all from one screen. See, technology can be a useful friend. Now you can get rid of all those other friends. Youtube and Facebook I mean, of course.

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