Looking for the best free financial management software option to help you with your accounting in the cloud? Then it is time you discovered FreeAgent. This full featured cloud accounting software offers users a unified dashboard to seamlessly manage their finances, with support for multi-company, multi-currency and multi-user accounts. Here are over a dozen features that can help small business owners or freelancers take control of their finances and develop a more successful business.
Are you sick of losing money? Do you want to manage your finances better? Managing finances is a skill and is much like fine arts — it takes practice. And to practice well, one needs to have the right tools. For example, an artist will need a canvas and paints if he wants to create masterpieces. You need financial management software for business if you want to excel at managing finances.
Mint
Best for being budget-friendly and the cash flow insights it provides.
Mint is a free financial management system that is also the #1 most downloaded personal finance app that assists you in refining your spending habits, reminds you to pay your bills on time, and provides you personalized insights about your credit flow so that you can spend and save smartly.
Features:
- Customized budgeting based on your income and expenses,
- Keeps an eye on your expenditure so that you can cut the excess spending if required,
- Monitors your credit flow, provides reports, and suggests changes,
- Keeps your data secure with 256-bit encryption,
Cons:
- Interrupting advertisements
- Not compatible with some financial institutions. Requires manual data entry sometimes.
Verdict: Mint is the most downloaded free financial management software, having mostly positive reviews by its users, which makes it a highly recommended application.
Price: Free
Honeydue
Best for couples to manage their finances together.
Features:
- Spend and save jointly with your partner.
- Multilingual: Supports English (U.S., U.K., and Canadian), Spanish and French
- Protects you from fraud. Your deposits are FDIC secured.
- Budgeting and instant notifications for each partner
Cons:
- You can not set any financial goals
Verdict: Honeydue is recommended to those who want to spend and save together with the help of software that is available absolutely free of cost.
Price: Free
Mvelopes
Best for budgeting.
Mvelopes is a financial management system that assists you in planning your budget by offering you feature that help you get rid of debt, increase your savings, and spend judiciously.
Features:
- Plan a budget in minutes
- Helps you pay off your debts
- Helps you increase your savings
- Allocate your money to different envelopes, each having a purpose
Cons:
- Manual data entry is annoying
Price: There is a 30-day free trial, then you have to pay according to the following price plan:
- Basic- $5.97 per month
- Premier- $9.97 per month
- Plus- $19.97 per month
FreshBooks
Available at FreshBooks Check Price FreshBooks offers a well-rounded and intuitive double-entry accounting experience with the tools that a very small business needs. An exceptional user experience and smart blend of features make it a top choice for sole proprietors and freelancers.
Pros
- Delightful user experience
- Context-sensitive settings
- Team collaboration and time tracking tools
- Inventory tracking
- Supports proposals, projects, retainers
- Automatic mileage tracking on mobile apps
Cons
- Some dashboard deficits
- Limited invoice customization
- Establishing bank connections can take time
Intuit QuickBooks Online
Available at QuickBooks Check Price Intuit QuickBooks Online is still the best online accounting application for small businesses, thanks to its depth, flexibility, and extensibility. It’s easy to use, well designed, and built to serve a wide variety of users. It’s also expensive.
Pros
- Enhanced onboarding
- Improved dashboard
- Excellent user interface and navigation
- In-depth contact records and transaction forms
- Numerous customizable reports
- Supports projects, payroll, and many add-ons and integrations
Cons
- Expensive
- Online support could be better
Sage 50cloud Accounting
Available at Sage US Check Price Sage 50cloud Accounting is a robust small business accounting application with comprehensive financial tools and generous customization options. Its integration with Microsoft 365 makes it a hybrid solution: local, hard drive-based software that can share data with productivity applications via the cloud.
Pros
- Exceptionally sophisticated feature set
- Great customizability
- In-depth contact and item records
- Noteworthy inventory management tools
- Good support options
- Microsoft 365 integration
Cons
- Windows only and resource-heavy
- Some elements of UI look dated
- Lacks comprehensive mobile app
Personal Capital
Best for planning retirement with the assistance of experts.
Personal Capital is a financial management software that assists you in managing your cash flow, your wealth, making budgets so that you can plan for your retirement with the help of personal strategies offered by the software.
Features:
- Get expert advice to make strategies for future planning
- Helps minimize tax expenditure
- Can be used online as well as through the mobile application
- Plan your savings and spending based on your net worth and your liabilities
Cons:
- Can not work if your net worth is less than $100,000.
Verdict: Personal Capital is highly recommended to large enterprises or big investors who need expert advice for strategic financial management and planning.
Price: There is a free version.
FutureAdvisor
Best for making and maintaining portfolios
Future Advisor is one of the best financial management systems which assists you in making wise investments by giving you expert advice and helps you make digital portfolios. You can access your account anytime.
Features:
- Manages your wealth by saving taxes, suggesting diversified investment opportunities, and managing your multiple accounts.
- Tax-Loss Harvesting: If any of your investments devalues, the system uses the technique of delaying taxes, to save your money.
- When you want cash, the system sells some of your assets to make cash available to you while making sure that your remaining assets are well diversified.
- Makes decisions for maintaining the value of your portfolio, keeping in mind your risk tolerance level and how to save for your retirement.
Cons:
- High management fee
Verdict: FutureAdvisor users state that the system offers some very nice features absolutely free, the fees charged later is very high, but it is a highly recommendable managing software.
Price: Contact directly for price quotes.
Money Dashboard
Best for planned expenditure and savings.
Money Dashboard is a web-based financial management software that manages all your accounts and helps you increase your savings by keeping you informed about how much net amount of money you have after paying your bills from time to time.
Features:
- Plan your expenditure, the software will notify you from time to time of the money left for saving after paying your bills
- One place to have an insight into all your bills and subscriptions
- Keeps an eye on your spending so you can cut off your extra spendings to save for unforeseen circumstances.
- Can connect with banks or financial providers to help you retrieve or transfer money instantly.
Cons:
- No compatibility with Windows or Mac
- Not much useful to large enterprises
Verdict: Money Dashboard is a highly rated financial management system that works as an application on Android or iPhone/iPad. The application has been voted as the best Personal Finance app in the British Bank Awards.
Price: Contact directly to get price quotes customized according to your features’ requirements.
NetSuite Software
With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by automating core processes and providing real-time insights into operational and financial performance. What is NetSuite? NetSuite is a cloud accounting software that provides a complete view on financial performance and cash flow analysis. The system comes with features including general ledgers, cash management, tax management, accounts receivable and payable, fixed asset management, and payment management. How do you use NetSuite? NetSuite is a cloud-based system, which can be accessed through an active internet connection. There are no installations or downloads necessary to use the software. Users can utilise the key performance indicator to view analysis on receivables, payables, sales, total bank balance, and more. Who uses NetSuite? NetSuite can be used by companies of any size in any industry in need of financial management software. How much does NetSuite cost? NetSuite does not share pricing details publicly. Please contact Oracle for information on starting price and available plans or tiers. Does NetSuite have an app? NetSuite has an app available on both IOS and Android devices.
NetSuite Pricing
Pricing available on request.
Starting price:
$499.00 per month
Free trial:
Not Available
Free version:
Not Available
Moneydance
Best for investors.
Moneydance is a personal finance application that helps you in managing your finances, budgeting, and making investment easier and more productive for you.
Features:
- Connects with hundreds of financial institutions and sends payments automatically
- Provides you financial reports containing the summary of your cash flow
- Reporting done with the help of graphs
- Set reminders for bill payments and never pay a late fee
- Assists investors by showing current prices or performance of various stocks, bonds, mutual funds, and more.
Cons:
- No synchronization on cloud
Verdict: Moneydance is a highly recommendable application for investors or those who look for personal budgeting software.
Price: There is a free trial for 30 days. Price starts from $49.99.
PocketGuard
Best for those who want to cut excess expenditure and save more.
PocketGuard aims at simplifying your finances by taking control of your savings with the help of the autosave feature. It shows you your expenditure on various departments so that you can cut the excess expenditure in order to save more.
Features:
- Set your goals and the system will show you how much amount of money is left after paying your bills and necessary expenses
- Plan your expenditure, cut excess spendings to achieve your saving goals
- Have a glance at your accounts, cash flow at one single place
- PocketGuard even helps you negotiate for better rates on your bills
- Keeps your data secure with 256-bit SSL encryption
- The autosave option lets you save automatically, the amount you wish to save each month. You can withdraw cash from autosaved money, anytime.
Cons:
- Not available globally
- Lacks features for investors
Verdict: PocketGuard is a simple and affordable budgeting and planning application that aims at maximizing your savings. The software is currently available in the USA and Canada only and is recommendable for those living in the USA or Canada, who want a simple budgeting app.
Price: PocketGuard is free. The Plus version is paid which costs $4.99 per month or $34.99 per year.
Conclusion:
You might think that you don’t need accounting software if you own a business. After all, don’t large corporations have to use complicated, expensive solutions for their finances? However, even a small business needs effective financial management software. Since your goal is profitability and continued success, great equipment, and outstanding employees – effective financial management software can help.