Money management programs can be an almost invaluable tool for anyone who needs to keep on track of their finances. And since that pretty much includes everyone, you should know what it is and why it can be so useful. Once you know how they work and what they’re for, you’ll probably want to start using one yourself.
Just as the name of the software sounds, these programs are designed to help you manage your money. And by using one of them to keep track of your finances, you will be better able to make good financial decisions. Some of them can even present you with pre-configured reports to display for you what your financial status is with just few clicks of your mouse, saving you hours of time trying to prepare them yourself by hand.
The variety of programs in this category is enormous, and each of them have different strengths and weaknesses. Most have at least a few things in common though like: the ability to manage multiple accounts, being able to categorize transactions, and letting the user enter notes about each transaction. But beyond that, there is a very large offering of other features available in the different programs on the market that may also be of interest to you depending on your particular situation.
One of the more useful features available in some programs is the ability to download and import transactions from your bank’s website into your program so you don’t have to enter each transaction manually. This saves a ton of time, and makes managing your finances much easier and more efficient. You may even be able to make a list of rules so that transactions are marked as belonging to a certain category based on criteria you set up so that will also be take care of for you automatically.
There are free programs and there are paid programs as well. The more expensive ones are usually better in that they have nicer user interfaces that may be somewhat easier to use, and normally offer more features as well. But there are free (or open source), ones that could work just fine for most people. It all depends on how computer savvy you are, and what you want.
If you have a home-based business or other small business in addition to your personal finances, there are programs that can handle that too. They can keep the accounts separate, but still be able to manage them within the same program. Many will also estimate your taxes and help you plan future forecasts and other potentially useful documents as well.
The bottom line is that whether you want to manage your business finances, your personal finances, or both, money management programs are something that can help you do it much more quickly and easily. There is a huge variety to choose from of both free and paid options, and each of them has their own strengths and weaknesses. The key is to do your research and choose the one that will work best for your particular situation.
RichOrPoor is a full-featured financial software package for individuals, families, and small businesses. Track income, expenses, assets, liabilities, and much more. It gives you over 30 reports so you can get the total picture of your finances.
Click here to learn more about RichOrPoor.