Money isn’t everything but we will all agree that it does plays an important role in life. The majority of people find it difficult to budget or balance their cheque books and pay off their credit cards. We fret and worry about organizing our finances not while spending it but when the bill comes. These softwares help keep track of our income and outgoings (expenses) For instance you can create a catagory called ‘Car’ and a sub categories like
- Car – Fuel
- Car – Maintenance
- Car – Insurance
- Car – Taxes (registration, road user charges – what ever you call them)
and check how much you spent for each sub item every month. This is useful because we can then look at Car expences in general and see how much it costs up to run, we can then drill down into those outgoings and take a look at where our money is going. From here we can make decisions on cutting back or increasing outgoings on certain areas.
For people with more complex financial situations too these financial softwares will be helpful. For example, if you have investments that you need to track as part of your overall financial management plan, these softwares can help you. It allows you to track the progress of each investment in your portfolio, including any actions taken in terms of buying or selling shares.
These softwares can document and calculate the taxes and can prepare reports using templates or create customized reports when necessary. Some of them even have the ability to prepare forecasts on expenses.