Alternative Software

Some competitors are worth consideration

There are low-cost or free financial accounting software packages available that reviewers say are worth trying. Some are more suited to those who have never used a personal financial accounting program before, while others are designed for people with complex accounting needs.

GnuCash is a free software package that works with Windows, Mac and Linux systems. It supports multiple currencies and has been translated into several languages. Transactions can be downloaded from financial institutions or imported from Quicken, Money and Money Plus. GnuCash offers the ability to track a variety of account types and categorize transactions. Users can generate customized reports as well.

Reviewers say that GnuCash is suitable for use by small businesses as well as individuals; it can track customers and vendors and handle payroll, invoicing and accounts payable and receivable. GnuCash, according to the manufacturer, uses double-entry accounting, which means it tracks "where your money comes from and where it goes... it is always transferred from somewhere (a source account) to somewhere else (a destination account)." For those who may not be familiar with this accounting method, a user guide is available for download, and the software also includes tutorials on how to use its features. PC World's Neil McAllister says that although GnuCash's user interface "may seem spare and even confusing" to those who are used to Quicken's and Money Plus's more user-friendly interfaces, this free software is well-suited to those who need a powerful accounting program that can handle a variety of complex tasks. Editors at Linux Magazine say that GnuCash's help features are among the best around, and that GnuCash is "a rich application" that can handle personal and small business financial tasks with ease.

You Need a Budget Pro (YNAB) (*Est. $50) is another well-reviewed but less well-known option for personal financial accounting. Its strength is that it teaches users how to establish and stick to a budget that will allow them to save money and stop living paycheck to paycheck. Users can track income and expenses, reconcile accounts and generate their own reports. YNAB comes with three basic reports: spending by category, total spending, and current balances. This software gets great reviews from more than 90 users on Amazon.com, who like how easy it is to set up and use, as well as the fact that it emphasizes spending only money you have already earned, rather than earmarking funds from upcoming paychecks. About.com's Shelley Elmblad gives YNAB "a solid endorsement" and likes its budgeting capabilities. Although it is more expensive than some alternative software packages, upgrades are free for life, and it comes with a 60-day money-back guarantee. Users report that YNAB's online forum is helpful in answering their questions, and that customer support is excellent. YNAB is compatible with Windows only at this point, although a Mac version is reportedly coming soon.

Moneydance (*est. $40) is open-source software that works with Windows, Mac and Linux. The latest version, Moneydance 2008, supports multiple currencies and offers translations into several languages, including Spanish, German, French and Korean. It lacks the financial planning tools that both Quicken and Microsoft Money Plus offer, but otherwise has most of the same features. You can get a free trial download that lets you manually input 100 transactions and import an unlimited number. Another advantage for many users is that Moneydance does not include advertising in its software, unlike Quicken and Money Plus. A 2007 review in MacWorld states that Moneydance is "a viable and worthwhile alternative to Quicken," and About.com reports that this application provides the tools necessary to manage accounts and set up and track a budget, which is all that many users want or need.

SplashMoney is available in a desktop version (*est. $20) that runs on both Windows and Mac operating systems, as well as a mobile version (*est. $30). Reviewers say that SplashMoney is best suited for users who are new to financial accounting software and just want to manage financial accounts and set up a budget with basic reports. You can download transactions directly from your financial institutions. However, there are none of the advanced planning or investment-tracking features that other applications offer. Blogger Brian Hart, writing on The iPhone Blog, likes that the software supports many types of accounts and multiple currencies and provides real-time currency updates. About.com notes that SplashMoney is perfect for novices and those who want a simple way to manage their accounts and track spending. SplashMoney offers a 30-day free trial and a 60-day money-back guarantee, so it's easy to try it out without making a commitment.

AceMoney Lite is another free software package. It offers the ability to track only one account. You can do online banking, create and manage budgets, track spending habits, and record expenses. For those who want to be able to manage more than one account, its sibling, called simply AceMoney, costs $30, and you get free upgrades for life. Both versions work with Windows and Linux operating systems. The editors at CNet.com give AceMoney Lite five stars -- the top rating -- and say that "there is no reason not to try AceMoney Lite given it's free and has extensive features and a good design." About.com's Shelley Elmblad points out that this software "offers a simple user interface, a variety of personal finance reports, budgeting and investment tracking support and e-commerce features."