Perfios Finance Management Software - Review


It is the end of the month and you are left with almost an empty pocket. You wonder where has all the money gone. What expenses did drill that hole in your pocket? You try to remember and can gather only a couple of expenses. We all need a Money Management strategy. Jotting them down on a diary will not help much. That is where Finance Management Software comes into view. One such best tool I found is Perfios . Let me review the Web based tool in detail for your guidance.

Introduction


We need personal finance management to understand our own income and spending patterns. We need to analyse from where our money comes and where it goes. Such analysis will help you to prioritize your needs and expenses. One such web based tool is PERFIOS - Personal Finance One Stop.

What Is PERFIOS?


Perfios is essentially an online Personal Finance Manager. It supports a wide range of financial institutions and share brokers.
perfiosweb
It provides you a total 360° view of your financial health, or lack of it. Rather than keeping a manual entry of each of your financial transactions across various financial products, you can just assign the work to Perfios and relax.

It is free, though a subscription model exists for additional functions, but the free version would be enough for general use.
It only needs your email ID for registration - not even your name is required!
perfios on web
Once registered, you can add your financial institutions under different heads like Bank Accounts, FD and Bonds or Loans. Don't worry about the security of your login credentials of all your financial institutions. Perfios never saves your password/IDs on its servers. They are promptly encrypted and saved on your machine itself. If you are using a shared computer, or are accessing Perfios on a public machine, You should let Perfios know it while logging in. You will have to set a master password and your credentials will be stored on the servers in encrypted form.

perfiosweb2
Once you add and configure all your accounts, the tool will give a consolidated view of your financial health. It will show you a consolidated list of all your transactions.
perfios on the web

There is a feature for statement uploads and emails wherein you just need to upload the statement received from the financial institution in any format - be it html, pdf or excel sheet - and Perfios converts it into required format and updates your respective account.

With all your accounts setup, perfios can also calculate your Income Tax automatically.

It is too user friendly. You don't need to have any financial background to be able to use it. The service is all about automatic updates - It can also categorise the transactions in your accounts - whether bank accounts or credit cards - automatically under different heads like grocery, telephone or utilities. If it goes wrong in categorisation, you just need to correct it once and it will not repeat the mistake for the similar transaction next time!

The reports section of the service is also quite awesome. It can offer you over 20 different reports including, but not limited to Net Asset Report, Name other reports here. You can also get a detailed info of your financial status under different views.
perfios app
Apart from offering you an insight into your financial wellbeing, the tool also offers regular market news and updates.

The tool gives you an idea of all your financial portfolio under one umbrella. It shows your net assets against your liabilities so as to enable you to get a proper understanding of exact financial status and help you in analysing your current liabilities and averting unnecessary spends.

perfios finance management

Salient Features Of PERFIOS

  • It supports multiple bank accounts, credit cards, mutual funds and equity investments.
  • It helps you understand your income and spends and look out for areas where you can make use of better savings options.
  • You can keep all the financial data of your entire family at one place to get a clear picture of your liabilities.

Pricing


The base version is free to use. You get all the basic functionality in the free version. There are two subscription models - Gold at a fee of Rs.499 per year and Platinum at Rs.1499 per year.
The basic difference between the free and subscription versions is elaborated here -

1. Number of accounts - You can add any number of accounts in all three models.
2. Number of auto update accounts - You can set only 15 accounts to auto update in free version. For the rest of accounts, you need to use manual updating. In the subscription models you can have unlimited auto update accounts.
3. Statement uploads - Only 4 uploads are allowed per month in free version, 10 per month in Gold model while for Platinum, you can upload unlimited statements.
4. High end features - Features like exporting data, Income tax wizard, PDF reports etc . will only be available in subscription models.

Any finance related account managed by you, or your family can be tracked using Perfios. Some of its distinguished features include online tax filing facility, secure online document storage, an excellent set of reports and budget module that helps you keep check on your finances.

Mobile Version and Mobile App


Perfios also has a mobile version. It is a stripped down version designed specifically for mobile browsers. But it has a downside to it. You can use the mobile version for free only for the first 30 days of your joining. After this period, you need to upgrade to subscription model.

The mobile app launched by Perfios is currently in beta. It offers just a partial functionality of the online tool. The app is great way to track your money on the go! But, it lacks the complete online management of the Web based tool. You can only track your transactions for Bank accounts, credit cards and cash transactions. FDs, Bonds, Insurance and loan are currently not supported on the mobile app.

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You can keep track of your income and expenditure on the go. Enter your cash transactions as soon as you spend, Perfios will update the reports and budget accordingly. The mobile app syncs with your Web based service seamlessly.

perfios1perfios app

Pros


1.The service is totally customised for Indian users.
2.The Tax liability report is prepared as per rules under Indian laws.
3. In case of financial institutions not supported by Perfios , you can use manual update.
4. Completely secure as it does not store your credentials on the servers.

Cons


1. Web based tool needs flash support, so you will not be able to use on most mobile browsers. Mobile version, though available cannot be used by free users.
2. Mobile app is just a skeletal replica of online tool. Many developments needed.

Conclusion


Perfios provides a clear insight into the spends/income over a period of time and under different heads thereby guiding you on unnecessary expenditures which can be cut down. Compared to another competitor app - MyUniverse - Perfios does not force you to upgrade to be able to use multiple accounts. From my personal experience of using it for over the last six months or so, I rate it best among all Online Finance Management tools.

Read Best Android apps for personal accounting and finance management in 2014


Article by Timmappa Kamat
Timmappa Kamat is a technology enthusiast. He has an active interest in newer technological developments. He is fond of new gizmos & gadgets. He loves to share his knowledge through tech-savvy websites as a freelancer. A Mechanical Engineer by profession, he is equally interested in blogging, with his own blog. He wants to carve a name for himself in blogging arena one day! If you need any clarifications about his articles,please respond here below or get in touch with him through his profile.

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Comments

Author: Timmappa Kamat12 Mar 2015 Member Level: Platinum   Points : 5

Here is an update about the supported accounts on PERFIOS. It now supports your EPF accounts. Please note that you need to have activated your UAN - the Unified Account Number provided by the provident fund organisation. You can get it from your employer and activate it on EPFO web site if you have not already done. Then you can login to your PERFIOS account and setup your UAN based account under small savings in My accounts tab. You will need to provide your UAN credentials and set it to auto update as you do with your other accounts.

Guest Author: rama rao gantyada21 Jul 2015

I want to know the initial updation of financial status. Whether manually to update at a point of time for initial updation or whether it should be done from web through my linked accounts?

Author: Timmappa Kamat25 Jul 2015 Member Level: Platinum   Points : 3

If your bank is supported, you just need to provide your credentials. It will auto update all your transactions. If you have not availed Internet baking facility, you will need to go for manual update. Even for insurance accounts, it can be set to auto update. If your bank or financial institute is not supported, you can manually add it. But it will not auto update even if you have Internet banking enabled for such accounts.

Hope I have cleared your doubts. You are welcome to come up with any other details.

Author: Timmappa Kamat12 Jan 2016 Member Level: Platinum   Points : 2

The mobile app of the service has received a major update. A most demanded feature has been added to the app. The mobile app is now a true replica of the web version. It now provides you a complete breakup of all your financial transactions in one go. However, the Android version still has a few issues which have been scheduled for an further fixes by the end of January, 2016.

Guest Author: Vaibhav Mishra18 Mar 2017

Are there more companies in India which do bank statement analysis such as PERFOIS?

Author: Timmappa Kamat13 Apr 2017 Member Level: Platinum   Points : 4

You may need to explain what kind of bank statement analysis you need. PERFIOS is the best option and I have been using it since three years or so. It is very much Indian and supports all the major Indian banks and financial institutes.The service has a pro version ( for which you will need to pay a monthly, or an annual fees). If you want, you can get in touch with them and get the required information. Visit www.perfios.com for the details.
There is yet another service by Aditya Birla Group. But the issue is that the free version they have does not allow adding more than two accounts. https://www.myuniverse.co.in is the site you can visit for information. I had been using it before I got to know about Perfios.



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