Financial planning software plays a crucial role in helping individuals and businesses manage their finances effectively. In this article, we will rank the best financial planning software in 2024 across different categories. From personal finance tools for individuals to software designed for small businesses, wealth management, and retirement planning, we will explore the top options available in the market. Read on to discover the key takeaways from our rankings.
- Personal Capital, Quicken, Mint, and YNAB are the top financial planning software options for individuals.
- For small businesses, QuickBooks, Xero, Wave, and FreshBooks are the leading choices.
- eMoney Advisor, Wealthscape, Orion Advisor Tech, and Black Diamond are the top financial planning software options for wealth management.
- When it comes to retirement planning, Betterment, Wealthfront, Personal Capital, and Vanguard Personal Advisor Services are the top recommendations.
- Cube stands out as the most comprehensive and cost-effective financial planning software across various categories.
Top Financial Planning Software for Individuals
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. The fee structure for the paid version is as follows: Website: Personal Capital
Quicken is a wide featured financial management system that is highly recommended by its users because of its ease of use and excellent customer support facility. Price: Price plans are categorized online through the Quicken application.
- A single place to have an insight into your net worth, spending, savings, and investments and sync your data across devices to access it from anywhere, anytime.
- Plan your customized budget.
- Online payment or payment through email for all your bills.
- Live customer service.
- Categorize expenses based on your personal or professional use.
- Track your spending to cut off extra outgoing money.
- Robust set of personal finance tools
- Connected companion website available
- Flexible, in-depth transaction tracking
- Excellent set of customizable reports
- Advanced investment tracking
- More desktop-dependent than most other finance software
- Requires manual data entry for banks that do not integrate with the software
Mint is the most downloaded free financial management software, having mostly positive reviews by its users, which makes it a highly recommended application. It provides features such as customized budgeting based on your income and expenses, reminders to pay your bills on time, and personalized insights about your credit flow. Mint is known for its user-friendly interface and easy-to-use tools that help you refine your spending habits and save smartly. With Mint, you can track your spending, find subscriptions you don’t use, and start saving from day one. It also offers the option to link your bank accounts for a comprehensive view of your finances. Overall, Mint is a budget-friendly and reliable financial planning software that can assist individuals in managing their finances effectively.
YNAB (You Need a Budget) is a budgeting application that aims at helping you spend smartly, rather than spending less. The software offers a 34-day free trial and is very easy to use. It provides an easy budgeting method to help you spend more wisely. YNAB lets you sync your data information across devices and share your budget with anyone you want to spend and save together. It helps you achieve your previously set goals by tracking your income and cash flow. The software also gives your financial reports in the form of graphs and charts and provides free live online workshops for customer support every week.
- Easy budgeting method to help you spend more wisely
- Sync your data information across devices
- Share your budget with others
- Track your income and cash flow
- Financial reports in graphs and charts
- Free live online workshops for customer support every week
- Lacks investment features
- Does not pay or track your bills
Best Financial Planning Software for Small Businesses
QuickBooks is a financial planning software that is geared toward growing small businesses. Intuit is a global technology platform with plenty of business and finance products including, QuickBooks. For this reason, many of the products can be used in conjunction with each other such as integrating QuickBooks with Mailchimp to combine your finances and marketing for a more streamlined experience.
- Full-service payroll
- Financial reports
- Inventory tracking
- Billing and invoicing
- Reporting and analytics
- Multiple users can collaborate with QuickBooks
- Large library of add-ons and custom report options
- Customizable reports and invoices
- Software can be complex
- Can be difficult to correct or reverse a mistake once it is made
- The simple start plan is $12.50 a month
- The essentials plan is $25 a month
- The plus plan is $40 a month
Xero is a simple accounting software solution that connects with banks for reconciliation through AI. Xero allows its users to manage all of their accounting needs from one central, easy-to-use platform that will save you time on tedious everyday tasks.
- Pay bills
- Claim expenses
- Bank connections
- Accept payments
- Track projects
- Manage fixed assets
Xero considerably simplifies the invoicing process. You get to use customizable invoice templates to generate and send invoices that look professional. It integrates seamlessly with both bank accounts and credit cards, facilitating automatic bank feeds and effortless reconciliation. Xero also offers tools for effective expense tracking, allowing users to categorize expenses, capture receipts, and set up rules for recurring expenses. Additionally, Xero can be used to generate a wide range of financial statements, providing users with a clear overview of crucial financial metrics. The user-friendly layout of Xero makes it ideal for novice and professional users alike.
Xero is a feature-rich financial management software with many impressive aspects to it. It comes equipped with a robust visual dashboard and security measures that make the platform easy to use and secure.
- Account reconciliation
- Easy to use app and cloud features
- Ability to integrate with third-party applications
- Some users have reported issues with bank feeds being disconnected.
Overall, Xero is a highly recommended accounting software that offers a wide range of features and simplifies various financial processes.
Wave Accounting Software is an online accounting software that provides features including invoicing, billing, payment tracking, payroll management, and finance management. It is a popular choice for small businesses and freelancers due to its user-friendly interface and affordability. With Wave, users can easily create and send professional invoices, track income and expenses, and manage their cash flow. The software also offers integrated payment processing, allowing businesses to accept credit card payments directly from their invoices. Wave Accounting Software is a reliable and efficient tool for managing financial tasks and keeping track of business finances.
FreshBooks is a popular financial management software that is ideal for managing taxes and tracking expenses. This is a tool we feel is best suited for freelancers. It offers features such as full-service payroll, financial reports, inventory tracking, billing and invoicing, and reporting and analytics. Some pros of FreshBooks include multiple users can collaborate, a large library of add-ons and custom report options, and customizable reports and invoices. However, it can be complex and difficult to correct or reverse a mistake once it is made. The pricing for FreshBooks starts at $24/month for the Starter plan, $39/month for the Professional plan, and $79/month for the Business plan. A free trial is available.
Leading Financial Planning Software for Wealth Management
eMoney Advisor is a leading financial planning software for wealth management. It offers a hefty suite of financial planning services for advisor firms and large advisory enterprises. The program is based on four distinct pillars: financial planning, investment management, client experience, and business operations. With eMoney Advisor, financial planners can efficiently manage their clients’ wealth by providing personalized financial plans, investment recommendations, and portfolio analysis. The software also offers features like tax planning, goal tracking, and document storage. eMoney Advisor is a comprehensive solution for wealth management professionals.
Wealthscape is a leading financial planning software for wealth management. It offers a range of features to help individuals and businesses manage their wealth effectively. With Wealthscape, you can access your accounts and investments in one place, track your portfolio performance, and receive personalized recommendations. The software also provides tax planning tools to help you save money on taxes. Additionally, Wealthscape offers advanced security features to protect your financial information. Overall, Wealthscape is a comprehensive financial planning software that can help you achieve your wealth management goals.
Orion Advisor Tech
Orion Advisor Tech is a leading financial planning software for wealth management. It offers a comprehensive suite of tools and features that assist financial advisors in managing their clients’ wealth effectively. With Orion Advisor Tech, advisors can access real-time data, create customized investment portfolios, and provide personalized advice to their clients. The software also includes tax optimization strategies, allowing advisors to minimize tax liabilities for their clients. Additionally, Orion Advisor Tech offers robust reporting capabilities, enabling advisors to track and analyze their clients’ investment performance. Overall, Orion Advisor Tech is a powerful software solution that empowers financial advisors to deliver exceptional wealth management services.
While the above financial planning software options are some of the best in their respective categories, there are also other notable options worth considering. These software tools may offer unique features or cater to specific needs that are not covered by the previous categories. Here are a few other financial planning software options to explore:
- Moneydance: Moneydance is a comprehensive personal finance software that allows users to track their income, expenses, investments, and budgets. It offers features like online banking integration, bill payment reminders, and investment tracking.
- Tiller Money: Tiller Money is a spreadsheet-based financial planning tool that automatically imports your financial data into Google Sheets. It allows you to create custom budgets, track expenses, and analyze your financial goals.
- PocketSmith: PocketSmith is a budgeting and cash flow forecasting tool that helps you plan your finances for the future. It offers features like automatic bank feeds, goal tracking, and scenario planning.
These additional options provide users with more flexibility and choice when it comes to finding the right financial planning software for their specific needs.
Top Financial Planning Software for Retirement Planning
Betterment offers alternative portfolios to choose from, including one focused on environmental, social and governance (ESG) factors. The platform provides automatic tax-loss harvesting as well as a tax-coordinated portfolio option that structures your stock and bond allocation to optimize your tax treatment. In addition to a standard taxable account option, long-term savers should check out Betterment’s retirement accounts, including a traditional individual retirement account (IRA) choice, a Roth IRA, and a SEP IRA option for small business owners. Once you have $100,000 in your account, you’ll qualify for the Betterment Premium tier of service, which comes with unlimited consultations with Betterment financial planning professionals and a higher annual fee of 0.40%. If you prefer the lower 0.25% fee, you can opt to remain on the Betterment Digital service tier with balances over $100,000. The Betterment Digital service tier charges a competitive annual fee equal to 0.25% of your balance, and there’s no minimum balance requirement. Savers with higher balances looking for more advanced services can take advantage of Betterment Premium, which comes with access to live financial advisors. Create an account, pick your goals and enter a few personal details, and Betterment places you in a risk-appropriate portfolio of exchange-traded funds (ETFs). We would note that your portfolio will include around a dozen ETFs, some of which may charge high fees. This isn’t an optimal approach, in our opinion, as you
Wealthfront is a leading financial planning software that offers a free software-based financial advice engine. It provides automated financial planning tools to help users achieve better outcomes. With Wealthfront, users can access an extensive library of content and advisor-led workshops. They can also invest in socially responsible portfolios and receive monthly progress reports. The software has a 4.3/5 rating on Google Play and a 4.7/5 rating on the Apple App Store.
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.
Vanguard Personal Advisor Services
Vanguard Personal Advisor Services is a comprehensive financial planning service offered by Vanguard Advisers, Inc. and Vanguard National Trust Company. It provides personalized advice and guidance to investors based on their individual needs and goals. The service offers several types of investment advisory services, including robo discretionary, hybrid discretionary, and hybrid non-discretionary programs. Clients can choose the program that best suits their preferences and investment style.
One important aspect of Vanguard Personal Advisor Services is the access to real-life Vanguard professionals. These professionals are certified financial planners (CFPs) and fiduciaries, ensuring that clients receive expert advice and guidance. They can assist with various financial needs, such as estate planning and charitable giving. The level of service provided by Vanguard Personal Advisor Services may vary based on the amount of assets in a client’s portfolio.
In terms of fees, Vanguard Personal Advisor Services offers a personalized and comprehensive approach, but it comes at a higher cost compared to Vanguard Digital Advisor. While Vanguard Digital Advisor has a lower minimum deposit and annual fee, it does not provide access to personalized support from a professional financial planner.
For more information about Vanguard Personal Advisor Services, including detailed fee breakpoints and service levels, please refer to the Form CRS and Vanguard Personal Advisor Services Brochure.
Conclusion: The Best Financial Planning Software for 2024
In conclusion, financial planning software plays a crucial role in automating and streamlining personal and business finances. After thorough research and analysis, it is clear that Cube stands out as the best financial planning software for 2024. With its comprehensive features, including automated data consolidation and customizable dashboards, Cube offers the most value for users. Additionally, Cube prioritizes privacy and security, ensuring that users’ data is protected. Schedule a free demo today to experience the benefits of Cube for your financial planning needs.
Frequently Asked Questions
What is the best financial planning software for individuals?
The top financial planning software for individuals in 2024 are Personal Capital, Quicken, Mint, and YNAB.
Which financial planning software is recommended for small businesses?
The best financial planning software for small businesses in 2024 are QuickBooks, Xero, Wave, and FreshBooks.
What are the leading financial planning software options for wealth management?
The leading financial planning software options for wealth management in 2024 are eMoney Advisor, Wealthscape, Orion Advisor Tech, and Black Diamond.
Which financial planning software is recommended for retirement planning?
The top financial planning software for retirement planning in 2024 are Betterment, Wealthfront, Personal Capital, and Vanguard Personal Advisor Services.
What are the key features to look for in financial planning software?
Key features to look for in financial planning software include budgeting tools, investment tracking, retirement planning, and expense management.
Is Cube the most comprehensive financial planning software?
Cube is considered one of the most comprehensive financial planning software options, offering automated data consolidation, customizable dashboards, and industry-leading privacy and security solutions.