These days most people are too busy to carry a satchel filled with random copies of receipts and bills that need to be paid. Likewise, they’d prefer not having to add, subtract, multiply and divide when a home accounting software can do it for them.
Online accounting software helps you get your finances in order, track expenses, and budget for future expenditures. Not only does the software teach you accounting basics but it can help you achieve long-term financial goals and the best way to make wise investments.
So, let’s find out which home accounting software is the best fit for you.
Top 10 Home Accounting Software
As you review highlights of the following software, compare the features and pricing to help you choose the one most suitable for your financial needs.
- Best for: Budgeting, managing and tracking debt, and creating financial goals
- What can it help you do? Available in Starter, Deluxe, Premier, and Home and Business plans, so you can upgrade to different software as your financial needs change. Depending on which module you choose, you can manage money, pay bills online, simplify your taxes, and separate personal and business expenses to run a business. Software is available for desktop, mobile and web usage.
- Price: $29.99 to $59.99
YNAB (You Need a Budget)
- Best for: Staying on budget and tracking financial goals
- What can it help you do? By knowing where you spend money, you can learn how to stop overspending and get out of debt. You can share information in real-time from any device and set up reports to chart your progress. At any time, you can review budget categories in order to spend purposely.
- Price: Free trial, $11.99/month or $84/year
- Best for: Controlling spending, forecasting cash flow, and making investments
- What can it help you do? Works with other financial software to upload data. You can add transactions on the go, sync with bank accounts, spot spending trends, and receive alerts to pay future bills. Track investments, set aside savings for retirement and children’s’ college education and share data with your accountant.
- Price: Free trial, $1.99 to $9.99/month
- Best for: Staying on top of paying bills and maximizing how you spend money
- What can it help you do? Keep all your financial information in once place so you can view account summaries at a glance. The home accounting software provides personal finance tips to create a budget and monitor expenses from a single dashboard. Get alerts when bills are due and funds are low. Unlimited free credit scores are available that don’t harm your score.
- Price: Free
- Best for: Managing money from anywhere and syncing data from banking, credit cards, retirement accounts, and categorizing accounts
- What can it help you do? Use Android or iOS apps to use the cloud-based software for computing on the go. You can run register balances, set up recurring transactions, invoice customers, and import data from software such as Quicken and Mint.
- Price: $9.99 – $39.99/year depending on the plan, add ons $10 and $60/year
- Best for: Investing and tracking where your money goes
- What can it help you do? View all your banking and investment accounts from one dashboard. The cash and wealth management software helps you take control of finances by setting up and tracking your budget, watching your investments, and planning for retirement expenses.
- Price: Free, fees charged when talking with a financial advisor
- Best for: Learning to budget your finances and reduce debt
- What can it help you do? By sticking to a budget, you can stop overspending, eliminate debt, and save money. All plans give you access to live chat, automatic transaction and account balance monitoring, and interactive reporting. With upgraded modules, you can choose from features such as debt reduction strategies or work with a personal finance trainer to develop a customized financial plan.
- Price: Basic $6/month, Plus $19/month, Complete $59/month
- Best for: Managing your money using a spreadsheet
- What can it help you do? Automatically import and categorize data from your banks, credit cards, mortgage accounts and other sources to Google Sheets or Microsoft Excel spreadsheets. You can track transactions daily to keep up with spending or get daily emails providing a summary of transactions to linked accounts.
- Price: 30-day free trial, after 30 days $59/year
- Best for: Accounting for individuals and small business owners
- What can it help you do? Easy to use software for tracking expenses, income, and stocks. The software allows you to make double-entry transactions and create reports and graphs. Use GnuCash like a checkbook register to balance your books. Works with select versions of Mac, Windows, and Linux operating systems.
- Price: Free
- Best for: Budgeting, saving, and lowering your bills
- What can it help you do? The downloadable Apple and Google app helps you review financial activity by providing a summary of credit cards, checking and savings accounts, investments, and loan transactions. The software suggests ways to save money and improve your financial health. It builds a budget based on your income, bills and personal financial goals.
- Price: Free, PocketGuard Plus for $34.99/year
Did one or more of these home accounting software packages seem appealing? If not, the following tips will help you select the right one.
How to Choose Home Accounting Software
These guidelines on how to choose home accounting software will make your decision a lot easier.
- Cost: Most home accounting software is available in free and premium versions. When you first learn about bookkeeping and accounting, a free version provides access to basic features. Should you decide to start a small business, later on, you’ll want upgradable software with more features.
- Software basics: Home accounting software should help you track your spending, stay on budget and set spending limits. The software should have built-in features like setting up a savings account for emergencies as well as planning for retirement and reducing your tax obligation.
- Other considerations: Whatever software you choose shouldn’t restrict the type of accounts you can add. You want to be able to monitor all your accounts (checking, savings, investment, and others) in one software application. Being able to print out reports and customize them is equally advantageous. Then too, it’s important to be able to contact a customer service representative who can answer any questions. Additionally, home accounting software should utilize multi-factor authentication (username, password, and secret code) to guarantee your privacy and security.
Gone are the days (or they should be) of keeping your accounting records in a shoebox. Why not use home accounting software to simplify your finances and your life? Getting your finances in order can save you huge blocks of time to devote to other things.