The 10 Best Financial Software (Free & Paid)
When it comes to managing business accounting, manual processes are no longer the industry standard. Instead, desktop software and cloud-based tools are the key to financial success.
Since the choices can be overwhelming, we've narrowed down the finance software for you. In this post, discover 10 tools that help with expense tracking, budgeting, cash flow, and more.
Here’s What We’ll Cover:
Advantages to Using Financial Software
Many of us require a helping hand with financial details. The constantly moving pieces are difficult to maintain without some level of automation.
Using financial software has a few key advantages:
- Financial services let you track financial habits more accurately.
- Automated software makes processes like payroll incredibly easy.
- You can keep tabs on savings goals and investment accounts.
- Your finance team can catch mistakes before they lead to major consequences.
Personal vs. Business Use
Personal finance software is helpful for a variety of purposes, but it's important to know what your true goals are before you make the switch. For example, if you simply want to get a better handle on excess personal spending, choose a platform that focuses on personal habit tracking and budgeting.
On the other hand, if you require more advanced features in order to run a growing business, you may need to look for options that offer support specifically to business owners and entrepreneurs. Features such as invoicing, cash flow monitoring, and financial reports are essential for business uses.
Regardless of whether you're implementing personal finance tools for personal or business use, always ensure that the platform is secure. Data privacy, particularly when it comes to financial records, is crucial.
Top Financial Software Recommendations
A quick internet search yields a substantial number of options for personal finance software. While many of the choices are excellent choices for personal finance management, others are geared toward helping businesses manage operations and administrative processes.
The roundup below includes recommendations from each category (personal and business) in order to provide a wide-ranging view of top software programs.
FreshBooks is among the best options for small business accounting. It's trusted by over 30 million users worldwide and has impressive customer reviews and support features. With intuitive functionality and powerful integrations, FreshBooks is designed to help all kinds of small business owners, including:
- Self-employed professionals
- Small businesses with employees
- Businesses with contractors
Quicken is a leader in personal financial management. This software is available for Windows and Mac, and it allows users to create a central hub for tracking their financial life in one place. Every Quicken membership level includes free customer support, core software updates, and 5 GB of free online storage through Dropbox.
The goal of YNAB is to help users break free of the "paycheck to paycheck" cycle. YNAB is a personal budgeting tool that encourages users to overcome debt, budget ahead, and establish categories that suit each individual's lifestyle. YNAB is also known for its engaging classes, friendly culture, and budgeting education.
Mvelopes is designed to eliminate the learning curve and help users achieve excellent budgeting outcomes with ease. Mvelopes offers a 30-day free trial to introduce users to the concept of financial peace of mind. Plans range from Basic to Plus, which includes an individual meeting with a financial coach.
Banktivity is a personal finance platform that prides itself on being more advanced and intuitive than Quicken. New users turn to Banktivity for help with things like:
- Asset management
- Calculation of gains and losses
- Management of credit card accounts
Banktivity is known for being incredibly comprehensive, organized, and cloud-based.
Qapital is an app-based service focused on making mobile banking easier and more streamlined. The app offers a science-based system that allows individual users and couples to set goals, track behaviors, and invest with the big picture in mind. Qapital's Payday Divvy tool is an automatic feature that handles each incoming paycheck according to goals, preferences, and guilt-free spending needs.
Mint, a subsidiary of Intuit, is a budget-friendly, free app that allows users to gain insights into personal financial activity. As the number one most downloaded personal finance app, it has an active community and plenty of helpful resources for getting started.
8. Personal Capital
Personal Capital is a wealth management platform and tracking tool for users who want clarity about their net worth. The platform includes a dashboard for viewing an investment portfolio, a dynamic retirement planner, and a fee analyzer. Personal Capital is backed by top security features and encryption to give users peace of mind and protection.
For spreadsheet junkies, Tiller is the personal finance software you need. Tiller reduces the stress of managing multiple spreadsheets for financial planning. With automatic bank feeds, flexible spreadsheet templates, and email notifications, it's easy to view and track the flow of money on a daily basis.
10. Sage Intacct
Sage Intacct is a business-focused financial platform that's perfectly suited to a variety of industries and organizations. Sage offers a more diverse range of products than many personal finance platforms do. These features include Core Financial products (Accounts Payable, Receivable, and Cash Management) and Advanced Functionality (Revenue, Analytics, and Taxation).
How Can Software Transform Your Finances?
Finance software can truly change the course of your business for the better. Swapping manual financial records for intuitive personal finance software is transformational for the following reasons.
- It's extremely convenient. Remove the hassle of paper receipts, checks, and manual records.
- It's reliable. Historical data provides a record of financial activity so that you don't have to second guess what happened or where your money went.
- It boosts productivity. By empowering yourself and your employees with the right tools, you can focus on the goals and activities that really matter. Rest assured that your financial records are taken care of.
With an increasing number of options available for personal finance software, the perfect fit for your personal and business needs is out there. Test the waters with free trials and always research reviews and comparisons to make the best choice for your particular needs. When in doubt, consult a qualified financial advisor or bookkeeping specialist.
More Financial Software Resources
- Best Accounting Software for Financial Services
- How a Miami SaaS Company is Scaling Up Faster Thanks to FreshBooks