Moneydance is a personal finance software for Mac that allows you to directly connect with financial institutions, including your investment accounts. Because of the strength of its connectivity as well as its easy-to-use budget tools and investment features, Moneydance receives the Top Ten Reviews Silver Award.
Infinite Kind is the developer of Moneydance and a limited trial is available through its website. Upgrades to the newest version are free if you have the previous iteration. If you have an older version, you can upgrade at a discounted price.
One of the most important factors when selecting personal financial software is how well the software connects to your banks and other financial institutions. Moneydance allows you to connect to your bank, credit union, credit card, investments and retirement accounts. When you sync your account, all your transactions are downloaded into Moneydance. Moneydance works with around 1,000 financial institutions; if yours is not supported, you have to import a file you download from your bank.
Once you've connected to your accounts, you can download new transactions. Moneydance doesn't do this automatically though; you have to remember to download your new transactions each time you use the program.
Moneydance has a free mobile app. The app connects to the desktop software through Dropbox, so if you don't have a Dropbox account, you need to sign up for one to use the app. The mobile app is pretty bare bones; it allows you to add transactions and see the balances in your various accounts, but you cannot monitor your budget or look at reports.
Moneydance has some of the strongest budgeting tools of the Mac personal financial software that we reviewed. Once you've connected your accounts to Moneydance and uploaded your transactions, you need to categorize them. Moneydance has default categories, such as groceries and rent, but you can add your own. You need to manually categorize each transaction, but transactions from the same source are automatically tagged when you download new transactions, which is a nice feature that can save you time after the initial setup.
You can create reminders and schedule payments that are automatically factored into your budget. One nice feature that Moneydance includes is the ability to pay bills through the program. You can copy your budget over the month and roll over the amount you didn't spend.
One budgeting feature that Moneydance lacks is the ability to create savings goals that allow you allocate money for a long-term purchase. Despite the lack of any goal-setting tool, Moneydance includes budgeting tools that are helpful and easy to use.
Reporting tools can be helpful in giving you a long-term view of your finances and allowing you to analyze your spending patterns. Moneydance includes a wide variety of reporting options. You can see an overview of your net worth and monitor your spending and cash flow in graph form. These graphs give you a quick visual overview of your finances.
Reports are available about your portfolio and investments, and they can be customized to cover certain time periods. Moneydance does allow you to create tax reports, but you need to do some of the legwork yourself by manually specifying what transactions are tax related.
One drawback of Moneydance is that you cannot export your reports to another program. You can copy the data to your clipboard and copy it somewhere else, but the inability to download reports is a drawback.
Moneydance allows you to monitor your investments. This personal finance software includes a portfolio view so you can see at a glance how your investments are doing. You can track the performance of individual stocks and analyze the allocation of your assets through this program. If you want to track the fund fees you pay, you need to enter those manually. You can manage and monitor investments only through the desktop version of the software; the mobile app doesn't support investments.
If investments are a part of your finances, Moneydance includes tools to allow you to track their performance along with the rest of your accounts.
While the mobile app is lacking, the desktop version allows you to budget, create reports, monitor investments and connect to financial institutions in a way that makes it one of the best personal finance software for Mac that we reviewed.
Moneydance allows you to monitor and track the performance of your investments.
You cannot create budget goals with this software.
Moneydance has strong budgeting features and the strongest tools to help you track your investments.