If you want financial planning easier, simpler, and faster to manage, from the receipts and payments, to income and outcome, you need the best personal finance software. When anyone talks about the personal financial management then every time, they do not mean the receipts and spreadsheets of the records, they may just talk about the simple process to manage everything through a hi-tech software that is easy to save with a backup. Moreover, currently, cloud technology makes everything easier by saving the data and files safely in clouds.
The basic and simple financial planning apps and software allow you to easily manage your finances, but some of the advanced software can help with reducing debt, managing budgets, or even provide finance advice as an additional service. That is why everyone nowadays demands the best personal finance software with standard features that reduces their manual work. In this article we will discuss the best personal finance software platforms currently available and discuss their advanced features as well. So, that you can make a decision on which one to invest in.
What To Consider With Personal Finance Software?
If you are in want of some organizational smack, especially if you are running a small business, picking a personal finance software package can help a great deal. You can find the best personal finance packages according to your need, that allow you to keep on top of the things like receipt logging and managing expenses, all from within one program.
The other bonus is that most of the personal finance software packages allow you to share your data with your preferred tax and accounting software. That means you’ll be much better placed when it comes to tax filing time. There are personal finance packages tailored to both online and offline needs, with many having apps that let you track spending day to day. Cloud-based personal finance packages let you keep all of your data in a safe place too, so all bases are covered.
Personal Finance Features To Look For
#1 Desktop or mobile?
You need to decide first where and how you will use your personal finance package, on a desktop or mobile. Most of the users tend to spend money on the go, so having a software package that allows them to log and track the transactions through mobile phones also makes a lot of sense. Mostly, the users choose the package that is supported in mobile phones also.
#2 Reporting Capability
Personal finance packages help you to manage money and track spending, as well as they are excellent at producing the reports. The data can subsequently be used for tasks such as filling business’s tax or for sharing with an accounts personal who does the job for you.
#3 Easy Integration
If anyone wants to check any personal finance software, they will need to consider the ideal work in tandem with other packages, which is essential when it comes to logging items like expenses.
#4 Help and Support
As is the case with any software package, it’s always good to check there will be help at hand should you need it. Some personal finance packages come with free support, while others have it as part of a paid-for plan. How much help you will need depends on your confidence with the software.
Also Read: Financial Tips For Young Adults In 2022
Top 3 Best Personal Finance Software
Quicken is a long established tool that manages personal accounts. At the beginning Quicken offered only desktop software, but currently, the mobile app solutions as well. Quicken offers an excellent range of financial reporting tools. The primary features because of which Quicken gets popularity are budgeting, bills, accounts, and investment. For Budgeting, it offers the users a chance to input their purchases and income so they can compare them both together to provide a better solution of how much the user is spending compared to how much they are earning.
In terms of bills, users can also watch which utilities and similar they are frequently paying out to, and watch both the amounts to be paid and how much money they have left over in their account. If we talk about accounting purchases, users can even bring their banking and credit card bills together in a single place so that they can get a clear idea of how much they are paying out. This is specially handy as users simply underestimate how much regular small purchases can add to costs.
Altogether, Quicken brings together your budgeting, banking, and investment reporting into a single dashboard, which you can view from your desktop or even via your cell phone from the mobile app.
The core mission of YNAB is to help the users curb overspending and ignore living from paycheck to paycheck. If we talk about the program, temper the user’s spending appropriately, and eventually YNAB will see the users spending last month’s money rather than that which you have just earned.
YNAB is quick to install, and supports almost each transaction information downloadable from banks, and appropriately configures itself for personal or small business use by changing its monetary categories depending on users needs.
If users get off track, YNAB which is reasonably forgiving and understanding of a bit of software will tell them what they need to do to get back to where they need to be. Users will have to make sacrifices, but if it’s guidance they need, this sets themselves apart from the likes of Quicken.
BankTree supports worldwide currencies, and in fact does a solid job if the users are working simultaneously with more than one, offering balances in multiple currencies rather than rounding them off into a single total. Moreover, it is good to keep track of everything, allowing users to scan receipts with its mobile app and import them later on.
It is not that easy, we can say a bit of complexity is there in using the software, although BankTree does produce very neat reports which users can break down by time or by payee. It may be worth experimenting with the free trial before users choose to invest in this one. It provides desktop software as well as mobile application to manage user’s personal finances and make a report timely. Whichever version you opt for, there’s a 30 day free trial available, so you can try before you buy to get an idea if BankTree will work for you.
The Final Thoughts
Using personal finance software is nowadays in demand because it helps you to take control of the user’s financial life. The software focuses on various financial functions like budgeting, expense tracking, saving, banking, investing, and taxes. Moreover, it helps you look at your finances and actively manages them. When the users know how much money is coming in and going out, the users make better informed decisions about earning, saving, spending, and investing as well. That is why having personal individual finance software or mobile applications is a good choice to go with.