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Best Finance Software for 2024


Best Finance Software

Every modern enterprise, regardless of size, requires finance software to manage various aspects of its financial health. This includes tracking past financial activities, ensuring compliance and reporting, as well as forecasting future financial scenarios for better budgeting.


However, with the abundance of finance software available today, selecting the right one can feel overwhelming. The finance industry employs a multitude of software solutions to facilitate budget creation, and financial reporting, and to assist financial analysts and investors with financial planning and forecasting. These tools offer capabilities ranging from spending tracking and improved budgeting to making informed investment choices.


Key categories of an ideal finance software encompass:


  • Budgeting system

  • Financial planning and reporting

  • Accounting solutions

  • Payroll management system

  • Tax filing and management system

  • Inventory Management

  • Invoicing and payment solution

  • Utilities for tracking expenses

  • Generate financial statements


In this article, we have curated a selection of top-tier business finance software and personal finance tools. While recognizing that not all businesses operate on a large scale, we acknowledge the significant presence of small-scale enterprises managed by just one or two individuals.


Personal vs. Business Finance Software


Personal finance software provides a seamless solution for individuals looking to streamline their financial management. This type of software assists users in closely monitoring their expenditures and crafting efficient budgets, as well as guiding them through the nuances of investment decisions.


Conversely, business finance software caters to the more complex financial needs of businesses, offering tools to track income and expenditure, generate financial reports, and handle accounts receivable and payable effectively.


While personal finance applications often focus on budgeting and tracking investments, business finance applications are enriched with additional functionalities, such as invoicing and inventory management, to support a wider range of business operations.


Best Finance Software for Businesses


1) Datarails


Datarails is a completely Excel-native and AI-powered solution. It makes it easy for companies to make decisions by giving them one trustworthy source for their data. It does this by automatically putting all the data together and making reports, so companies can make important decisions and get insights in real time.


In addition, Datarails’ AI chatbot FP&A Genius, helps with forecasting as it allows you to get answers to any questions or scenarios that you, or management, might have, all from trusted and historical data. 





After aggregating and validating your forecasting data, you can choose between a tabular data presentation or a visual dashboard for sharing insights with stakeholders. Drill-down and audit control allow each finance team to understand and control every aspect of their budget and forecast.


Datarails is a valuable tool for companies seeking streamlined reporting for themselves and their stakeholders.


Key Features

  • Use of modern AI technologies

  • Ease of use

  • Financial forecasting

  • Intuitive dashboard

  • Stakeholder-friendly

  • Financial statement templates

  • Supports over 200 integrations, including essential tools like Quickbooks, Hubspot, Shopify, and OneDrive.


Pricing

Datarails offers customized pricing based on the needs of the user. Contact Their sales team for a custom quote.


2) Anaplan


Anaplan is a cloud-based platform for financial modeling and planning, designed to assist businesses in modeling transactions, calculating commissions, and mapping the relationships among diverse data sets. Tailored for large enterprises, Anaplan bridges the gap between strategic goals and outcomes, fostering accountability through a unified source of truth. This ensures every business unit is aligned and contributes optimally to the company's overall performance.


Key Features

  • Predictive insights

  • Easy-to-use interface

  • Enterprise-wide intelligence

  • Financial management


Pricing

Anaplan provides three tiers of service: Basic, Professional, and Enterprise. Pricing details for these options are not publicly disclosed on their website. However, interested parties can contact Anaplan's Sales Team to request a demo and obtain a customized quote.


3) Cube


Cube stands as a spreadsheet-native FP&A software. This cloud-enabled FP&A software facilitates seamless collaboration by offering native integration with both Excel and Google Sheets. This allows finance teams to execute planning, analysis, and collaboration activities with exceptional rapidity and assurance. Engineered to cater to small businesses and startups, Cube particularly enhances the financial agility of expanding firms and major enterprises.


Key Features

  • Powerful reporting and KPIs.

  • Streamline manual data.

  • Improve collaboration for smarter business decisions.

  • Easily collaborate with industry-leading FP&A experts.

  • Seamless integrations with 500+ applications


Pricing

Cube Go $1,500/month - Best for small and lean finance teams to improve speed, accuracy, and scalability - Limited capabilities
  • Basic ERP connection

  • Unlimited scenarios

  • Spreadsheet integrations

  • Templates

  • Dashboard analytics


Cube Pro $2,800/month - Best for companies looking to scale reporting, planning, and performance
  • Premium ERP connections

  • Dedicated customer success manager

  • Support for multiple currencies


Enterprise (Customized Pricing according to your team’s functionality) - Best for pre-IPO/public companies to achieve best-in-class performance
  • Enterprise ERP connections

  • Customized users


4) Planful


Initially known as Host Analytics, Planful serves as a robust financial performance management tool. It is a cloud-based software solution designed for financial planning and analysis, streamlining businesses' budgeting, forecasting, and reporting operations. 


By minimizing the dependency on manual processes, the platform allows teams to make decisions with greater confidence. It offers real-time insights into financial data, it empowers users to produce efficient plans, reports, and analyses.


Key Features

  • Multi-layer security 

  • AI-driven anomaly protection

  • Annual operating plan


Pricing

Pricing for Planful is not available on their website, but you can always reach out to their Sales Team to schedule a product demo and customized quote.


5) Quickbooks


QuickBooks stands as a premier accounting tool utilized by small enterprises and independent contractors for generating reports, fostering teamwork, and cultivating enhanced insights into their operations. Its user-friendly interface, coupled with robust features, assists in streamlining financial management and transaction data.


Users can effortlessly monitor spending and cash movements, tailor invoices, and compile reports and receipts efficiently in a single location. Thanks to cloud storage, QuickBooks ensures seamless access across various devices, including Macs, PCs, tablets, and smartphones, making financial management accessible anytime, anywhere.


Key Features

  • Free support

  • Secure cloud storage

  • Accountant access

  • Unlimited invoices

  • 750+ Available Integrations


Pricing

Currently, Quickbooks has an ongoing sale of only $1/month for the first 3 months on all three of its available plans.


Simple Start: $18/month and 30-day Free Trial – Budget-friendly for new micro businesses and self-employed.
  • Track income & expenses

  • Send custom invoices & quotes

  • Connect your bank

  • Track GST and VAT

  • Insights & reports

  • Capture & organize receipts

  • Progress invoicing

  • For one user, plus your accountant


Essentials: $27/ month and 30-day Free Trial – For growing businesses
  • Track income & expenses

  • Send custom invoices & quotes

  • Connect your bank

  • Track GST and VAT

  • Insights & reports

  • Capture & organize receipts

  • Progress invoicing

  • Manage bills & payments

  • Track employee time

  • Multi-currency

  • For three users, plus your accountant


Plus: $38/ month and 30-day Free Trial – Best for enterprise
  • Track income & expenses

  • Send custom invoices & quotes

  • Connect your bank

  • Track GST and VAT

  • Insights & reports

  • Capture & organize receipts

  • Progress invoicing

  • Manage bills & payments

  • Track employee time

  • Multi-currency

  • Recurring transactions and bills

  • Track inventory

  • Track project profitability

  • Manage budgets

  • For five users, plus your accountant


6) Vena


Vena Solutions is a holistic FP&A) software, distinguished by its integration of comprehensive financial forecasting, budgeting, and reporting tools within a user-friendly platform. Central to Vena's appeal is its utilization of the Microsoft Excel interface, enriching a familiar environment with enhanced features typical of sophisticated FP&A software.


The core of Vena's innovation—the Vena growth engine—thrives within this Excel-native setting, ensuring a smooth transition for users accustomed to Excel's functionality. This integration significantly flattens the learning curve, enabling finance teams to rapidly adapt without the necessity of mastering a new software system from scratch.


Key Features

  • Finance and business-wide reporting

  • Revenue planning

  • Budgeting & forecasting

  • Cash flow planning

  • Financial close & consolidation

  • Workforce planning

  • Scenario planning

  • Financial reporting

  • Incentive compensation management


Pricing

Their Sales Team is always reachable even though they did not publish their pricing in their website. Currently, it offers two plans for its potential users.


Professional – Price not disclosed
  • Vena Platform

  • Customer Success Manager

  • Standard Support

  • Customer Portal


Complete – Price not disclosed
  • Vena Insights

  • Premium Support

  • Sandbox Environment

  • Expert Managed Services

  • and more...


7) Xero


Xero presents a practical accounting solution tailored for daily business operations, designed to streamline processes through user-friendly invoicing tools. This platform affords the convenience of dispatching online invoices directly from a desktop or mobile application immediately upon task completion.


It also offers comprehensive financial tracking through detailed accounting reports and facilitates seamless collaboration with advisors in a real-time online environment. Additionally, its project and job tracking features are instrumental in monitoring expenses and profitability. Hence, Xero stands out as an ideal option for small enterprises, accountants, and bookkeepers seeking efficiency and effectiveness in their financial management tasks.


Key Features

  • Bank connections

  • Automatically captures data

  • Multi-currency accounting

  • Cloud file uploading and data storage

  • Sales Tax

  • Finance Analytics

  • Manage fixed assets

  • Hundreds of app integrations


Pricing

Xero is currently offering a 30-day Free trial on top of the three plans they offer.


Starter: $29/month – Good for sole traders, new businesses, and the self-employed.
  • 24/7 online support

  • Send invoices and quotes

  • Pay bills

  • Bank reconciliation

  • Capture bills and receipts with Hubdoc

  • Short-term cash flow and business snapshot


Standard: $46/month – Good for growing small businesses.
  • 24/7 online support

  • Send invoices and quotes

  • Pay bills

  • Bank reconciliation

  • Capture bills and receipts with Hubdoc

  • Short-term cash flow and business snapshot

  • Bulk reconcile transactions


Premium: $62/month – Good for established businesses of all sizes.
  • 24/7 online support

  • Send invoices and quotes

  • Pay bills

  • Bank reconciliation

  • Capture bills and receipts with Hubdoc

  • Short-term cash flow and business snapshot

  • Bulk reconcile transactions

  • Multi-currency accounting


Best Personal Finance Software


FreshBooks – Best Overall for Self Employed


Freshbooks is ideal for managing your monthly expenses or in search of top-tier tax software for robust financial oversight in your business. Its expense-tracking application offers critical insights into your financial health at a mere glance, eliminating the need for exhaustive spreadsheets or piles of receipts. With seamless integration with bank and credit card accounts, it simplifies real-time tracking of expenditures and income. Additionally, it facilitates mobile receipt scanning and cloud-based organization, ensuring all transactions are automatically sorted with tax preparation in mind.


Key Features 

  • Auto-expense tracking, thanks to bank and credit card account connections

  • Auto-receipt scanning and organization to cut down on paper files

  • Secure, cloud-based storage for receipt scans and expense information

  • Automated tax prep expense categorization to make filing simpler

  • Easy-to-use feature for marking billable expenses

  • Project-specific expense tracking


Pricing

FreshBooks is currently running a promotion with a generous 70% discount for the initial 4 months of your subscription, followed by regular pricing. Their subscription options include monthly or annual plans across all four offerings. Additionally, you have the flexibility to customize your plan with extra features for a supplementary fee.


Lite: $58.90/month with a 30-day Free Trial plus 70% off for the first 4 months.
  • Send unlimited invoices to up to 5 clients

  • Track unlimited expenses

  • Send unlimited estimates

  • Get paid with credit cards and bank transfers (ACH)

  • Run reports for an easy tax time


Plus: $102.3/month with a 30-day Free Trial plus 70% off for the first 4 months.
  • Everything in Lite, and:

  • Send unlimited invoices to up to 50 clients

  • Set up recurring invoices and client retainers

  • Send unlimited estimates and proposals

  • Get paid with credit cards and bank transfers (ACH)

  • Automatically capture receipt data

  • Invite your accountant

  • Run financial and accounting reports


Premium: $186/month with a 30-day Free Trial plus 70% off for the first 4 months.
  • Everything in Plus, and:

  • Send unlimited invoices to an unlimited number of clients

  • Set up recurring invoices and client retainers

  • Send unlimited estimates and proposals

  • Get paid with credit cards and bank transfers (ACH)

  • Automatically capture bills and receipt data

  • Invite your accountant

  • Track project profitability

  • Customize email templates with dynamic fields


Select: You may reach out to their Sales Team to schedule a consultation to tailor-fit your business needs.
  • Everything in Premium, and:

  • Simplify your data migration with Easy Switch

  • Send unlimited invoices to an unlimited number of clients

  • Set up recurring invoices and client retainers

  • Send unlimited estimates and proposals

  • Access to lower credit card transaction fees and capped bank transfer (ACH) fees

  • Automatically capture bills and receipt data

  • Invite your accountant

  • Remove FreshBooks branding from client emails

  • 2 team member accounts included

  • A dedicated number for exclusive Select support


Quicken – Best for Detailed Budget


Quicken is a personal finance and management software, catering to both individual and small business needs. It's designed to simplify financial management, allowing users to effortlessly manage multiple accounts, such as separate ones for home and business, within a single platform.


This software excels in customization and user-friendliness, featuring an extensive array of options that cater to varied financial tracking and planning needs. Users can create detailed, personalized budgets that promote adherence and better spending choices, track investment performance, and compare market trends to make informed investment decisions. Additionally, Quicken's scalability ensures it adapts to changing financial demands, offering a comprehensive solution for budget creation, investment tracking, and retirement planning all in one place.


Key Features

  • Regularly updated tax tables and regulation database.

  • Transactions are easy to enter and categorize.

  • Automated expense tracking and bill payments.

  • Useful budgeting tool.


Pricing

Quicken is currently offering 50% off on all its plans.


Quicken Simplifi: $3.99/month to be billed annually; Less 50% discount
  • Accessible through mobile or web app

  • Best for Mint & Credit Karma switchers. Easily import your data.

  • Save more money

  • Always know what you have left to spend or save

  • Get insights with real-time alerts & reports

  • Customize your transactions


Quicken Classic: $7.99/month to be billed annually; Less 50% discount

This plan is accessible through Mac or Windows and has two options:


Quicken Classic Premier:
  • Best-in-class investing tools

  • Built-in tax reports

  • Reconcile to the penny

  • Track & pay bills in Quicken

  • Set budgets, manage debt, create a retirement plan


Quicken Classic Deluxe:
  • Manage & reduce debt

  • Create a secure retirement

  • Make tax time easy

  • Create multiple budgets


Quicken Classic Business & Personal: $10.99/month to be billed annually; Less 50% discount
  • Accessible through Mac or Windows.

  • Manage business, rental & personal finances.

  • Optimize for taxes.

  • Keep documents organized.

  • Reports: P&L, cash flow, tax schedules, and much more


TurboTax – Best for Independent Tax Filing


TurboTax stands out as a premier choice for tax filing software, catering to both individuals and business owners. It specializes exclusively in tax preparation, featuring a straightforward, step-by-step interface that simplifies the tax filing process, even for those who are new to it. Unlike other personal finance software focused on budgeting tools, TurboTax excels in tax prep, offering an unmatched level of expertise and support.


For businesses, TurboTax provides a specialized version designed to track expenses, mileage, and various deductions, ultimately maximizing tax savings. Furthermore, the platform is bolstered by extensive resources, including the option for live chat with a tax expert, ensuring users receive the guidance they need. Reviews consistently praise TurboTax for its comprehensive approach to tax filing, highlighting its unique position as a top option in the market.


Key Features

  • Intuitive user interface.

  • Complete tax filing features

  • Flexible platform

  • Plans specifically designed for small businesses and individual filers.

  • On- the- go filing


Pricing

TurboTax offers a variety of pricing options tailored to suit your business requirements. Here is an overview of the basic price ranges available for each plan:


TurboTax Basic – $0- $129 Free usage but will be billed when you file your taxes.
  • Do your Taxes.

  • Accurate calculations.

  • AI-powered Intuit Assist.

  • Snap your tax documents within minutes.


Assisted – $89- $219 Free usage but will be billed when you file your taxes.
  • Expert financial review without extra charges.

  • AI-powered Intuit Assist.

  • Help provided by tax experts.


Full Service – $129 Free usage but will be billed when you file your taxes. (Price subject to change, final price based on your actual tax situation and forms used._
  • Expert-assured accurate computations.

  • Assistance from local tax experts.


They also offer plans made for S-corps, Partnerships, LLCs, and Sole proprietorships.


Assisted Business – $739 Free usage but will be billed when you file your taxes.
  • File with unlimited expert help as you go.

  • Answer simple questions about your business to complete your return.

  • Ask an expert for a better understanding of your taxes or help with a final review.

  • Added protection with Audit Defense included at no extra cost.

  • Available in selected states.


Full-Service Business – $ 1,749 Free usage but will be billed when you file your taxes.
  • Match with your own dedicated small business tax expert.

  • Securely hand off your tax docs and leave the rest to your expert.

  • Added protection with Audit Defense included at no extra cost.


Final Thoughts


Choosing the right finance software for your business requires a thorough understanding of your enterprise's unique needs and objectives. These options can overwhelm you, but the key lies in assessing your business's scale, growth trajectory, and specific financial management requirements. 


A small business managed single-handedly might find immense value in streamlined, user-friendly platforms that offer essential functionalities like invoicing and expense tracking. In contrast, larger enterprises with more complex financial processes would benefit more from comprehensive solutions that offer advanced reporting, forecasting, and multi-currency support.


Therefore, before selecting a finance platform, it's important to deeply understand your business's operational intricacies, financial goals, and the specific challenges you aim to address with the software. This approach ensures the chosen solution not only aligns with your current needs but also possesses the scalability to accommodate future growth and complexities.


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