Personal accounting applications make us more efficient at finance management. They track our incomes, and expenses and discover ways to achieve long-term financial goals.
Not only that, applications to manage taxes and investment portfolios are also available which can increase the returns on investments significantly.
The selection of these applications should be dictated by current financial needs. In this article, we have enlisted the best accounting software for personal finance developed for varying purposes.
Let’s take a look at them and find the application that suits your financial needs the best.
Top Picks for Best Accounting Software for Personal Finance
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
1. Personal Capital – Financial Management That Guarantees Better ROI
Personal Capital is amongst the pioneers of the accounting applications that have developed into a top-tier finance management tool. It was designed as an investment manager but has turned into a full-fledged financial advisor. The application offers an array of free money management tools and retirement plans in addition to tracking cash flow.
The application offers a line-up of free banking services which enable users to get the best interest rates on saving accounts. You can compare different plans, anticipate big expenses and make small changes that can have a great impact on financial wellbeing. There is even a dedicated newsroom that allows users to make informed decisions about investments.
The paid plan offers the services of a team of advisors with a range of credentials. Users can directly contact these advisors via phone call to seek help related to investments, portfolio construction, and brokerage options. Furthermore, users can also use the service to optimize their tax strategy. Under this service, the users get tax-loss harvesting on portfolios that have individual stocks and EFTs.
Personal Capital has a tiered-fee structure that depends on the account balance. It starts from 0.89% on $1 million and comes down to 0.49 on $10 million. The only downside to this application is that it only offers paid services to an account that has $100,000 at minimum. However, users that do not have that much capital can still access the free tools of the application.
Among free tools, investment checker, fee analyzer, and spending tracker stand out. You would have to create personal login credentials but it does not require enrollment in the advisory program. The dashboard of the program is intuitive which lets you see the entire financial picture in one place. It displays net worth, cash flow, portfolio allocation, and portfolio balance among other things.
Furthermore, the app has a holding module that gauges the performance of the investment portfolio. It provides a percentage and dollar amount and lets you know whether the investment is gaining or losing.
Bottom line? Personal Capital is a brilliant service to handle complex financial matters. It offers a plethora of tools to monitor the performance of investments and discover ways to improve return on them. That said, the application is not basic and targets individuals that are financially mature.
- Free trial of 6 months
- A dedicated team of financial advisors
- Offers tax optimization strategy
- Premium security
- Plenty of free tools
- Too high minimum account balance
- Expensive management fee
2. Quicken – Get a Tailor-Made Plan As Per Your Financial Requirements
Quicken has been around for over three decades and offered its services to about 20 million customers. The company offers multiple plans at varying prices which makes it suitable for almost everybody.
It enables users to pick specific plans dedicated to their financial needs that have specialized tools. The peculiarity of the plan makes them affordable as well because users do not have to pay extra for tools that would not be needed.
Their packages start from $35.99 a year which manages basic finances to $93.59 which is ideal for managing homes, businesses, and rentals. You can compare the features of different plans to get the most suitable one. Plus, the application also offers a 30-days of free trial which lets users understand everything in the plan. And if one does not like a particular plan, the option of the switch is also available.
“Quicken Simplifi” is the most suitable plan for users that want basic financial management. It offers tons of features including categorization of transactions, budget, and saving planning.
Furthermore, it takes debts, mortgages, and other financial liabilities into account to provide comprehensive management of the capital. Basic investment management tools are available as well.
A starter plan is also available but it is very basic and most of its tools are available free of cost in other applications. So, unless users do not want to encounter advertisements there is no point in spending $35.99 a year.
“Home & Business” is the most premium plan offered by Quicken. The package includes all the tools ranging from the track of expenses to investment planning. It also offers a “what if” analysis that predicts the likely outcomes of the financial decision based on credit statements and market trends.
Furthermore, Quicken has also launched its own credit Mastercard which delivers real-time notifications when used. You also get 2X points on certain transactions which can be redeemed in multiple ways. This combined with tailor-made plans for different audiences certainly makes the service stand out.
- Comprehensive and specific plans
- Rewarding credit card
- Impressive customer support
- 1-month free trial
- Robust security
- Compatibility issues with applications
- The starter plan provides no great value
3. Truebill – Does Not Let The Subscriptions Milk Your Account
We often sign up for free trials but forget to unsubscribe them which keeps milking money from our accounts. Truebill is designed exactly for such users as it keeps track of the recurrent payments and lets you know about them. It notifies about the subscription charges before due that which can be used to cancel the trial. The schedule also helps in planning the spending to maintain the required subscriptions.
The interface of the application is simple but intuitive which displays monthly spending right at the top. Underneath that there is a graph that accounts for spending over a long span of time. The visual representation gives an idea of average monthly expenses which is crucial in financial management.
Furthermore, you can link multiple bank accounts and credit cards with the application to be informed about balances and credit limits. In addition to calculating cumulative balances, the app also displays the credit in the individual accounts. Investment accounts can also be synched to get a comprehensive picture of your finances.
A budgeting tool is also available which comes in handy while trying to save for major purchases or planning a vacation. It accounts for all the expenses and incoming capital to provide a spending goal required to save a specific sum of money.
Moving on, the application also keeps track of expenses and categorizes them. You would know how much is being spent on groceries, dining, subscription, and gas. This information offers a foundation to build a strategy for optimizing the budget. And also, you can look at the expenditure of previous months to understand whether the strategy is working.
Best part? Most of the services are available free of cost. However, there are some premium services like negotiating with companies on users’ behalf for reduction of bills, smart savings, and premium chat among others. These cost anywhere between $3-$12 annually based on the services you picked which are reasonable and affordable.
- Most tools are free
- User-friendly interface
- Affordable paid services
- Divides expenses into categories
- Multiple accounts can be linked
- Requires access to personal information
4. TurboTax – Files Your Return In One Go
TurboTax is the most popular tax filing service in the US and for all the right reasons. It does not charge for basic services for both state and federal tax returns. Plus, the software runs very smoothly without making the users stuck between different pages. Paid services are also available but average users can get the job done with the basic features.
The free version offers to file simple federal and state tax returns with Form 1040 and claim the earned income tax credit. It also deducts student loan interest and reconciles with advance child tax credits. That said, it no longer entertains 1099-G Forms that handle unemployment income which is a bit disappointing.
Furthermore, Turbotax lets the users import documents in PDF so users do not need to type in details manually. You can import W-2 information directly from the employer provided that it has partnered with Turbotax. If not, you can simply take a photo and upload it to transfer the required data on returns.
The software automatically retrieves the data for those that have used the service before. Even those that have used other services including H&R Block, Liberty Tax, TaxSlayer, TaxAct and Credit Karma can get their data transferred.
Moving on, the free version does not allow itemized tax deduction but offers standard deduction. For an average user, the standard deduction is almost equal to the cumulative deduction after itemization.
Hence, there is no need to purchase additional services which will only consume time. But those that are entitled to deduction significantly higher than the standard rate can choose between Deluxe, Premier, or Self-Employed plans.
The standout feature of the service has to be the import of 4,000 cryptocurrency transactions at once. With most applications, users have to enter each transaction manually which can be quite taxing. That said, the feature is only available on the premier package of the service. Expert help and live review packages are also offered in the paid plans.
- Free simple state and federal tax returns
- Mobile application and web service run smoothly
- Minimal typing is required
- Can import data from other data filing services
- Paid service offers import of 4,000 cryptocurrency transactions
- Paid services do not offer much value
- Free version no longer entertains 1099-G forms
5. PocketGuard – Tracks Your Expenses & Warns Against Overspending
PocketGuard is a basic finance management application that tracks expenses and helps in organizing a budget. You can link multiple bank accounts and credit cards with it to get a complete picture of the finance. Net balance is displayed on the dashboard which is calculated by cumulating the balances in the linked accounts.
The interface of the application has a contemporary look and the transition between options is also fancy. It tracks the expenses and classifies them into different categories. Best part? You can compare the expenses in each of these categories with the previous month to understand if the spending habits have changed.
Furthermore, the application also informs about the upcoming payments so the users can start planning for them in advance. These include electricity bills, online subscriptions, and mortgage payments. The application also warns the users when the account balance falls below a certain amount.
You can set a monthly budget by assigning a specific sum to each category. When the expenditure exceeds the set limit the application informs the users and the bar on the category turns red.
At the top of the budget section, a cumulative sum of the spent budget is also available. You would find it very helpful while making financial decisions.
Moving on, you can also set saving goals in the application for expensive purchases or holidays. The autosave feature in this section sets the saving on autopilot so the users do not have to worry about them. The application also offers a dedicated savings account that can be used free of cost.
All things considered, PocketGuard is a decent app for basic financial management. It has a modern but smooth interface that lets the users navigate between options seamlessly. To top it all off, most services are available for free of cost but premium features can be purchased at just $4.99 a month.
- Modern Interface
- Largely free application
- Can link multiple accounts
- Timely warnings when spendings exceed budget
- Free saving account
- Paid services do not offer much value
6. TradeStation – Trading Was Never Easier
TradeStation has been the gold standard for advanced and established traders. But with its free version, it has also included casual investors in its audience. The service made headlines when it dropped its trade fee and the minimum investment to zero while providing access to the company’s premium tools. Features available in the free version will be enough for you to get started.
For those that are established, there are tons of features as well. TS Select plan requires a $2,000 initial investment but it provides access to a suite of broker’s tools and free trade while using the TS desktop platform. Best part? It allows trading in eight cryptocurrencies and users can also use personal wallets to withdraw their earnings.
The desktop platform of the TS sets it apart from the competition. It offers tools to design, test, and monitor the strategies to deliver the best return on investment.
In addition, the users also have access to direct-market and the option to automatically execute the trade. You can also customize the desktop to highlight the most relevant data to assist in quick decision-making.
TradeStation has more than 270 indicators that assist the users in making a solid trading strategy. All of these indicators are reliable and most of the time their predictions are right. Users that are new to trading would certainly appreciate such help. Furthermore, you can create multiple customized watch lists and charts to understand market trends without opening an account.
- More than 270 indicators
- Some premium tools are available for free
- Apps for Android and iOS
- Highly reputed service
- Allows trading in cryptocurrency
- Confusing pricing and plans
FAQs for Best Accounting Software For Personal Finance
- What Is Personal Finance Software?
Applications that assist in managing the finances which can be anything from developing a budget to monitoring the investment portfolio are personal finance software.
- How Does Personal Finance Software Work?
Finance management applications have varying principles depending on the purpose they are designed for. At the basic level, such software accounts for the income and tracks the expenses to provide a picture of the user’s spending habits. Those that are advanced monitor the investment portfolio and help the users in making decisions that can improve ROIs.
- How Do I Record Personal Finances?
You can link bank accounts and credit cards with finance applications to track expenses and incomes. You would get the expenses classified into multiple categories including groceries, fuels, dining, online purchases, and transport among other things.
- Do Personal Finance Applications Track Your Activities?
Finance applications that are linked with bank accounts and credit cards certainly track shopping activities. However, most reputable applications have robust privacy policies and they do not share the data with third parties.
- How Much Do Personal Finance Applications Cost?
Most Finance applications do not charge for the basic services which are enough for most users. But users that require advance assistance like investment portfolio management may have to pay annual subscription fees. The fees range from 4$-$100 based on the features that users require for the management of their assets.
Personal finance management comprises tracking the expenses, managing the investment portfolio, advance budgeting, and tax filing among other things. Professional help was required for most of these in the past but the evolution in technology has made that practice obsolete.
Tons of applications are developed that are dedicated to each of these tasks. That said, no single software can do it all. Hence, multiple services are required to get the job done.
Enlisted best accounting software for personal finance is brilliant for the services that are designed for. These services will improve your financial management skills and help you achieve long-term goals. We hope it has been helpful. Thank you!