Trim Vs Truebill: Which Software Is Right For Your Business?

Bill Negotiation

Trim offers its bill negotiation feature exclusively and freely to OneMain and Brightway customers. Users simply upload eligible bills—such as phone, internet, cable, wireless, satellite radio, or home security—and Trim’s team of expert negotiators contacts the providers to secure monthly savings or one-time credits.

The process begins with the user submitting a recent bill and authenticating their account when necessary. During negotiation, Trim may downgrade or upgrade service plans—but only with the user’s approval—to secure the best possible rate. Upon successful negotiation, notifications are sent, and savings typically appear on the bill within one to two months.

Conversely, Truebill’s ‘Bill Negotiation’ feature is available at a certain percentage, where users can upload bills or connect provider accounts via a dashboard. Once submitted, Truebill’s (now known as Rocket Money) concierge team negotiates with service providers such as cable, internet, phone, and satellite radio, aiming to secure better rates.

Users only pay if savings are realized, with a success fee ranging from 35% to 60% of the first year’s total savings; no fee is charged if no savings occur. In addition to typical utility bills, Truebill also assists users in disputing overdraft or late fees and identifying better car insurance rates.

Subscription Management

Trim’s subscription management is simple and straightforward—it scans the user’s financial history to obtain a complete list of all the subscriptions they have. Once that’s done, they’ll send the user this list with an option to cancel the subscription if they so wish.

Since subscriptions are often forgotten by many people and needlessly charged against their bank accounts, this feature is a great help in improving financial health as it gets rid of any unnecessary payments. The platform can also monitor ongoing subscriptions and send alerts to keep its users informed of all of their current subscriptions.

Similarly, Truebill provides a complete list of all the subscriptions the user has, with an option to cancel them. As a result, Truebill has canceled a lot of unwanted subscriptions—2.5 million, according to its website—on behalf of its users.

Truebill also offers a recurring view, which helps its users track all their subscriptions and payments. This also ensures that users make payments on time and avoid any late fees or overdrafts.

Budgeting

Trim’s ‘Budget Tracker’ allows accounting professionals and business clients to gain clarity over their monthly cash flows with ease. Accessible via the Trim dashboard, users can enter income sources, such as salary or deposits, and categorize all monthly or annual expenses, with annual costs smoothly spread over twelve months for an accurate monthly outlook.

As items are added, the Budget Tracker displays whether one’s income sufficiently covers expenses and thresholds for savings. This interactive budgeting environment enables firms to assess financial capacity immediately and make informed decisions about discretionary spending or cost restructuring.

In a similar fashion, Truebill’s ‘Budgeting Module’ offers a set of budgeting tools optimized for professionals who prefer both mobile and desktop access. Starting by estimating monthly income from linked accounts (which are adjustable via intuitive sliders), users proceed to define bills and spending categories, with recommended budget ranges based on historical spending.

Once configured, the platform continually monitors spending by category, adjusts projected savings dynamically as users tweak allocations, and sends alerts when budgets are nearly exhausted. Accounting teams can create custom categories and review transaction-level details to ensure alignment with client budgets and uncover overspending patterns, facilitating proactive financial oversight.

Security

Trim prioritizes security through its use of ‘Plaid’ to connect to financial institutions, ensuring banking credentials are never shared with Trim or OneMain. This means that user passwords remain confidential and under the strict control of the originating bank. All data transmitted via Plaid is protected by advanced encryption protocols that are trusted by well-known financial institutions and apps such as Chime and Robinhood.

Users retain full control over shared data, with the ability to review, modify, or delete linked accounts at any time. In other words, this approach offers a high degree of safeguards while also providing flexible account management.

Correspondingly, Truebill provides strong security measures to protect its users’ data. These measures include industry-leading bank-level 256-bit encryption and secure hosting on Amazon Web Services (AWS), the same infrastructure trusted by entities like NASA and the Financial Industry Regulatory Authority (FINRA).

Like Trim, Truebill relies on Plaid to establish secure connections with over 15,000 financial institutions. Credentials are passed directly through Plaid and never stored on Truebill’s servers. Users receive encrypted tokens that permit read-only access to transaction data, which can be revoked at any time.

Additionally, the platform supports account deletion at will and maintains a bug bounty program to proactively uncover and resolve vulnerabilities. Therefore, this extensive security model is well-suited for accounting firms and individuals seeking assured protection and transparency.