10 best financial management software and solutions in 2023

Each company has a unique goal that helps it establish itself in the existing competitive market. It is important to adhere to the standards and pay attention to the basics to achieve long-term financial results. That's when financial management software comes into play to help you develop and stick to your budget more easily. It can also help you monitor your credit score, link to bank accounts, track expenses, manage investment portfolios and so on.

Your financial needs play the most important role in determining which software is best. While some financial software can help you manage an investment portfolio, some focus more on budgeting and expense tracking. You also need to keep an eye on the budget for managing financial needs. In this article, we will explain the features of the best financial software. So if you want to get your finances in order, you've come to the right place.

What is financial management software?

Financial management software, commonly known as FMS, helps businesses manage assets, revenues and expenses. It has a number of specific features that have made it an essential part of business processes today.

If you want to talk about various functions of a financial management system, we can mention reducing errors in accounting management, maintaining audit trails as well as ensuring compliance and maintaining applicable accounting standards. It can also take care of payroll, inventory tracking, tax preparation, etc.

Advantages of financial management software

You won't find any other software that can better handle your company's financial resources 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.

Avoids Debt: You will get full support to avoid unnecessary debts by using the full funds properly. It will also eliminate the need for additional funds by reducing the overall cost.

Determines appropriate capital: as the most important feature of a financial management app, I can mention the estimation of appropriate capital. It can determine the right amount of money in advance so that you can receive it on time.

Top financial management software

If you look at the current market, you will easily understand how personal finance is flourishing. As a result, you can now find software that can help you deal with any situation. We have sorted the best financial management software for you to stay on track and choose the right one for you. There are many programs you can choose from, but the software below can answer all the questions you have regarding personal finances.

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.

2. Mint

Mint money management software

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.

3. Acorns

Acorns Finance App

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.

4. You need a budget

You need a budget finance app

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.

5. Honeydue

Honeymoon for couples

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.

6. Envelopes

Mvelopes cash management software

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.

7. Personal capital

Financial management software from 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.

8. TurboTax

Money management software TurboTax

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.

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.

10. Albert

Albert financial management software

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.