- Money 4 5 5 – Personal Accounting Apps
- Money 4 5 5 – Personal Accounting Applications
- Money 4 5 5 – Personal Accounting Approaches
You can complete your financial toolset with free personal tax preparation software to keep more of your money in your pocket. Mint This app brings all of your financial data together, showing you an overview of your budget, spending, bills, and credit score. A collection of accounting software programs for Windows 7, Windows 8 and Windows 10 along with software reviews and downloads for 32-bit and 64-bit titles. While the Mint app is intended to keep track of personal finances, tracking personal income and expenses gives accounting students a hands-on opportunity to put their accounting skills to the test. Using the Mint app is free, and students can link the app to their loan and bank accounts to track net worth and see their income grow as they transition into a long-term career.
- Personal Accounting App (Free) Shop Accounting Software. We need to know where we spend our money. We can be our own and our family accountant with Parmis.
- The app is robust enough to manage both your personal and business expenses and even handles property management functions like rental payments from tenants. The software starts at $34.99 and is available for Windows, MacOS, iOS, and Android.
The Top 5 Accounting Apps for Personal Trainers
Following last week's article on taxes, I decided to help you take the next step towards becoming more tax-savvy!
The key to staying on top of bookkeeping and being able to have up-to-date records ready for your accounting system.
You can do it all on a spreadsheet, but you'll still have to enter all the data manually, then when the day comes, do the Math yourself.
When you have the budget, the best thing to do is to leave it to the professionals. In that case, you need to make sure you have all the paperwork and hand it over to your accountant or bookkeeper, and they'll do the rest.
A third option is a semi-automated solution. You can register with a software or app to do the heavy lifting for you, aka the Math and the repetitive tasks. All you need to do is to make sure you set up your account correctly and keep adding your expenses, invoices and receipts.
Check out the following five options and choose the one that fits your business model, needs and goals the best. From a practical point, all UK sole traders and small businesses may be required to join the Making Tax Digital scheme very soon, according to HMRC. VAT-registered companies already have to do it, so we will showcase free apps that are great for personal trainers who are just starting, but also a few paid solutions that comply with the MTD scheme.
#1. GnuCash GnuCash is an open-source software that has been around for decades. It's free to use! The platform's design is not the prettiest, but the fact it's available offline makes it an excellent solution for those that are not keen on sharing their data to the cloud.
The three most useful features, among others, are:
- Chequebook-style register
- A range of customisable reports; Profit & Loss, Balance Sheet, etc
- Invoicing and Payroll options
It may take time getting used to the surface, but there are plenty of online tutorials and documentation available to help you out.
#2. Wave Wave is probably the most popular free accounting app used by entrepreneurs. The platform is super user-friendly, which explains why it became the leading free software in its category.
It provides a solution for Accounting, Payments, Invoicing and Receipts all in one. The dashboard gives an overview of the most crucial data of your accounts, including upcoming deadlines, due invoices, insights into your balance plus extra recommendations for action like reminders to email clients.
Wave is ideal for sole traders and smaller fitness ventures, it has its limitations when it comes to medium and bigger size businesses. The basic features are included in the free subscription, but if you want to use it for payroll, take payments online or have web-chat support, you'll need to pay for them.
#3. FreeAgent The first paid app we'll review here is FreeAgent. If you need a cloud-based accounting app that was designed with freelancers in mind, you found it. You can use it for tasks like expense management, invoicing and even time tracking.
Their lowest tier fee is £19/month for sole traders, but you only pay half of that for the first six months. They claimed to provide award-winning support by UK-based accountants when you need directions. You don't need to enter into a contract in case you change your mind, and you can have as many clients, invoices and projects as you want with no extra fee. You can try the software for free for 30 days too.
#4. QuickBooks Another HMRC Make Tax Digital-ready accounting solution is
QuickBooks. If you need a solution for your VAT-registered fitness business, QuickBooks is encouraged by authorities and accountants as well. Not to mention that the pricing is very budget-friendly.
If you only need it for self-assessment, the monthly fee is £4 per month for the first six months; then you'll pay £8/month. You can also try it for free for a month before signing up. Those that need VAT services can start from as little as £6 for the first six months and then pay £12/month.
They have an app and expense management is made super easy: snap a picture of the receipt, add it to your profile and QuickBooks will sort it out.
#5. Xero Another big player in UK accounting software is
Xero. Their solution is also ready, so you can submit VAT to HMRC for Making Tax Digital.
Their Starter package costs £5 for the first six months; then you pay £10/month from thereon. However, if you need to handle over five invoices and bills or record over 20 bank transactions, you'll need to upgrade. You are though able to submit your VAT even in the smallest tier.
You can add optional extras to each package: payroll, expenses, projects and CIS Contractor.
Wrapping Up I recommend you assess precisely what you need when it comes to accounting and bookkeeping, then check out the above online solutions and decide which is best, based on that assessment.
For instance, you may not need to think of VAT just yet, but if your business goals include going beyond the VAT threshold, you may want to consider a software that will be ready for it when the time comes.
Ten years ago, there were no solid personal finance apps out there. If you wanted to track your money, you didn't have many options beyond websites like Google Finance. I got my start tracking our budget and net worth with a spreadsheet. I would learn about Intuit's Quicken software but it felt silly to pay for software to help me save money. It wasn't until later that other personal finance tools started to appear.
The best personal finance software works like a money management app that gives you an instant snapshot of your financial situation in seconds. A lot of the problems we face when dealing with money is how much time it takes to stay on top of things. A good personal finance app will help you save time and money.
Earlier this year I polled the readers of Wallet Hacks for their 'must-have, can't live without' money apps. I compiled their responses and made the following list of best personal finance software (most of which have a mobile app).
Best Money Management App – Personal Capital
A financial dashboard is a place where you can see everything involving your money in one place. Your assets, your liabilities, your net worth – all your financial accounts visible on one convenient page.
This is important because when that information is easily accessible, it's easily remembered and understood. We use it to pull in all of our data, though we ignore the credit card debt piece because we pay off our bills every month in full.
What's easier – logging into one account or logging into a dozen?
When it comes to a financial dashboard, the clear leader is Personal Capital. It has a rich suite of tools built around investments, with a nod towards expense tracking similar to Mint, so you can get a sense of where everything is at a moment's notice. If you're interested in a consultation with a financial advisor, they have that built-in as well and it's something that helps them stand out from other similar services. It's how Personal Capital makes the money that supports the free tool.
This app is for you if: You want an instant snapshot of your finances, from your investments to your budget, in one place. Personal Capital is free.
Best Budgeting App – You Need a Budget
If you want to change your budget, You Need a Budget (YNAB) is one of the most powerful tools you can use because it does more than track your expenses – it actually helps you build and stick to a budget.
One of the biggest challenges in money management is in near-term planning. What are you going to do next week and next month?
Retirement can be decades away but you are spending money today and tomorrow. By getting the next month right, you go a long way towards getting your money situation under control.
YNAB has a four rule methodology that has worked well for its users. Lingon x 7 0 6.
- Give Every Dollar A Job
- Embrace Your True Expenses
- Roll With The Punches
- Age Your Money
Another reason why YNAB is powerful has to do with its educational tools and community. You will not find this with financial tools like Mint. There are no Whiteboard Wednesdays to help you understand your money a little better. This is what separates them from the pack in many ways. Our You Need a Budget review goes deeper into the app and the company if you wish to learn more.
This app is for you if: You want to transform your budget and get your spending in line with your financial goals. YNAB costs $6.99 a month after a 34-day trial.
It's this methodology around the tool that makes it powerful.
Budgeting Runner Up – Mint
For tracking a budget, Mint is one of the most popular free budgeting tools out there and we wanted to list them because they are free to use.
If you don't have sizable investments, Mint is a very powerful tool that is better for budgeting but less effective for investments. I felt like Mint was fantastic up to a point. Once you focus more on investing than budgeting, Personal Capital has far more tools to help you succeed.
This app is for you if: You want to know where your money is going each month without having to log into multiple accounts. Mint is free.
Best Support Tool – Tiller
Tiller is a service that will connect with your bank and credits card to pull daily transaction data into a sheet on Google Docs. No other service out there offers this. You can choose to start from half a dozen templates or roll your own, but Tiller will update it automatically from 100,000+ financial institutions.
Tiller automates your custom spreadsheet so it fits you perfectly. Don't change the way you do things to match a tool, add Tiller and bring your spreadsheet into the 21st century.
Tiller is a monthly subscription but it won't inundate you with advertisements or pitch you on their financial planning services as an upsell. (to be fair, other companies need to do that because they are free – the bills have to be paid!)
You get the customization of a financial spreadsheet but the automation piece so you don't need to login to all of your accounts and update everything manually. Removing that hurdle makes money management that much easier. They offer a free 30-day trial.
This app is for you if: You love spreadsheets or have one you've tailored but need a tool to help you pull the data for you. Tiller costs $6.58 per month ($79/year) after a 30-day trial. (here's more about Tiller)
Best Investing App – Robinhood
Robinhood is a stock brokerage that offers commission free trades through their app or web interface. They're like any other brokerage, they use Apex Clearing Corporation, are a member of FINRA, and have SIPC insurance for up to $500,000 like any other brokerage. There is no account minimum, no maintenance fee, and you can even trade crypto if you're so inclined.
They make money by offering a Robinhood Gold subscription service that gets you margin and after-hours trading. If you want to trade stocks, I find it difficult to argue against a Robinhood and their free trades.
For a limited time, you can get a free share of stock from Robinhood.
Best Micro saving App – Acorns
One of the newest innovations in personal finance apps is the idea of a micro-savings app – where you can automatically save small amounts of money and have it invested in the market. The idea is that these apps will figure out how much they can transfer into an investment account without you, or your budget, realizing. It's less active than traditional saving but more effective if you're the type of person who doesn't actively manage your budget daily.
Earlier this year I polled the readers of Wallet Hacks for their 'must-have, can't live without' money apps. I compiled their responses and made the following list of best personal finance software (most of which have a mobile app).
Best Money Management App – Personal Capital
A financial dashboard is a place where you can see everything involving your money in one place. Your assets, your liabilities, your net worth – all your financial accounts visible on one convenient page.
This is important because when that information is easily accessible, it's easily remembered and understood. We use it to pull in all of our data, though we ignore the credit card debt piece because we pay off our bills every month in full.
What's easier – logging into one account or logging into a dozen?
When it comes to a financial dashboard, the clear leader is Personal Capital. It has a rich suite of tools built around investments, with a nod towards expense tracking similar to Mint, so you can get a sense of where everything is at a moment's notice. If you're interested in a consultation with a financial advisor, they have that built-in as well and it's something that helps them stand out from other similar services. It's how Personal Capital makes the money that supports the free tool.
This app is for you if: You want an instant snapshot of your finances, from your investments to your budget, in one place. Personal Capital is free.
Best Budgeting App – You Need a Budget
If you want to change your budget, You Need a Budget (YNAB) is one of the most powerful tools you can use because it does more than track your expenses – it actually helps you build and stick to a budget.
One of the biggest challenges in money management is in near-term planning. What are you going to do next week and next month?
Retirement can be decades away but you are spending money today and tomorrow. By getting the next month right, you go a long way towards getting your money situation under control.
YNAB has a four rule methodology that has worked well for its users. Lingon x 7 0 6.
- Give Every Dollar A Job
- Embrace Your True Expenses
- Roll With The Punches
- Age Your Money
Another reason why YNAB is powerful has to do with its educational tools and community. You will not find this with financial tools like Mint. There are no Whiteboard Wednesdays to help you understand your money a little better. This is what separates them from the pack in many ways. Our You Need a Budget review goes deeper into the app and the company if you wish to learn more.
This app is for you if: You want to transform your budget and get your spending in line with your financial goals. YNAB costs $6.99 a month after a 34-day trial.
It's this methodology around the tool that makes it powerful.
Budgeting Runner Up – Mint
For tracking a budget, Mint is one of the most popular free budgeting tools out there and we wanted to list them because they are free to use.
If you don't have sizable investments, Mint is a very powerful tool that is better for budgeting but less effective for investments. I felt like Mint was fantastic up to a point. Once you focus more on investing than budgeting, Personal Capital has far more tools to help you succeed.
This app is for you if: You want to know where your money is going each month without having to log into multiple accounts. Mint is free.
Best Support Tool – Tiller
Tiller is a service that will connect with your bank and credits card to pull daily transaction data into a sheet on Google Docs. No other service out there offers this. You can choose to start from half a dozen templates or roll your own, but Tiller will update it automatically from 100,000+ financial institutions.
Tiller automates your custom spreadsheet so it fits you perfectly. Don't change the way you do things to match a tool, add Tiller and bring your spreadsheet into the 21st century.
Tiller is a monthly subscription but it won't inundate you with advertisements or pitch you on their financial planning services as an upsell. (to be fair, other companies need to do that because they are free – the bills have to be paid!)
You get the customization of a financial spreadsheet but the automation piece so you don't need to login to all of your accounts and update everything manually. Removing that hurdle makes money management that much easier. They offer a free 30-day trial.
This app is for you if: You love spreadsheets or have one you've tailored but need a tool to help you pull the data for you. Tiller costs $6.58 per month ($79/year) after a 30-day trial. (here's more about Tiller)
Best Investing App – Robinhood
Robinhood is a stock brokerage that offers commission free trades through their app or web interface. They're like any other brokerage, they use Apex Clearing Corporation, are a member of FINRA, and have SIPC insurance for up to $500,000 like any other brokerage. There is no account minimum, no maintenance fee, and you can even trade crypto if you're so inclined.
They make money by offering a Robinhood Gold subscription service that gets you margin and after-hours trading. If you want to trade stocks, I find it difficult to argue against a Robinhood and their free trades.
For a limited time, you can get a free share of stock from Robinhood.
Best Micro saving App – Acorns
One of the newest innovations in personal finance apps is the idea of a micro-savings app – where you can automatically save small amounts of money and have it invested in the market. The idea is that these apps will figure out how much they can transfer into an investment account without you, or your budget, realizing. It's less active than traditional saving but more effective if you're the type of person who doesn't actively manage your budget daily.
One of the best in class is Acorns, which doesn't rely on a black box 'guessing' how much to save. When you make a purchase, the amount is rounded up and transferred. This predictability is often seen as a better process than some other apps, which 'guess.' Guessing can be a little scary.
They also have a 'Found Money' feature with some partners where if you purchase with a merchant, they may contribute a small bit to your Acorns account.
Money 4 5 5 – Personal Accounting Apps
Here is our full review of Acorns.
Best Personal Finance Assistant – Trim
If robots can help you invest, perhaps they can help you do some of the more mundane jobs you don't want to?
That's the idea behind Trim, and a whole host of similar apps.
Trim is free to use and they can help you renegotiate your bills like with your cable provider, including Comcast, Time Warner, and Charter. They connect to your accounts, analyze your recurring subscriptions, and identifies areas where you could be saving money. The cable is just the start, they will look at other subscriptions too including your car insurance.
The best part is that they handle the negotiations for you. No more calling Comcast and navigating the phone menu for ages – they do it for you. If you want to cancel, they'll do that for you too.
Here is our full review of Trim.
Summary
There are a lot of apps, many of them free but some of them paid, that will help you save time, save money, and save gray hairs.
Want to hear something funny? When we surveyed of our readers, the number one 'app' was Microsoft Excel. Far and away the most popular application for anything – budgeting, financial dashboarding, net worth, whatever category you picked – it was Microsoft Excel.
Microsoft Excel is all about finding a template and customizing something that fits your exact needs. It can be a lot of work but that hands-on interaction means you know the data is pristine. You can rely on tools like Tiller to pull the transaction data too so you get the automation (it works with Google Docs).
I use Microsoft Excel to track our net worth, with Personal Capital pulling the data. It's a nice little set up but it takes some time to get going.
Money 4 5 5 – Personal Accounting Applications
The apps on this list are pre-built, faster to get into, and free. If you're starting from scratch, these apps will get you there faster but will not fit you like a glove. Excel is like a custom-tailored suit, these are off the rack.
Money 4 5 5 – Personal Accounting Approaches
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