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Intuit India's Managing Director Umang Bedi .. and the India-specific Money Manager tool
 
Intuit Money Manager: Manage your money for less than a rupee a day

US-based gobal business and financial management solutions for consumers and  small and mid-sized businesses Intuit, has launched its first software product developed specifically for consumers in India.


 Intuit Money Manager  is a Web-based  personal finance tool that promises to help users plan, track, manage  and grow  their  money through  a single window; it consolidates personal finances from multiple bank accounts and investments, tracks and categorizes expenses, prepares and calculates taxes and provides insights into the health of  the customer’s personal finances.


The product comes five years after the   $ 3.2 billion  company set up  a Bangalore-based development centre – and  used this resource to  build key elements of its    portfolio of products, including the flagship US  tax planner TurboTax, the  stand-alone QuickBooks Customer  Manager  and  the Quicken series of  personal and small-biz accounting tools.


                                                


To  beef up the resources of Money Manager,  Intuit  has chosen to leverage  the live  investment information at  leading Indian financial services portal Moneycontrol.com.  The product can be downloaded  for a free 90-day trial period from the portal  which opens with an Intuit promo these days – or direct from http://www.intuitmoneymanager.com/ .  After this period, those who chose to continue using the money manager are required to pay approximately Rs 1 a  day  -- but there is an introductive offer of  Rs 245 a year.


            Unveiling the product, Umang Bedi, Managing Director, Intuit India – Global Business Division, said, “ People spend  less tnan 1 percent of the time they spend on earning their money, to manage it. We aim to help users, manage their money, more easily, efficiently by showing  them all their relevant information in just one place, leading them to better decisions and saving significant time. Users can also track their spending trends, showing them how they can save more money. Products like this can help people save more money, and stimulate the economy by leading to more informed spending decisions.”


           


Mr. Vittal Anandkumar, Head – Marketing, Intuit India who  demonstrated the product added:, “Intuit Money Manager assists salaried individuals who want to know how and where they spend their money. Their entire financial picture appears on just one screen, eliminating the need to log onto multiple Web sites. And it helps them set goals, create budgets and monitor investments, all in one place.”         


The product has been localized for Indian users – by  including drop down menus of  all leading Indian banks, Mutual Fund players, credit card agencies etc – and by integrating it tightly with  Indian Income Tax  forms and rules.


Our take: Intuit Money Manager is intuitive, reasonably comprehensive with regard to banks and standard  credit, loan and investment players and  easy to use. We believe it  will be   best appreciated by salaried Indian families, who  juggle  2-3 credit cards, 2-3 bank accounts,  multiple  tax saving instruments like provident fund,  fixed deposits, mutual funds;  pay rent or own property  – and who pay Rs 30,000 or more in income tax.    If the bulk of your spending is in cash  and you  don’t have multiple accounts to manage, then the tool will involve  manual entry that may not be worth the effort – and clearly Money Manager does not address this end of the consumer space. The menus seem angled at individual consumers and households – and we think it is not  very suitable in its present form for businesses. Intuit probably has an offering for SMEs in India in the works.


January 13 2010