Financial Planning Software

The Best 8 Free and Open Source Financial Planning Software

The Best 8 Free and Open Source Financial Planning Software

Financial planning is a process of allocating & utilizing funds such a way that an individual or a business can achieve their predetermined financial goals and objectives. Whether an individual is planning his/her retirement or a company is planning a new acquisition, planning the finances accurately in advance is required.

Why Is It Critical to Plan your Finances?

The role of financial planning is highly significant as it helps in tracking the financial performance and planning the investments that affect the future financial position of the organization or an individual. It is almost not possible for anyone to be financially stable and achieve long-term goals without having an accurate financial plan in place.

There are certain financial planning challenges which businesses and financial planners are facing these days -

Financial Planning Challenges

The above mentioned financial planning challenges can seem to be overwhelming. Luckily, there are several financial planning solutions available that can help you in determining your current financial position, your future goals, and how to achieve those goals. Using the best financial planning software can save you from many financial losses, and ensure long term sustainability and growth of your business.

Here, we have listed the best 8 free and open source financial planning software, which you can consider customizing and deploying for your business without making a huge investment. Before we go through the details and key features of each one of them, let us have a basic understanding of what is financial planning software, what are its benefits, and features to look for while selecting one.

What is Financial Planning Software?

Financial planning software helps businesses to take control of their finances. It allows you to monitor the income & expenses, planning budgets, and move towards achieving your financial goals. It helps in curbing unnecessary expenses, allocating funds for the right purpose, and ensuring that your business is making a profit. Businesses, whether small, medium, or large, need accurate financial planning to succeed.  

A financial planning software helps in finding answers to the questions like -

Financial Planning Software Functionality

What Does a Financial Planning Software Do?

Financial Planning Software Process

Financial planning software is much more than simply managing money accurately in the business. It evaluates the current financial position to predict future goals, values, and business plans. Also, it monitors and optimizes business processes in an organization and helps in analyzing the key areas that need improvement in terms of cost-cutting and funds allocation. Below are some prominent benefits of deploying the best financial planning software in business -

Benefits of Financial Planning Software

Financial Planning Software Benefits

These are the benefits a financial planning software can offer, provided it includes the powerful features and capabilities as mentioned below -

Must-Have Features of a Financial Planning Software

Automation of General Accounting Procedures

The financial planning software you choose should be capable enough to streamline basic financial processes for your business like accounts payable/receivable, cash flow, purchases, general ledgers, payroll, etc.

Supports Global Financial Processes

Every country follows different laws and guidelines pertaining to finance, and so their financial processes differ. The financial planning software you select should support multiple languages, currencies, and country-specific laws and guidelines.

Tracking Income & Expenditure

Financial management software should be able to track and monitor your company's income and expenditure across different divisions and locations in an accurate manner. It should be able to streamline the entire cash flow management to provide a real-time view of the financial status of your organization.

Strategic Planning

The use of financial planning software that allows you to prepare accurate strategic plans based on market conditions, acquisitions, liabilities, predicted expenses, profit & loss, etc., can positively impact the financial status of your organization and allows it to grow at an exponential level.

Real-Time Custom Reports

The financial planning software you select should have the ability to provide real-time custom reports showing the exact financial position of the organization, which can help in preparing accurate financial plans that prove to be successful.   

These are the must-have features of financial planning software, but it is also essential to consider your business requirements before you select your financial planning software. So, here is the list of the best 8 free and open source financial planning solutions with required details and a comparison chart making your selection process an easy task. You can consider deploying one among these financial planning tools in your business, helping you to meet your financial goals without making huge investments.  

The Best 8 Free and Open Source Financial Planning Software

#1 Firefly III

Firefly III is a free and open source financial planning software that helps you in keeping track of your expenses, income, budget, and everything related to your funds. It can even track your incoming and outgoing pertaining to your bank accounts, shared household accounts, and credit cards. It is a wonderful financial planning tool used for organizing money as it works on a basic principle that if you know where your money is going, you can stop it from going there.

Firefly III
 

(firefly-iii.org)

Key Features

  • Works based on double-entry bookkeeping concept
  • Allows managing the different types of accounts (savings, current, credit cards, loan, etc.)
  • Ability to manage transactions using categories
  • Can generate and view income & expenditure reports
  • Facilitates 2-factor authentication for security
  • Allows easy navigation through records
  • Enables a historical view of the transactions of past month or year

If you have already used Firefly III, please feel free to share your reviews here.

#2 GnuCash

GnuCash is easy to use, powerful, and the best financial planning software that allows you to track your income and expenses, stock, and bank accounts. It is quick and intuitive to use, just like a checkbook register. Based on professional accounting principles, it ensures to deliver accurate reports and balanced books. As it is freely licensed under the GNU GPL, it can be customized for personal and small-business financial planning needs.

GnuCash
(gnucash.org)

Key Features

  • Based on the double-entry accounting system
  • Includes check-book style register
  • Allows creating recurring transactions
  • Provides customizable reports
  • Can display graphs for your financial data
  • Allows users to compare account transactions with the bank statement
  • Supports different currencies
  • Can run on different operating systems like Windows, MacOSX, and Linux

If you have already used GnuCash, please feel free to share your reviews here.

#3 Skrooge

Skrooge powered by KDE, allows you to manage your personal finances. It is one of the best tools used for entering, monitoring, and analyzing your expenses. It can work on multiple platforms like Windows, Mac OS, Linux, BSD, and Solaris. It can also support multiple currencies from all over the world. It can save your time spent on data entry, as it is capable of importing data from spreadsheets, and even bank's website.

Skrooge
(skrooge.org)

Key Features

  • Allows managing the multiple payees
  • Includes infinite category levels
  • Allows you to import transactions from the bank's website
  • Helps in managing budgets by applying rules
  • Allows you to track expected refunds
  • Can generate periodic reports showing the financial position of your business

If you have already used Skrooge, please feel free to share your reviews here.

#4 KMyMoney

KMyMoney is an open source and free financial planning software that ensures to keep your finances in the correct order. It is user-friendly software, and so even a non-technical person can manage their finances seamlessly. It can support different account types and help in differentiating income and expenses based on categories. It allows reconciliation of bank accounts and can import/export the data to the "QIF" file format.

KMyMoney
(kmymoney.org)

Key Features

  • Uses the term account to represent assets and liabilities
  • Allows grouping of accounts based on the bank, broker, credit card, etc
  • Facilitates adding the list of payees and the users can view the transactions done with each payee
  • Allows adding categories and sub-categories for income and expenses
  • Can add tags to group several accounts as required
  • Helps in tracking investments

If you have already used KMyMoney, please feel free to share your reviews here.

#5 Buddi

Buddi is a free and open source personal finance and budgeting software just perfect for people with no finance background. It is available in multiple languages, and as it is open source, you can customize it or add some features as per your business requirements. This free financial planning software can run on almost any computer which has Java 1.6 or higher installed. It can work on any operating system, including Windows, Macintosh OS X, Linux, and many others.

Buddi
(buddi.digitalcave.ca)

Key Features

  • Extremely easy to use software
  • Can split a single transaction into multiple budgets
  • Can generate versatile features
  • Allows you to categorize the income and expenditure
  • Helps in comparing budget with actual expenses
  • Requires Java Runtime Environment to work

If you have already used Buddi, please feel free to share your reviews here.

#6 HomeBank

HomeBank is a free and open source personal finance software that is easy to use. It can help analyze finance and budget in-depth using powerful filtering tools and appealing charts. It can be translated in around 56 languages and can work in almost all common devices using operating systems like Microsoft Windows, Linux, FreeBSD, and was ported by 3rd party to MacOSX.

HomeBank
(homebank.free.fr)

Key Features

  • Can import data easily from Intuit Quicken, Microsoft Money, and other software
  • Can detect duplicate transactions while importing
  • Can import bank account statements in the form of OFX, QFX, QIF, CSV
  • Allows automatic cheque numbering
  • Can assign category/payee to the transactions
  • Can manage different account types like the bank, cash, asset, credit card, and liability
  • Can schedule transactions
  • Can generate powerful reports with charts

If you have already used HomeBank, please feel free to share your reviews here.

#7 Money Manager Ex

Money Manager Ex is an open source and free financial planning software. It is cross-platform and easy to use software that can organize finances and keep track of incoming and outgoing finances. Being extremely user-friendly software; it is preferred by many small and medium businesses to manage their financial transactions accurately.

Money Manager Ex
(moneymanagerex.org)

Key Features

  • Includes intuitive and quick interface
  • Can manage different accounts like savings, credit cards, stock investment, assets, etc.
  • Can send reminders relevant to recurring bills and deposits
  • Allows budgeting and cash flow forecasting
  • Can generate reports with graphs and piecharts
  • Can import data from CSV, and “QIF” formats
  • Includes non-proprietary SQLite Database with AES Encryption
  • Available in 24 different languages

If you have already used Money Manager Ex, please feel free to share your reviews here.

#8 Personal Capital

Personal Capital is a free financial planning software that can help you in having full control over your finances. You get a 360-degree view of your money and get to see all your accounts and investments in one place. It also includes planning and analytical tools which help you in forecasting your business financial future and planning your budget, investments, and expenses in advance to ensure the sustainability and growth of your business.

Personal Capital
(personalcapital.com)

Key Features

  • Provides an accurate and exact view of your net-worth
  • Helps in organizing your spending and savings 
  • Allows setting up a monthly spending target
  • Helps in monitoring the cash flow
  • Allows tracking your retirement savings
  • Helps in monitoring and managing investment portfolio
  • Stores financial data with high-end security
  • Can generate customized reports showing real-time figures

If you have already used Personal Capital, please feel free to share your reviews here.

The Best 8 Free and Open Source Financial Planning Software Comparison Chart

Financial Planning Software Comparison Chart

After going through the details of these best 8 free and open source financial planning solutions, if you are still looking for a better option, you can go through the details of the most popular financial planning software - Moneytree.

Moneytree

Moneytree is a professional financial planning software perfect for the needs of financial planners, top advisors, and growing firms. It includes versatile features that can help in analyzing the current financial situation of an organization and illustrate the impact of important decisions on the financial future of your business. It helps in creating highly accurate plans, make changes to planning data at any time, and discover financial pitfalls and provide solutions. It provides a 14-day trial period, which allows you to determine whether it suits your business or not before purchasing it.

Moneytree
(moneytree.com)

Key Features

  • Creates financial plans that help in making financial decisions
  • Can capture the current financial situation
  • Includes comprehensive planning analysis tools which help in detecting financial pitfalls
  • Includes goal-based financial planning features
  • Includes accurate and industry-proven calculations which help in analyzing the current situation and tradeoffs
  • Can verify results by using the report audit trails
  • Includes collaboration features to keep the clients and stakeholders informed about the crucial financial decisions

If you have already used Moneytree, please feel free to share your reviews here.

Conclusion

Financial planning has become significant as it examines your goals, and helps you in prioritizing, saving, and investing for those goals. A sound financial plan helps you in remaining efficient and accurate in terms of operations, predictions, and better decision making. A financial planning software that is rich in features can ensure that your financial planning process is streamlined and you have a sound financial plan in place. 

We hope that this list of free and open source financial planning solutions has helped you in selecting the perfect one as per your business requirements. To widen your choice, we would also recommend you to go through freemium and paid financial planning tools like Quicken, NaviPlan, MoneyGuide, WealthTrace, and many more in the complete list of financial planning software intricately curated by GoodFirms Team.

If you have used any of the financial planning software mentioned above, please don't forget to leave your valuable feedback here.

You can also browse all software categories if you are looking for the latest tools used for other business sectors as well.

Jemimah Rodriguez
Jemimah Rodriguez

Jemimah Rodriguez is a content marketing specialist having 8+ years of experience in content writing, SEO, and social media optimization. At present, she is working with GoodFirms – a reliable platform helping businesses in selecting right Software Companies & Products. For further information, you can get in touch with her on [email protected]

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