Are you looking for financial management software to manage your expenses and personal finances in 2022? Then here are some of the best available for you to use.
Many people should think about how to handle their financial problems better, how to track expenses, budgeting money earned in the right places, bank account management along with other accounting related tasks.
Maybe we need to set a budget to reduce unnecessary expenses, or just to better understand the spending situation. You can use free and open source accounting software.
Now, what is the need to use such a tool or application, it is because everyone’s consumption situation and purpose of use is different, some people are used to using cash, and some people use online payments more; some want automation and simplicity, and some want customization and multi-function. Therefore, the practical situation of the following popular open-source tools varies from person to person for reference.
6 Best Free Personal Finance Management Software
If you want to better manage your personal finances on Linux, macOS and Windows, the following 6 open source software can help with your financial management.
1. HomeBank
HomeBank is a free and open-source software for personal accounting managers. It has an easy-to-understand interface for creating financial charts and reports. Being a cross-platform tool, we can install it on OpenBSD, Linux, FreeBSD, Microsoft Windows, macOS and AmigaOS.
The macOS version of HomeBank has been ported by a third party called macports.org which is an open-source community initiative for macOS. It is a lightweight accounting software and only takes a few seconds to install on the system.
The best thing about HomeBank is that it supports all major currencies, 56 languages and is always up to date. We can set initial or minimum balance available in our account along with bank account number for reference only and on entry will automatically manage account details.
Offers Bank, Cash, credit card, Asset type account management. Users can import accounts from Quicken or Microsoft Money, including other financial management software in supported formats such as QIF, OFX, QFX, and CSV.
Other features of Home Bank are Dynamic report generation, duplicate transaction detection; split transactions; budgeting tools and more.
2. GNUCash- Personal finance software
GnuCash is another popular open-source software for managing personal or small business finances. It is licensed for free under the GNU GPL software. Just like HomeBank, it also supports multiple operating systems including GNU/Linux, BSD, Solaris, Mac OS X, and Microsoft Windows.
GnuCash is designed to be easy to use, yet powerful and flexible. It allows you to track bank accounts, stock, income, and expenses. It’s intuitive and fast to use like a diary. GnuCash is based on professional accounting concepts to ensure balanced bookkeeping and accurate reporting.
With double entry bookkeeping, you can track transactions in two places. GnuCash will provide you with detailed reports from this perspective regardless of the account.
The simple user interface of GNUcash is made very simple as auto-completion and other simple ways to login not only work for you but also reduce data entry errors. It allows entering data from online bank statements and software packages using qif (faster exchange format), ofx and hbci files.
Furthermore, Gnucash helps you catch up on the discrepancies in the data and reports you get. Multiple currency tracking features are used to monitor various Bank accounts, investments or other financial data using different currencies.
There are several other features of this open-source financial software that are very useful and make it an optimal choice, such as reports and charts allowing you to archive valuable information for taxes, budgeting, or just figuring out where your money is being spent.
3. Money Manager Ex
Money Manager Ex is also a cross-platform personal finance management tool with a nice interface. It is also available as a mobile app apart from Windows, Linux and macOS with cloud sync capabilities which makes it easy for us to track our expenses and accounts across multiple devices.
Users can prepare their budgets and to manage expenses, the software can estimate cash flow; charts and piecharts can be created to easily understand the account situation; Checking, credit cards, savings, stock investments, asset accounts are some of the other features of Money Manager Ex.
Moreover, it provides reminders on recurring bills and deposits; can import data from other programs in CSV and QIF formats; using SQLite Database with AES Encryption.
MMEX can be used as a portable software which means there is no need to install just save the settings in a USB drive and run it directly from there. To support diversity, this software is available in 24 languages.
4. KMyMoney- personal finance tool
KMyMoney is another eligible software for personal finance management developed by KDE. It is also a double entry bookkeeping system which supports different types of account types such as GNUcash.
The operations performed in this software are similar to Microsoft Money. we can import accounts from other accounting software into QIF format. Further, the developers made it an extension-based program whose features can be extended using plugins.
It has been developed in the C++ programming language and can be installed on FreeBSD, Mac OS X, Linux, Windows operating systems.
KMyMoney supports functions such as institutional and account management, tags, QIF import, reconciliation, scheduling, classification management, investment tracking, budgeting, etc., and provides multi-currency support. But it doesn’t support small business functions like GnuCash, and it’s preferable for individual users who don’t want to be bothered with various options.
5. Skrooge
Just like KmyMoney, Skrooge is also powered by KDE. This software is also not much different from some other expected capabilities such as being able to import transactions in various formats such as AFB120, QIF, CSV, MT940, OFX, QFX. Apart from that, it can also import documents from other popular personal finance software including those mentioned in this list and Microsoft Money.
It also has the ability to directly import bank website transactions in one click. Reporting using graphs and charts; Budgeting; Unlimited category levels; Scheduled operations; Multi currency and Manage payees are some of the other features.
Skrooge is also cross-platform available for Linux including as App image, SNAP, Flatpak; macOS and Windows.
6. Accounting
Akaunting is a free and online accounting software that has a really modern and fluid design. If one does not want to install it on their system, they can also use the Akunting cloud application which is hosted on the official website.
It is a web application which once downloaded has to be placed on a web server locally or remotely. Akaunting is developed using modern technologies like Laravel, Bootstrap, jQuery, Swift Mailer, API etc.
Users can create invoices, accept online payments, and track expenses. Apart from that, another feature is online accounting so it supports multiple devices; customer management; Create and manage invoices; multi-currency support; inventory tracking and managing goods; financial statements; multilingual; Configure permissions; Discount; Automatically generate invoices, revenues, invoices and payments; Create bank accounts and unlimited cash; invoice; app store to expand Accounting capabilities and more.
