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Bonsai - A Brief Overview

Bonsai is a versatile accounting software tool that has assisted freelancers and small business owners streamline their financial processes for several years. Designed with a user-friendly interface, it integrates various business operations into one platform, making it a popular choice among professionals. 

Though with the recent updates, Bonsai users have been riddled with a few unconventional problems, like the accounting software crashing, or getting logged out at random times. However, in an overall sense, it’s a pretty decent accounting software, with a pretty detailed scheme of accounting features, and a medium learning curve that makes it easy for users.

Features of Bonsai

1. Time Tracking: A standout feature is the iOS and macOS menu bar apps for time tracking. This allows users to track time effortlessly and integrate these hours directly into invoices. This function, particularly the ability to add unbilled hours to invoices in a single click, sets Bonsai apart from many competitors.

2. Ability to generate secure links: Users can generate a secure link from Bonsai to accountants, where accountants or anyone else can securely view financial data without having to give access.

3. Bonsai Cash: Bonsai offers users to virtually open a checking account, where they open a virtual account for users in Stripe, but offer a virtual and physical debit card by Bonsai to go with it.

4. Contract templates: Bonsai also has contract templates, which makes it easy for users to get everything they need in one single place.

5. Accounting Capabilities: While Bonsai doesn't directly connect to QuickBooks, it offers decent accounting features. Users can export data as CSV or Excel files; there's even an option to provide accountants with a secure link to view expenses on Bonsai.

6. Bonsai Cash: This feature, likely limited to the US, offers a checking account solution. It creates a virtual account in Stripe, providing both physical and virtual debit cards.

7. Templates: Bonsai provides useful proposal and contract templates, making starting new projects and managing agreements easier.

Pricing of Bonsai

Bonsai's pricing is higher, with the basic plan and the Bonsai Tax add-on totaling around $300 annually. This add-on feature automates the import of expenses from various accounts, adding to the cost and convenience.

Pros of Bonsai

• Integrated Functionality: The platform's integration of various business operations, such as time tracking, invoicing, and accounting, into one system is a significant plus.

• User-Friendly Design: Its design is intuitive, catering to those who may not be tech-savvy.

• Convenience: The software offers convenience, like providing accountants direct access to financial data.

Cons of Bonsai

• Cost: The annual cost of $300 can be a bit steep, especially for freelancers or small businesses on a tight budget against the features that Bonsai provides.

• Technical Issues: Recent backend updates have led to frequent logouts and disruptions, especially in the mobile and desktop apps, impacting user experience.

• Customer Support: There have been reports of less than satisfactory customer support in resolving these technical issues.

In summary, Bonsai offers a range of benefits for freelancers and small businesses, though it comes with its share of challenges, notably in pricing and recent technical glitches.

Where Does Bonsai Lack?

Bonsai, while a robust tool, falls short in certain areas. 

Its most significant shortfall is its pricing, which can be prohibitively expensive for individual freelancers or small businesses operating on tight budgets. 

Additionally, the absence of a direct integration with popular accounting software like QuickBooks presents a notable limitation for seamless financial management. 

Recent technical issues, particularly with mobile and desktop apps causing frequent logouts, have also marred the user experience. 

Furthermore, the customer support response to these technical glitches has been underwhelming, leaving users frustrated and unresolved. These aspects are where Bonsai could improve to meet its users' evolving needs.

The Best Alternative To Bonsai In 2023: Fortune App

Fortune App emerges as a robust alternative to Bonsai in 2023. Tailored for high earners and online businesses, it offers an AI-enhanced approach to financial management. Its goal is to transform the way businesses interact with their finances daily.

Features of Fortune App

• Streamlined Dashboard: Provides real-time insights into finances, covering revenue, expenses, cash flow, and account balances.

• Universal Bank Integration: Connects seamlessly to over 17,000 bank accounts globally without extra fees, offering a consolidated financial view.

• Detailed Transaction Search: Enables easy tracking of transactions across all banks by various parameters.

• Expense Category Breakdown: Helps analyze spending patterns and identify savings opportunities.

• Cross-platform Accessibility: Available on both mobile and web platforms.

• AI-powered automation: Reduces manual data entry, offering continuous financial updates.

• Robust Security: Prioritizes the protection of users' financial data.

Pros of Fortune App

• Innovative and user-responsive: Constantly improve and integrate features based on user feedback.

• Autonomous Financial Management: AI-driven features automate mundane accounting tasks and make financial reporting easy.

• Global Compatibility: Supports multi-currency accounting for users in the US, Canada, and Europe.

• Streamlining Tools: An ideal replacement for manual systems like Google Sheets, with continuous enhancements planned.

Cons of Fortune App

• Relative Newness: As a newer app, it may not have an established track record or extensive user reviews compared to more established competitors.

Why Fortune Is Better Than Bonsai?

Fortune App stands out from Bonsai with its focus on AI-driven autonomous financial management, offering a modern, streamlined experience. 

Its ability to connect with various bank institutions across different continents and handle multi-currency transactions makes it highly suitable for global users, exceptionally high earners, and online businesses. 

The app's emphasis on user feedback for rapid feature development and enhancement ensures that it continually evolves to meet the changing needs of its users. 

Unlike Bonsai, which may be more traditional in its approach, Fortune positions itself as not just a budgeting tool but as an integral part of your accounting and financial decision-making process.