We hate paying the bills. Coming up with the money, the hassle of keeping everything in order and making sure everything is paid on time and from the right account, creates a monthly cycle of stress and clutter that we could all do without. Well, the bills aren’t ever going to go away, so wouldn’t it be great to end the pain that we feel when dealing with them?
Finovera is a free, cloud-based financial service that takes the headache out of monthly payments by making it easier to organize and manage household bills and documents. First, users quickly link existing accounts – bank, credit cards, utilities, loans, etc. – to a secure Finovera account. After this is done, bills and statements arrive automatically. No wondering, no filing. Henceforth, bills on autopilot. This system also means that instead of visiting each account separately and hunting down / trying to remember each password, every bill can be paid directly from Finovera. One account, one password. Sweet!
As part of the initial setup, Finovera immediately uploads 12 months of previous financial statements. This unique feature builds a history effortlessly that prevents important information from being either misplaced or lost. Analytics automatically generate charts of monthly spending, which gives people a better picture of their payments over time.
While other financial service tools such as Mint focus on budgeting and planning based on data post spending, Finovera’s focus is on documents – organizing and managing finances before it comes time to pay the bills. No sense in trying to put a budget together if you don’t have an efficient system for dealing with personal finances in place first.
Now Where Did I Keep That…?
Finovera offers an effective solution to the household paper problem. Instead of space-consuming filing cabinets or chaotic / eccentric systems for organizing financial statements and documents, Finovera provides a digital filing cabinet that keeps all the household records in one place. Even for those who have transitioned their lives from paper to online files, information tends to remain spread out across the web, and staying organized is a challenge.
Finovera’s financial drop box neatly stores bank statements, utility records, loan information, and other important paperwork (any uploaded documents from offline accounts as well), in one easy-to-find, easy-to-search location. Imagine the time and energy saved when tax season comes around.
That Can’t Be Right…
Paying the bills hurts, but paying more than what is necessary because of penalties, overdrafts, or billing errors is the worst. Finovera tries to eliminate such pains (and to stand apart from competitors such as Manilla) by sending unique alerts. In addition to the standard alerts regarding due dates, the startup issues alerts if a bill is unusually high. This measure draws attention quickly to potential errors, unexpected rate increases, or fraudulent activity.
What’s more, because of data from multiple accounts being unified in one location and responsive analytics, Finovera tallies outstanding bills and warns consumers if they’re in danger of over-drafting an account before making all the payments. These warnings help catch any math errors, ensure funds are in the right place at the right time, and save users from incurring costly penalty fees.
Putting Financial Lives Together
After 25 years in technology and financial service industries, entrepreneur Purna Pareek determined to use his expertise to make people’s lives easier by simplifying bill and document management. AdviceAmerica, another startup that he founded, was later acquired by Fiserv (a leading financial technology firm, quoted in NASDAQ with $6B in revenue), where he continued to work as the Senior VP in charge of advice and planning solutions.
Finovera is currently in private beta. Pareek would like to enlist the genius of KillerStartups readers in helping him take his startup to the next level. To become a beta tester, click here!