If you want to talk about various functions of a financial management system, we can mention reducing accounting management errors, maintaining audit trails, and ensuring compliance and maintaining applicable accounting standards. It can also take care of payroll, inventory tracking, tax preparation, etc.
You won’t find any other software that can handle your company’s financial resources better than financial management software. Starting from planning, organizing, managing and even controlling financial operations, FMS can help you apply management principles to increase efficiency. Below, we explain the benefits that an FMS can provide to your business.
Transparency of information: For developing a solid understanding inside and outside the organization, transparency of information can play a crucial role. An ideal FMS can ensure the systematic distribution of all information to all business users.
Better decision making: a financial management app can collect and provide all financial information to facilitate better decision making. By doing so, you achieve easy availability of all information and help managers rely on facts to make better decisions.
Financial controls and improve management capabilities: Financial software can control finances and allow you to proceed according to estimated costs. You can also maintain financial discipline and use resources efficiently.
Profit maximization and wealth maximization: besides, financial management solutions can be your best companion. This software can increase the profit of your business and also reduce the operating costs. Some software also focuses on increasing shareholders’ wealth.
1. Quicken deluxe
We start this list for the best money management software with this excellent software that is known for its customizability. If you are more interested in personalization, Quicken Deluxe is the perfect solution. It is one of the oldest players in this industry and capable of robust performance as well.
You can find this software in both PC and MAC versions, which is another reason why it has so many customers. The latest update offers more export and customization options, which makes it a serious contender to take a place in this list.
One of the best personal finance software options is the complete control over customization of spending categories.
Retirement planning is powerful, while you’ll also find a variety of investment planning features.
It is one of the few financial management apps that offers local data storage, which can certainly provide users with more flexibility.
Offers unlimited hours of support sessions for the clients and helps with its dynamic set of budgeting, planning and spending analysis tools.
Equipped with account management features, you can easily transfer money between accounts of different institutions.
Supports investment, retirement, and loan accounts, and the browser interface lets you interact with your finances while on the go.
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If you consider the features of a high-quality personal finance management software, Mint has it all. It is undoubtedly one of the most popular account management software, and its customer base also proves its reliable performance.
Equipped with all the advanced features, the developers have still managed to keep the interface and workflow simple. Moreover, even if it is free, you won’t see any unwanted ads. Although you can edit the subcategories, you cannot edit the top levels in Mint.
You can consider Mint as a comprehensive one-stop store for managing your personal finances.
Also offers mobile applications, although it is a web-based tool. You can track your expenses, while Mint also lets you create a budget for any organization.
Start using Mint to Manage your debt goals and unify all your accounts under one roof. It saves a lot of time and reduces the likelihood of errors.
A simple and clean interface is still the main attraction of Mint, although you will be amazed to see the financial dashboard at first glance.
Allows users to retrieve information from bank accounts and credit cards to analyze expenses and view the exact items to improve finances.
Sends alerts for due dates and low balances, eliminating the risk of late payments. Plus, Mint can share real-time information about your money.
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This application can help you increase the amount of your savings and manage your accounts from one place. It opens a new way to earn extra money by rounding up the last amount paid to the nearest dollar and transferring it to a separate account. With this software you can also connect bank accounts and credit cards. This way you can keep track of all purchases and transactions.
The minimum price starts at just $1 per month, making it a popular choice for small and medium-sized businesses.
You will find several plans, with the family plan being the most interesting. It can motivate your child to save money with you.
Also, the savings amount is automatically transferred to a diversified portfolio of ETFs to keep you active in the market.
Don’t limit users to just one savings amount with the rounded up pennies. You can manually adjust the amount of automatic savings transfers.
Comes with a robust set of articles and videos, while you can earn extra money by shopping at partner brands like Airbnb, Home Depot, and Sephora.
Offers dedicated plans for checking, investment, and retirement accounts and many portfolios so you can get started right away.
4. You need a budget
With a handful of flexibility and features, YNAB has proudly claimed its place as one of the best financial management software. Although it’s expensive to compare it to its free counterparts, YNAB will certainly be worth every penny you’ll find once you start using it.
You won’t notice any delays and will enjoy a smooth performance during workflows and automation. YNAB is designed to guide you with an intentional and forward-thinking plan to keep you on track and achieve your financial goals.
The best part of YNAB is the ease of integration with all your accounts, although there is an option to enter transactions manually.
Includes full real-time information about your finances that you can access at any time from any device.
You can automate business processes with YNAB, but it focuses more on teaching you how to budget and plan accordingly.
If you want to take full advantage of it, a larger time investment is required, while it’s quite easy to use if you stick to the basic functions.
You’ll also discover goal tracking and reporting features to get full control over your financial progress and desired results.
You can also take help in creating a value-based spending plan, allocating financial resources and generating meaningful reports from the YNAB application.
You will find many people who love to manage their money with their partners. Honeydue is the perfect solution for these people as it focuses specifically on providing solutions for couples. Like any other money management software, Honeydue lets you connect your bank accounts and credit cards.
Besides, you’ll be able to restrict the valuable information regarding sharing with your partner. Even if you want to communicate with your partner regarding money matters, you can do so with Honeydue with its special features.
Transmits alerts for upcoming bills or when you exceed preset spending limits. This gives you full control over your finances at all times.
Comes with no monthly fees. And the automatic categorization of transactions can be mentioned as one of the best benefits Honeydue can offer.
With the help of customizable notifications that come with this software, you will never miss any important notification again.
It provides all the useful tools that a couple may need to manage finances together. You can comment on each other’s spending with a note, a thumbs up, and emojis.
Can view individual and joint transactions in one place, saving you a lot of time and eliminating the need to collect bank statements.
Can make tracking expenses easier and allow you to add custom categories. Reporting features are limited and no desktop version is currently available.
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This software is another great addition to this list, designed specifically for people who want to optimize their budget with the cash envelope system. You still don’t have to use cash, but with this app, you can easily sync all financial accounts. Moreover, this tool works great when you are trying to import your transaction history with just one click. If you want to get hands-on help, upgrading to the Plus package is a good choice for you.
Limits you to a certain amount for each monthly expense to save your money. The Mvelopes Basic plan for beginners works well for entry-level businesses.
You can consider it a great envelope system app and also offers several short video series to educate customers on various money topics.
Offers a dedicated Android and iOS app for the clients which makes it more flexible and you can track your finances on the go.
Works like any other budgeting app, which makes it an ideal choice for beginners. However, you need to overlook the tour to make the most of its advanced features.
It comes with unlimited digital envelopes and allows customers to enter the transaction to simplify the entry process manually.
Although you may not find all banks and credit unions to sync with, the debt reduction calculator could be significantly improved to provide a better experience.
7. personal capital
Personal Capital takes a slightly different approach to other financial management software in this application. They understand the insights required to ensure stable growth of your financial resources. Although the app is free, you may have to pay for the wealth management services.
We can easily consider Personal Capital as an alternative to Mint, as both offer a comprehensive overview of your finances and are learner-friendly. If you don’t need to stick to a strict budget, Personal Capital may be the ideal choice for you.
You get a handful of robust investment tools, while the retirement toolset can take you to the next level of financial management.
Personal Capital can act as your financial coach, helping you stay on track and educating you to better understand your finances.
You’ll be able to set savings goals outside of retirement, and since it’s free, freelancers and small businesses can take advantage of the financial advice.
You’ll be able to use the budgeting tool to get the maximum profit, while using the bill payment tools to focus more on next-level concerns.
You’ll also get excited once you start using dynamic features like the 401(k) analyzer, what-if retirement planner, and project portfolio.
They already have more than $20 billion in assets under management, which proves their reliability and focus on safety.
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Every business faces the common problem of managing tax documents, and TurboTax tries to shed light on this matter. Again, you may not understand the importance of this software until next time. You will definitely find this tool handy, and there are many companies that use this software as one of the tax preparation tools.
Moreover, it is a simple application, so beginners can check this application to manage finances. If you want to file your tax return correctly, TurboTax is just what you need.
The tax information input is completely identical to your employer’s W-2 information, which saves you a lot of hassle.
TurboTax also remembers the tax information you enter once, so you don’t have to do the repetitive tasks the following year.
With TurboTax Live, you can connect with a CPA as well as other registered agents to get personalized advice on your finances.
If you decide to upgrade to Pro, you will also discover an amazing feature to uncover deductions you would never know about.
TurboTax is one of the few available options that offers desktop applications with advanced security for customers.
You’ll also be able to gather insights from the user dashboard and get more information to know the state of your financial situation.
9. Goal tracking & habit list
You can probably understand how this money management software can greatly impact your life to change the overall picture of finances. It’s probably the easiest to get started among the numerous financial management software we’ve reviewed so far. But it is not what you mean by personal finance software. This software is suitable for people who want to change their habits and enjoy the benefits in the long run.
The installation and setup process is straightforward. But compared to its competitors, the user interface could be much better.
Can completely change your financial behavior and improve other practices. The application is small and super fast.
Simplicity and flexibility are the main advantages that Goal Tracker & Habit List provides for you.
You can use the mobile app in conjunction with other traditional financial trackers currently available on the market.
After logging into the system, you will get a green check mark or red X to find your state at a glance.
Goal tracking, money management tools and a habit list are included in the package. You can also check credit statements daily, weekly or monthly.
We will finish the list with one of the most hyped money management software on the market. You will find all the important features and a comprehensive financial dashboard sets it apart from the competitors.
It can allow you to dive deeper into all aspects of your finances. Tools like retirement planning and investment planning are also part of the application. But it prioritizes savings planning and budgeting the most. But the unavailability of great customer support is the biggest downgrade of this software.
Auto saving is the best part of this application, while this banking application can help you improve the efficiency of your workflow.
You can save money almost effortlessly, and this application offers a dynamic toolset to identify excess dollars and put the money into a digital wallet.
Provides automatic budget creation and you will always have an overview of your income, bills and remaining balance in your account.
Allow you to collect bank statements for any period of time. Money reporting features include pie charts, bar graphs, etc.
Benefit from an annual bonus of 0.10% on your savings, while you can claim 0.25% bonus when you activate Genius.
Allows users to invest using the same app. You’ll find several add-ons that boost your savings and provide access to financial advice.