Managing your business and personal finances can be a headache. With so many different options out there, choosing the best one can feel overwhelming. We have compiled a list of the top financial management tools for both personal and professional use.
Personal Finance Tools
Personal financial needs are often different from those of a business. Professional money management tools tend to be very robust and not always suitable for individuals. That’s why we have divided them into two categories. Here are some of our favorite financial management software programs for personal use.
Google Sheets
Google Sheets is a basic tool, but we appreciate its accessibility from any device. It’s also free, making it easy to track income and expenses without much hassle.
If you’re self-employed and prefer keeping all your information in one place without the need for a fancy user interface, Google Sheets is very useful. The formulas are similar to Excel, so if you’re familiar with Microsoft, you won’t have to learn anything new.
Credit Karma
Credit Karma is great for monitoring your personal credit, providing credit reports and scores from TransUnion and Equifax. You will need to check Experian separately.
As of press time, Credit Karma was gradually rolling out a net worth feature, which included the balances that Credit Karma already tracks with the option to link financial accounts and input assets, allowing for a quick debt-asset comparison.
Empower Personal Dashboard™
Empower Personal Dashboard™ lets you link all your investment accounts in one place, making it easy to check your investment allocations. Empower also offers calculators for education savings, net worth, personal budgets, and investments, among others.
YNAB
YNAB follows the zero-based budgeting method, ensuring every dollar that comes in is accounted for. You can connect all your accounts to YNAB to keep track of your balances.
When you link your credit cards to the YNAB app, you can set a payoff date goal or schedule your card’s balance to be paid in full monthly. This helps you determine how much to allocate to this expense each month. Your savings goals can be set without a specific monthly amount, with the option to set a goal date or an eventual goal with no deadline.
Honeydue
Want to budget with your partner? Honeydue enables you to view shared expenses and discuss them with your partner. It also categorizes monthly spending, labeling expenses as individual or shared. Honeydue even offers a joint checking account with a debit card and no monthly fees.
If you prefer not to share your personal account balances with your partner, that’s not a problem. You can limit your partner’s view in the app to keep certain financial aspects private.
Financial management software for businesses
If you’re in need of a more comprehensive financial management software to handle your business finances, check out the list below.
Gusto
Gusto helps you manage payroll effectively as you add employees to your business. It integrates with accounting software to facilitate paying your team and running payroll. Integrations include QuickBooks Online, Clover, QuickBooks Time (formerly TSheets), and When I Work. Gusto also provides solutions for offering employee benefits like health insurance and 401(k) plans.
Operating solo? No worries. Gusto offers options for one-person businesses to pay yourself and stay IRS-compliant.
QuickBooks
A well-established Intuit product, QuickBooks handles all your business accounting needs, including payroll.
With a range of pricing levels based on business size and complexity, QuickBooks offers time tracking options for employees to easily clock in and out, especially for those with a workforce.
My Figures
For financial planning in your business, consider starting with My Figures at low monthly rates. This tool allows you to track your business and personal bank accounts in one place, generating P&L and balance sheets with AI-powered categorization.
My Figures also aids in forecasting to help analyze your growth and runway expenses, providing almost a CPA-like experience.
FreshBooks
FreshBooks, a cloud-based accounting software, caters to smaller businesses with prices ranging from $6.80-$22 per month. It assists with client management from tracking work for billing to enhancing client trust through connection. FreshBooks covers invoicing, payments, double-entry accounting, time tracking, and more.
Expensify
Expensify simplifies expense management, whether you work alone or have a team. Easily scan receipts with Expensify’s user-friendly app. Employees can submit receipts for reimbursement effortlessly.
Expensify offers seamless automation for bill payments and features a corporate card to automatically import and track all expenses. Companies using the Expensify Card receive discounts and cash back.
