You can choose free or commercial software. Commercial software is not so expensive, but perhaps you prefer free software with a specific reason. I will give some reviews on some free personal accounting software for you. I hope this review will help you to choose the software that suits your needs.

Ace Money (Lite Version)

This software is quite easy, you do not need to know accounting knowledge to use it. You just have to understand simple arithmetic function. The first requirement has been met.

This software support.

• multiple accounts such as checking account, savings account, credit cards, loans, etc. On the Lite edition, allow 2 accounts only. Unlimited account on the full edition at $ 30.
• Create and maintain budget.
• Support to 150 currencies.
• Know your spending habits and see where the money goes.
• Reminder for bills and tell you when the next bill should be paid.
• Investment portfolio manager and download data from Yahoo Finance, Google, etc.

Those are pretty much feature for a free software. However, this software has some limitations, among others, no tax support and user interface looks less attractive.

Buddi

My first impression on this personal accounting software is a very simple but very fast. Feature on this software as below.

• Multiple accounts.
• Create and maintain budget.
• Simple report in the form of pie charts and tables. You can add any kind of report you want with install additional plugins and of course for free.

Buddi is designed for home users with little or no financial background and accounting knowledge. So that only gives the basic functions of personal accounting software.

HomeBank

One of the unique features of HomeBank is the vehicle cost report. Vehicle cost report containing costs not only fuel consumption but also repairing cost of vehicle. It is suitable for you who have a personal vehicle. Other feature are.

• Multiple accounts
• Create and maintain budget. One of the advantages in HomeBank is export and import budget in csv file.
• Scheduled transaction.
• Reconcile manually your HomeBank with your Bank Statement.
• HomeBank provide many options in its report such as statistics, trend of time, balance Evolution During the time, budget, and vehicle cost report.

In my opinion, HomeBank provide a complete feature enough for a free personal accounting software. But there is one limitation on HomeBank of this software only supports one currency.

PLCash Accounting Software

The author says that this PLCash program is CareWare not just Freeware. The term is fairly new for me. Let’s see what features of this program.

• Support multiple accounts.
• Reconcile your PLCash with your Bank Statement.

The program is very light to run on your computer but unfortunately there is no budget feature to perform cost control over your spending.

Microsoft Money Sunset Deluxe

After discontinuing Microsoft Money Plus, Microsoft made Money Sunset Deluxe available for free. Microsoft Money Sunset Deluxe replaces earlier versions of the software with no Internet supported features like automatic transaction updates and Microsoft offers no support for this version. Then, what feature of this program?

• Support multiple accounts.
• Create and maintain budget.
• Schedule transaction.
• Microsoft Money Deluxe Sunset provides a bunch of option in its report. The options is divided into 5 categories:
• • Income and expense
  • Investment
  • Asset and liabilities.
  • Taxes
  • Comparison reports.
• Help menu is very helpful. Microsoft Money Deluxe Sunset not only provide help text-based but also video-based.
• Forecast cash flow and cash flow review. These feature can also estimate the state of your cash flow based on the scenario that you specify.
• Lifetime planner.
• Debt reduction planner.
• Portfolio Manager.
• Asset Allocation.

Microsoft Money Sunset Deluxe gives a very complete feature for a free program. I almost do not believe this. Disadvantage which I feel is some of the menus such as Investing, Planning, and Taxes have been disabled and will display the Microsoft’s web page. But, finally I found the trick to access these menu through creating the Shortcuts.

Summary

To facilitate you in seeing the comparison of each software side-by-side then I will show in the tables as below.

Review Free Personal Accounting Software

Feature	Ace Money	Buddi	HomeBank	PLCash	Microsoft Money Sunset Deluxe
Multiple Account	* 2 accounts
Budget
Multiple Currencies
Report	Good	Poor	Very Good	Poor	Excellent
Scheduled Transaction
Portfolio Manager
Reconcile Accounts
Help / Manual	Very Good	Good	Good	Good	Excellent
Cashflow Review
Lifetime Planner
Debt Reduction Planner
Asset Allocation

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Source: Review Free Personal Accounting Software

I want to explain that almost all accounting software have basic modules and supplement modules. Basic modules will available to almost all kind of accounting software. Typical module will vary one software with another. So, I just want to explain what modules you really need and what you don’t.

Basic Accounting Software Modules

General Ledger or usually called GL is a collection of the group of accounts that supports the value items shown in the major financial statements. It is built up by posting transactions recorded in the sales daybook, purchases daybook, cash book and general journals daybook. The general ledger can be supported by one or more subsidiary ledgers that provide details for accounts in the general ledger (Wikipedia). The accounting software has to able to make General Ledger report.

Account Payable is subsidiary ledger that records amounts that a person or company owes to suppliers, but has not paid yet (a form of debt), sometimes referred as trade payables. – Wikipedia.

Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established time frame, called credit terms or payment terms. – Wikipedia.

Typical Accounting Software modules

Inventory – If you are in retail business, you should buy this module. This module gives information the quantity and location of your stocks. Some of good software give the feature to remind you if the stock will run out.

Payroll – In accounting software, payroll refers to the amount paid to employees for services they provided during a certain period of time. Not only have that, this module can manage salaries for an employee, wages, bonuses and deductions. Some software can manage holidays as well. You will need this module if you have a lot of employee.

Fixed assets – also known as a non-current asset or as property, plant, and equipment (PP&E), is a term used in accounting for assets and property which cannot easily be converted into cash. Accounting software allows you to record and register all fixed asset.

Job Costing – it will be helpful if you are in construction “job” or manufacturing goods in batches. You can track every production cost into single job. Some software allow you to compare the cost with the budget. It is very important to control your cost and get profit in every job.

Still Many Accounting Software Modules

There are still many modules out there such as Time Billing, E-Banking, Purchase Order, Cash Book etc. But, the more module you need, more expensive it will be. So, identify what your business really need is very important. Think what your business need and what modules you will buy then you will get good product and increase your business process efficiently and effectively.

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Source: Modules in Accounting Software, What You Need and What You Don’t

Six tips before buying accounting software system :

1. Identify what your business need
2. Figure out your budget allowed for Accounting Software
3. Choose the Software Vendor
4. Review The Accounting Software
5. Decide to buy accounting software for your business.

Identify what your business need.

I have to say this, Not All Company Really Need Accounting Software. Quite surprise, right? If your employee under 10 people, mostly you don’t need accounting software. You can use spreadsheet program such as excel, lotus, etc. In the some point of time, your business will need accounting software. So please identify, what your business really need.

Let’s said your business has over 10 people, but from where should be started to identify? Start from your business activity! Almost Accounting Software has basic module. They are General Ledger, Accounts Payable, and Accounts Receivable. Other Specific modules depend on your business type. They are Inventory System, Payroll, E-Banking, fixed Assets, Job Costing, etc. I will explain the detail of these modules in other article.

Figure out your budget allowed for Accounting Software

Becarefull when decide the budget for accounting software. The budget consist not only the software price but also the hidden cost when you implement the software such as hardware cost, installation cost, training cost, support and maintenance. Please, find out other hidden cost before you decide to buy accounting software.

Choose The Software Vendor

Important factor when you choose the good software vendor is the training availability for the buyer. Without training, company very difficult to get benefit from the software. Training material should available in the form of whitepaper or online training for buyer. Other factor should be considered during choose the vendor is the option to upgrade your software with discount price. This option will give you numerous benefits. Very silly if you must pay a lot of money just for upgrade the software. Compare more than 3 vendors is wise decision

Review the Accounting Software

Buying the accounting software involve significant cost for you business. You need to have free access before decide to buy. It is very helpful if you get trial version. You can make the software review and simulation before buy it.

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Source: Six Tips Before Buying Accounting Software

Many companies prefer to concentrate their management around their families. Family business need to increase effectiveness and efficiency in management. Using good accounting software can be a solution. Furthermore, if you want to establish Non Government Organization or Non Profit Organization, you need to consider such as component accountability, authorized audit from government. In this condition, reliable accounting software is very important to help various function and operation of these organizations.

Economic situation at this time has brought investor and professional to find another choice besides stock and bonds. This situation make a Professional in Individual Retirement Account (IRA) very important. Reliable accounting software will help IRA’s expert.

The requirement of bookkeeping has increase year after year. Bookkeeping must be easy to give the report without any mistakes, the data must be correct, closing period must be on time, and history of transaction can be tracked back to many years. These requirements can be fulfilled only by trusted accounting software. The biggest contribution in business accounting come from trusted accounting software. Trusted accounting software have to meet all bookkeeping works nowadays. Trusted accounting software can reduced the complexity of financial management and business control. This software can help you also in legal compliance such as tax issue.

Accounting process tend to have numerous mistakes if you do it manually. An accountant have to use a reliable accounting software. Getting this software can help them to make reconciliation reports, input the business transaction, and tracked the accounting records easily. Doing these job quickly and on time can help the business to track the transactions for controlling purpose.

So, What Accounting Software I Can Trust?

Based on my experience in using many accounting software, these are the software which I can trust.

1. Sage Peachtree
2. QuickBooks.

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Source: Using Trusted Accounting Software Make Your Live Easy

Luckily, this particular reason was not completely accurate. Of course, it will be useful to work with accounting software with knowledge in accounting. However, it’s certainly not essential. Many companies, little or even big, may gain advantage easily through applying accounting program no matter what the level of accounting knowledge from the users.

No doubt, a good accountant may have a lot experience in knowing what the software system is actually performing as well as the particular report which it generates, however the real work to input the data into the software involves zero foundation in accounting.

You don’t need any such specific acoounting course to make report which based on accounting standard. The majority of accounting software will do the complicated work for you. But, it doesn’t mean the business organization should start utilizing accounting software system blindly. Obviously, they need learn accounting knowledge to get the biggest advantage from using the software system.
Just for illustration, in the retail industry organization, the common operator of your accounting software system will have to understand with subsequent basic tasks:

The correct way to input the expenses

The correct way to adjust the invoice as soon as it’s settled.

The correct way to print out and/or e-mail invoices, bills, reports, and so on.

Nothing of these kinds of jobs need the accounting foundation. All people with basic computer skill can be trained and work with accounting software system easily. While persons who have accounting knowledge can evaluate what shown in the accounting report and suggest important information to the company.

Anybody that who had worked before with accounting software system may recognize easily that little understanding of accounting to operate the accounting software system. Actually, user friendly is the good news for such many software programs. The idea of user friendly is same with car. You don’t need to know automotive knowledge to drive a car. Operating the accounting software system has the same idea as long as the operator input the data correctly.
The conclusion is many accounting software system has developed just for those people with little expertise in accounting knowledge. The more easy the program, the more usefull the software and promote the software in the marketplace.

Do we really no need accounting in accounting software?

But, it doesn’t mean you don’t need to study the accounting. Accounting knowledge gives you effectiveness in using the accounting software system. The important thing, your time to study accounting and using the software to improve effectiveness of your work must be in harmony.

Source: Accounting is not Really Essential to Work with Accounting Software

A great accounting software system is definitely most concern with any numerous useful modules which it’s got. Many of these products are usually associated with – General Ledger that handle regarding your corporation’s finance transactions. Company Accounts Payable in which the actual business activities gets into it’s expenses as well as will pay the actual cash this owes; Company accounts Receivable in which cash acquired is actually came into.

The actual various classes or perhaps kinds associated with accounting software tend to be as follows :

a) Individual accounting software system that are primarily designed with regard to family home consumers. These people tend to be basic operation and also low-cost along with basic control in costs.

b) Small company, accounting software programs are be intended for small company marketplaces which able to covering any simple nationwide marketplace. These kinds of software program are generally recognized through ‘individual entry’ program.

c) Middle marketplace, accounting software programs are with regard to significant sized of company activities. These types of programs are suitable for helping the particular requirements associated with numerous country’s accounting principles as well as accomplish transactions within various foreign currencies.

d) Superior accounting software program are advanced and also high-priced company accounting software program which are even be recognized as Enterprise Resource Planning or simply ERP software program.

Nonetheless, people need to always keep specific factors in head just before purchasing a great accounting software program, for instance the selling prices associated with that software program, it’s unique capabilities, it’s after-sales service and many more. Many of accounting software system contain the essential data processing segments. Typically, additional customized function, make the price more costly that gets to be. Your software program should be suitable with your company activities. As well, the after-sales assistance is essential such as COMMON QUESTIONS system, nearby support facility as well as many others.

Right now there are many bunch best accounting software systems out there around every single group. Therefore, it’s definitely not simple for you to pick the particular perfect products.

Source: Types of Accounting Software system, Which is Best Designed for Your own Company?