What is Personal Financial Software?
Free personal finance software allows you to carry out your personal finances using standard and double entry accounting practices. In the US it is imperative your finances are done regularly and accurately and the final books presented to the IRS in a timely manner. Many US citizens do their own taxes and this is where good free personal financial software becomes useful and saves some dollars too.
Software Features you may find useful
- Synchronization to other devices
- Double entry book keeping
- Creation of multiple accounts
- Exports in multiple formats
- Imports from multiple formats
- Track stock prices automatically
- Real time tracking
Having Synchronization to other devices with your free personal financial software has the instant added benefit of being able to track your account wherever you are on your phone and updating when you are at home on your PC. When you are handing in your tax forms for the year if your books are already kept in double entry accounting format it will save you many hours of paper work when filling out forms.
The creation of multiple accounts allows all family members to use the same software keeping everything in the same format, this also adds the benefit of everyone understanding each other if you happen to need help at all.
Many transactions are done in various formats so being able to import from more formats is a huge time saver and being able to export in various formats works the same way. There are some more popular formats than others however so you may want to check what your banking transaction formats are and match the software you need to this.
If you happen to deal with stocks and shares it is always a good idea to check that your free personal financial software can track these automatically as there are some software’s that can track these, however; it needs to be done manually and this can be slow depending on signal and download speed of your device.
Real time transaction tracking can be a great addition to your free personal financial software, especially if you use your credit card or check card as these automatically show up on your banking data and are then added to your accounts instantly without manual updating being required.
Archiving is extremely important when it comes to your personal financial records and you need to make sure that the free personal financial software that you choose has this feature. You never know when you will need to look back on your records for a particular transaction and archiving is a definitive must.
Some of the Best Free Personal Finance Software available
There are many different free personal financial software’s available so which one do you choose. Firstly I advise to use the features list above and ensure if you need any specialty features that they are listed in the software features section of the website. Secondly check the free version against the paid version to see if the free version is heavily reduced or if you actually would need some of the paid for features.
One of the most popular free personal finance software’s, Quicken is still on the market today and has already been running for over 25 years now so has plenty of experience in developing a good all round system which is easy to use.
Software has slightly more modern look and slightly faster download times and various features is AceMoney Lite. They have very similar features to quicken however they are a modern company with fresher ideas on accounting, so this may be the one for you.
Don’t be afraid to look around the internet however as there is a multitude of various innovative free personal financial software’s available out there. All you need to do is check out what you need and then search for it. There are software’s available to cater for all walks of life so yours will be out there.