Moneydance

Author: Kaitlyn Short

The Infinite Kind, creators of the Moneydance software, have developed a tool that makes it easy for consumers to budget and stay connected to all of their online banking details. This software is packed with all kinds of features enabling consumers to view their complete financial status in one easy-to-navigate window, if you're willing to pay for the license. 

Top Ranked Companies

doxo chevron_right

4.3

star star star star star_half

(160)

View Profile View Profile

Buxfer chevron_right

4.5

star star star star star_half

(80)

View Profile View Profile

Mint.com chevron_right

4.3

star star star star star_half

(104)

View Profile View Profile

thumb_up

The Good

• Simple syncing
• Free trial
• Great features

Moneydance allows you to connect automatically with your bank to sync your transactions with the software. You can also import data from programs like Quicken and MS Money, because they use industry standard technology such as OFX, QIF, SSL/TLS, Java, and XML ensuring compatibility with an array of other software.  It also allows advanced users to extend the software to meet their specific needs. There are tools that make it easy to plan ahead and help you stay on a schedule by automatically calculating interest and principal on loans. They've also allowed the ability to track your portfolio and follow and view the total value of your investments with tax reporting capability to track and calculate VAT (Value Added Tax) and GST(Good Services Tax). Moneydance is a licensed software program that makes it easy for consumers to budget and stay synced with all of their online banking and finance details. Also, if you don't want to pay to use the service, you are welcome to start a limited free trial to test things out. The following aresome highlights:

• Free trial
• Easy interface
• Mobile access
• Import data
• Connect to bank
• Interest calculator
• Portfolio tracking

Once the software is installed creating accounts is easy. The developers have created a very well organized product which enables users to easily set up each of their accounts under a single platform. Simply click on "Tools" and add an account. Under each account, categories and sub-categories may be created with the exception being investment accounts. After all information is entered, accounts may be viewed under one platform which shows accounts in a sidebar, displays status graphs, search box for quickly adding or viewing transactions and the main window which displays the home page, account register, budgets, graphs or reports. The user interface allows for seamless functionality and practicality. It's an advanced bookkeeping system. The software is compatible with OS X, Linux, and Windows which makes it possible for anyone to use. It is also available for iPhone, iPad, and Android.

thumb_down

The Bad

• Limited transactions on free trial
• Issues with mobile app

Though Moneydance offers a free trial, it is limited in the amount of transactions you can process, so at some point if you would like to continue to use the software, you would need to purchase it. Moneydance is priced at $49.99 for the software license. To give you frame of reference, that's a little more than $4/month if you only used the software for one year. A few things that need improvement include:

• Glitches
• Android app crashes
• Complicated to start
• Purchase software license

Some consumers have expressed that there are slight glitches when performing automatic downloads of transactions which result in a few duplicates. As with any new software there is a learning curve. There is so much information and program functions to this software that reading the 107 page Quick Start and User Guide is practically a must. With their recent launch of the app for Android in September of 2014, many consumers have complained of crashes and lack of functionality. That's not to say programmers aren't sorting out the bugs and adding new features.

gavel

The Bottom Line

This may be for those who have a broader knowledge of running and using newer computer software and want a deeper view of their finances. You must be ready to purchase great budgeting and financial planning software. This is intuitive software with all of the features anyone could want in a personal finance tool, and with a free trial, although limited, it may be worth the time to see how it can help you prepare financially for your future. Those that use Moneydance can expect the following from the service:

1. Free trial
2. Straight-forward process/interface
3. Mobile app issues