Managing finances in this fast-paced and tech-driven age requires the utmost precision and efficiency. Considering the challenges one might encounter, using financial management tools can help! Thankfully, you get an array of powerful tools in the market, which emerged to streamline budgeting, track expenses, and plan strategic financial moves. Moreover, you can find reliable tools that offer deeper insights into your company's financial health and extended features to achieve desired growth. In this article, I will list the best financial management tools anyone in the financial sector should learn.
What are Financial Management Tools?
These are software systems encompassing a diverse range of applications, platforms, and resources for efficient financial management. You can find the tools specifically designed to assist businesses and organizations in effectively managing their finances. Moreover, you can look for personal financial management tools that help individuals deliver desired value in their work. At their core, these tools aim to provide users with insights into their financial health and empower them to make informed decisions about their money. Companies often hire individuals who have taken ITIL classes because they have hands-on experience using these tools to help meet the financial targets of any organization. Overall, financial management tools play a crucial role in promoting financial literacy, accountability, and long-term financial well-being.
Why Financial Management Tools are Important?
Using financial management tools can benefit individuals and businesses in several ways. They sort the financial planning and significantly reduce the chances of human error that can lead to an irreparable loss. I have listed a few other benefits of these tools to help you understand why it is important to use them.
- These tools contribute to improved financial well-being and long-term success.
- They provide clarity of one's financial situation by consolidating various accounts and transactions into a single platform.
- You get a holistic view to understand the income, expenses, debts, and assets, facilitating informed decision-making.
- Another benefit is that these tools promote budgeting and expense tracking, crucial components of financial health.
There are countless other perks that emphasize the use and significance of the best financial management tools.
Top 10+ Financial Management Tools in 2024
From my personal experience and considering the benefits they offer, I would highly recommend the use of financial management tools. So, anyone planning a career in this domain should opt for TOGAF certification training online to learn the latest tools available in the market. It will help them grab the best job opportunities and enjoy a secure professional career. Here is a list of financial management tools most commonly used in finance sector.
mint.intuit Key FeaturesMint is a popular financial management tool by Intuit that is available in free and paid versions. The key features of this tool are:
- It is free to download and use
- You get a bill payment tracker and customized notification alerts
- It provides subscription management and budgeting features.
Pros
- There is a multi-factor authentication process.
- A free version of the tool is available.
Cons
The only drawback is that there is lack of investing features.
Pricing: There is a free version available. The paid version starts at $4.99 monthly.
Customer Rating: The tools have a 4.8/5 rating on the iOS app
ramseysolutions Key Features
It is a trusted mobile finance application offered by Finicity, providing a scope for envelope budgeting. Key features of this tool are:
- It offers free trials to the users
- Online learning solutions are available
- Enables users to achieve real-time budgeting with digital envelopes.
Pros
- It offers information about where the user stands in terms of their budget expenses.
- The platform specializes in debt reduction
Cons
The con of this platform is that it doesn't keep track of upcoming bills.
Pricing: A free trial is available. The basic paid plan starts from $6.
Customer Rating: The app has a 4.1/5 rating
Tool 3: Future Advisor
play.googleKey Features
This online investment robo-advisor has the potential to automatically manage all your investments. The key features of this tool are:
- direct management of taxable investments for joint and individual accounts
- Efficient management of IRAs
- Recommendations for rebalancing are available on any significant changes in the user portfolio.
Pros
- It significantly helps elevate the user's returns
- You can acquire personalized diversification through portfolios
Cons
The drawback of this tool is that it offers narrow investment choices.
Pricing: You pay 0.50% per year of the assets managed.
Customer Rating: The app has a 3.2/5 rating
Tool 4: Money Dashboard
moneydashboard Key Features
The financial planning tools excel in managing finances, and Money Dashboard is a pioneer in this category. It allows users to understand and manage their financial expenses. Some of the key features are:
- You get all your accounts in one place for easy management
- It provides financial history for users to track and have an account of all expenditures.
- You can create offline accounts if you cannot connect to a specific investment.
Pros
- Automatic notification system for alerts when the balance is low or you have outstanding bills.
- Users can set up payday on this tool.
Cons
The drawback is that the app doesn't provide enough help or guidance.
Pricing: Free to Use
Customer Rating: The app has a 4.2/5 rating
Tool 5: Moneydance
moneydashboard Key Features
It is one of the most easy to use personal financial management tools that prioritize user privacy. The app supports any extensions you get with your online banking or budgeting platform. Key features of this platform are:
- The users can set payment schedules to avoid missing payments
- It offers a unique feature, an account register to enter, edit, or delete account transactions.
- You get elaborated and visualized graphs for better understanding.
Pros
This platform keeps your data secured and never shares it with any third party. Another advantage is that it is user-friendly.
Cons
The prominent drawback is the lack of timely customer support.
Pricing: A free trial of this tool is available. The starting price of the paid version is $49.99/month.
Customer Rating: The app has a 4.3/5 rating
Tool 6: Pocketguard
pocketguardKey Features
It is one of the prominent applications that offer users a comprehensive view of the expenses and cash flow. You can create customizable budgets to achieve accurate financial understanding. Some of the features of this application are:
- It has visually appealing reports and shows insights in pie chart form.
- Its notable feature is the My Pocket (IMP) tracker which lets users know how much balance is left in their accounts.
Pros
The best feature of this platform is that it lets users track its subscription services to ensure they do not pay for something they are not using.
Cons
The drawback is that its free version offers limited features.
Pricing: A free version is available. The paid plan starts from $7.99 per month.
Customer Rating: The app has a 4.7/5 rating
Tool 7: GoodBudget
play.googleKey Features
It is a modern-day budget-tracking tool that lets users organize and prioritize their finances. Using this tool, one can achieve all their financial goals conveniently. Some of the features of this tool are:
- Effective syncing and sharing of budgets
- Plan and save on big expenses seamlessly
- Generate reports to analyze income and spending trends.
Pros
You can track all your expenses with your friends and family. Another benefit is that it lets you pay off the debt with a budget plan that suits you.
Cons
You might experience issues with syncing the platform with your bank account.
Pricing: A free version of the platform is available. The paid features start from $8/month.
Customer Rating: The app has a 4.1/5 rating
Tool 8: Yotta
withyotta
Key Features
Yotta is the tool that most users prefer for an encouragement to save more. The platform is open-source, and you get rewards for every saving. The key features of this tool are:
- It encourages the users to save money through its reward system
- You can withdraw the deposits anytime you want.
Pros
There are six chances every month to win the lottery and multiply your savings.
Cons
The drawback you might encounter is poor customer service.
Pricing: Free to download and use
Customer Rating: The app has a 3.7/5 rating
Tool 9: Albert
albert
Key Features
Albert offers a wide range of features for efficient financial management. It allows you to manage your wealth, achieve desired saving goals, and get instant cash conveniently. The key features of this platform are:
- It offers users instant cash, which they can use to repay during the next pay cycle.
- There are expert advisors who can help you seek proper investment guidance.
- The application offers a 0.10% annual reward on savings.
Pros
The most prominent advantage of this financial management tool is getting real-time advice from efficient financial advisors.
Cons
The drawback is it might take a lot of time to be eligible for cash advances.
Pricing: You get a free 30-day trial. The paid version is for $4 per month.
Customer Rating: The app has a 4.4/5 rating
Tool 10: Quicken
quickenKey Features
Quicken is a personal financial management tool that lets users manage their finances efficiently. It gives a clear idea about the financial status that forms the basis for fruitful decision-making. Key features of this tool are:
- Let users optimize their savings goals
- Offers space for debt management and reduction
- Allow users to build emergency funds to cover unexpected requirements.
Pros
The users get multiple opportunities and advice to grow and diversify their investments.
Cons
The drawback is that this tool doesn't track debts.
Pricing: For individual use, you would have to pay $2.39/month. For enterprise use, it charges $5.99/month.
Customer Rating: The app has a 4.5/5 rating
Tool 11: Financial Force
erp.financialforce Key Features
Financial force is a cloud financial management tool that streamlines financial reporting and provides a detailed view of the organization's financial health. The key features of this application are:
- It offers detailed spreadsheets with filtering processes
- It allows you to upload a file from Excel
- Real-time financial reporting
Pros
The most highlighted advantage of this platform is that it offers 24x7 support to all its users.
Cons
The drawback that most users reported is that many features offered under this platform are time-consuming.
Pricing: It offers custom plans based on your requirements.
Customer Rating: The app has a 4.4/5 rating
Tool 12: FreshBooks
erp.financialforce Key Features
This tool is a boon for small businesses as it lets them manage their invoicing and billing quickly and efficiently. Freelancers and self-employed professionals mostly use this tool for financial management. The features of this tool are:
- Handles all accounting tasks for small entrepreneurs, like invoicing or reporting.
- You can track work time using this tool
- Create & track invoices in real-time.
Pros
You get access to a tax advisor who can help customize your budget and accounting as per your requirements and preferences.
Cons
The application may crash when you use high-volume data.
Pricing: The plan starts from $19/month.
Customer Rating: The app has a 4.5/5 rating
How to Choose the Right Tool for You?
The wide range of options available in the financial manager tools makes it challenging for professionals to pick one that would solve all their issues. Choosing the best tool requires detailed research and careful consideration of preference, budget, and financial goals. You might need a specific tool if you wish to handle budgeting-related tasks, but the choice can be entirely different if your target is to track expenses. I have listed a few considerations you should consider while narrowing your options.
- Consider the usability and tool interface. You should opt for a platform with an intuitive design that aligns with your technical proficiency and preferences.
- Look for features such as customizable dashboards, easy navigation, and mobile accessibility to ensure a seamless user experience.
- You should also consider compatibility and integration capabilities; these are crucial factors that confirm that the tool can sync with your bank accounts, credit cards, and other financial accounts.
If you are an organization selecting tools, make sure you also consider hiring an expert who has completed ITSM certification courses online or any other relevant training to be able to adapt to the selected tools comfortably. Use these tips to evaluate and choose the tools that align with your financial needs and preferences to achieve your financial goals.
Conclusion
The landscape of financial management tools commonly used offers a plethora of options to suit individual and business needs. Whether you're a novice or an expert who has completed the Knowledgehut ITSM certification courses online, these tools can bring efficiency to your work. They provide clarity and visibility into your financial situation and empower you to make informed financial decisions. It is important to use these tools and eliminate human errors, as trivial mistakes can cause irreparable losses when finances are involved. In conclusion, it is fair to say that anyone working in the finance industry should research and choose the best tools that align with their needs, preferences, and budget goals. With the right tool in hand, you can embark on a journey towards financial empowerment and success.
