SpeedMag Documentation
Everything you need to know to manage your books with SpeedMag.
Getting Started
- Subscribe — Choose the $5/month plan at speedmag.ai. You'll receive a license key by email.
- Download — Download the macOS app from the download section. Open the .dmg and drag SpeedMag to your Applications folder.
- Activate — Launch SpeedMag and paste your license key when prompted. You're in.
- Create a profile — Name your business and pick a color. You can add more profiles later.
- Import statements — Drag and drop bank PDFs or CSVs into the Import tab. SpeedMag parses and auto-categorizes your transactions.
- Review & categorize — Check the Transactions tab. SpeedMag auto-categorizes most transactions, but review anything marked "Uncategorized."
- Generate reports — Head to Reports to see your P&L, Balance Sheet, Cash Flow, and Tax Summary.
License Key
After subscribing, you'll receive a license key by email. When you first open SpeedMag, you'll see an activation screen.
How validation works
- SpeedMag re-validates your license every 3 days in the background.
- If you're offline, you have a 7-day grace period before the app asks you to reconnect.
- If your subscription expires, you'll see a renewal prompt with a link to resubscribe.
Business Profiles
SpeedMag supports unlimited business profiles. Each profile has completely separate statements, transactions, categories, inventory, and reports.
Creating a profile
On first launch, you'll be prompted to create a profile. Enter your business name and choose a color. Click Create Profile.
Switching profiles
Click the profile name in the top of the sidebar. A dropdown appears showing all your businesses. Click one to switch — all data updates instantly.
Managing profiles
Click Manage businesses... at the bottom of the profile dropdown to open the Profile Manager. From here you can:
- Edit — Change a profile's name or color.
- Delete — Permanently remove a profile and all its data. Requires confirmation.
- Create — Add another business profile.
Importing Statements
Navigate to the Import tab in the sidebar. You can import bank statements in two ways:
- Drag and drop — Drag one or more PDF or CSV files directly onto the drop zone.
- File picker — Click the drop zone to open a file dialog.
SpeedMag accepts .pdf and .csv files. You can import multiple files at once.
What happens during import
- SpeedMag detects the bank format automatically.
- Transactions are extracted from the file.
- Each transaction is auto-categorized using keyword matching (Business, Personal, Transfer, or Uncategorized).
- Results are shown per file — success count, format detected, or any errors.
Supported Banks
PDF import
| Bank | Format |
|---|---|
| Navy Federal Credit Union | PDF statement (STMSSCM format) |
CSV import
| Bank | How to export from your bank |
|---|---|
| Chase | Account Activity → Download → CSV |
| Bank of America | Statements & Documents → Download Transactions → CSV |
| Capital One | Account Details → Download Transactions → CSV |
| Wells Fargo | Account Summary → Download Account Activity → Comma Delimited |
| Citi | View Transactions → Download → CSV |
| Any other bank | Export transactions as CSV with columns for Date, Description, and Amount |
SpeedMag auto-detects the format by inspecting column headers. If your bank isn't listed, the generic CSV parser handles any file with standard date, description, and amount columns.
Categorizing Transactions
Every transaction gets one of four top-level categories:
Tax-deductible business income or expense. Requires a sub-category (e.g., Advertising, Software, Equipment).
Non-business transactions. Excluded from P&L and tax reports.
Internal bank transfers. Excluded from all calculations to avoid double-counting.
Needs your review. Won't appear in reports until categorized.
Single transaction
Click any transaction row to open the categorization modal. Choose a category, select a business sub-category if applicable, and click Save.
Save & Next
When you have uncategorized transactions, a Save & Next button appears in the modal. Click it to save and immediately jump to the next uncategorized transaction — great for rapid categorization.
Similar transactions
When categorizing, check Apply to similar transactions to apply the same category to all transactions with matching descriptions. A preview panel shows which transactions will be affected — uncheck any you want to skip.
Bulk categorization
Select multiple transactions using the checkboxes, then use the bulk categorization bar that appears at the top to apply a single category to all selected transactions at once.
Business sub-categories
When you categorize a transaction as "Business," you must choose a sub-category. SpeedMag includes 16 built-in categories:
- Business Income
- Advertising & Marketing
- Equipment
- Inventory Purchase
- Inventory / COGS
- Payment Processing
- Software & Subscriptions
- Banking & Fees
- Bank Dividend
- Professional Services
- Utilities
- Office & Supplies
- Travel & Transportation
- Meals & Entertainment
- Payroll & Contractors
- Other Business
You can add custom categories in Settings.
Dashboard
The Dashboard gives you a real-time overview of your finances for the selected tax year.
Stat cards
- Total Income — All deposits (excludes transfers)
- Total Expenses — All withdrawals (excludes transfers)
- Net Income — Income minus expenses
- Business Expenses — Only transactions categorized as Business
Charts
- Monthly Cash Flow — Bar chart comparing income vs. expenses by month
- Net Income Trend — Area chart showing month-by-month net income progression
Recent transactions
Shows your last 8 transactions. If you have uncategorized transactions, an alert badge shows the count — click it to jump to the Transactions view.
Reports
SpeedMag generates five report types. All reports are filtered by the tax year selected in the sidebar and can be exported to PDF.
Profit & Loss (P&L)
Shows your business revenue, cost of goods sold (COGS), gross profit, operating expenses by category, and net income. Includes a monthly breakdown table with income, expenses, net income, and profit margin.
Balance Sheet
See Balance Sheet section below for details.
Cash Flow
Monthly visualization of money in vs. money out, including business income, business expenses, and owner activity (contributions and draws).
Expense Breakdown
Pie chart and table showing your business expenses by sub-category. Sorted by amount, with percentage of total expenses.
Tax Summary
Lists your total business income and all deductible expenses organized by sub-category. Shows net taxable income at the bottom. Useful for tax preparation.
Exporting reports to PDF
Click the Export PDF button on any report tab. The PDF includes your business name, logo, professionally formatted tables, and a confidentiality footer.
Balance Sheet
The Balance Sheet combines auto-calculated values with manually entered entries.
Auto-calculated values
- Cash & Bank Accounts — Calculated from your imported statements, showing balances by account number.
- Inventory Value — Pulled from the Inventory module (units on hand × average cost).
- Net Income — From your business transactions for the selected year.
- Owner Contributions & Draws — Calculated from personal deposits and withdrawals.
Manual entries
You can add custom entries for:
- Current Assets — e.g., Accounts Receivable
- Fixed Assets — e.g., Vehicles, Equipment
- Current Liabilities — e.g., Credit Card Balance
- Long-Term Liabilities — e.g., Business Loan
Click the + button next to any section to add an entry. Click the pencil icon to edit or the trash icon to delete.
Balance check
The bottom of the Balance Sheet shows whether your books balance. A green "Balanced" indicator appears when Total Assets equals Total Liabilities + Owner's Equity.
Inventory Tracking
SpeedMag includes full inventory management with automatic cost tracking and COGS integration.
Adding items
Click Add Item in the Inventory tab. Enter the item name, optional SKU, sale price, and reorder point (the quantity at which you'll see a low-stock warning).
Recording transactions
Hover over any item row to see action buttons:
- Purchase — Record stock received. Enter quantity and cost per unit.
- Sale — Record stock sold. Quantity and average cost auto-fill.
- Adjust — Set an exact count (for corrections or physical counts).
Cost tracking
SpeedMag uses weighted average cost. When you make purchases at different prices, the average cost updates automatically. This average cost is used to calculate COGS when items are sold.
Reports integration
- P&L — COGS from inventory sales appears as a line item, reducing gross profit.
- Balance Sheet — Total inventory value (units on hand × average cost) appears as a current asset.
Low stock alerts
A yellow alert banner appears when any items are at or below their reorder point.
Exporting Data
Export transactions to CSV
In the Transactions tab, click the Export CSV button. A file dialog lets you choose where to save. The CSV includes: Date, Description, Amount, Type, Category, Business Category, and Account.
Export reports to PDF
On any report tab (P&L, Balance Sheet, etc.), click Export PDF. The PDF is professionally formatted with your business name and logo.
Settings
Categorization progress
A visual breakdown showing how many of your transactions are categorized as Business, Personal, Transfer, or Uncategorized, with a progress bar.
Imported statements
Lists every statement you've imported, with the filename, transaction count, and import date. Click the delete button to remove a statement and all its transactions.
Custom business categories
Add your own sub-categories beyond the 16 built-in ones. Type a name (e.g., "Insurance" or "Tools & Hardware") and click Add. Custom categories appear in the categorization dropdown alongside the defaults.
Data & Privacy
Where is my data stored?
All data is saved in your Application Support folder:
~/Library/Application Support/speedmag/Each business profile has its own data file. Your license key is stored separately.
Backups
Since your data is local, we recommend backing up your Mac regularly with Time Machine or your preferred backup solution. The data files are standard JSON — small and easy to back up.
Switching computers
Copy the ~/Library/Application Support/speedmag/ folder to your new Mac. Your license key, profiles, and all data will transfer.