Personal finance software What is personal finance software?

Accounting software, such as Moneydance, BankTree, AceMoney Lite and Home Accountz, can help you to track your bank accounts and other investments, all in one place. Most programmes also double up as home budgeting software. However, it does mean a commitment of time, particularly setting up and finding your way around.

Most personal finance software packages allow you to plan your monthly budget, produce graphs and reports and analyse where your money goes each month. Many also allow you to import data directly from your online bank and share accounts, but check if your bank offers this before you buy any accounting software. A common way to import your bank statements is as an OFX file - ask if your bank offers this online banking option.

Microsoft Money is popular with Which? Money readers

Our research

We tested four widely available paid-for programs (Banktree, Budget Forecaster, Moneydance and Home Accountz) and compared them with two free-to-download alternatives (Gnucash and AceMoney Lite). All programs are PC and Mac compatible, except for BankTree and Budget Forecaster, which are not Mac-compatible.

We haven't tested Microsoft Money or Intuit Quicken, as both companies have withdrawn their support services from the UK market. If you're currently using Microsoft Money and are happy with it, you may be better sticking with it, even without UK support as it came out top in a previous Which? home budgeting software test.

Free Which? guides to save you money

There are plenty of other ways you can boost your finances. Read our free guides to cutting your household bills, getting discounts in shops and saving money on food, heating, motoring and getting fit.

And use the free Which? savings rate booster to find out how much interest you’re earning on your savings account and to switch to a more competitive deal.