Let's find out which is right for you, starting with desktop software.
Desktop financial software runs on your computer's hard drive and is purchased in a box or as a download. In either case, you need to install the software on your computer.
Desktop Financial Software Pros
- As long as your computer is running, you can access desktop financial software.
- You maintain ultimate control over the security of financial data (if you use passwords, antivirus software and a firewall.
- Compared to online software, desktop financial software offers more financial management features.
- If you have a well-equipped computer (fast processor, maximum amount of RAM), desktop financial software should run responsively.
Desktop Financial Software Cons
- If you forget to back up data regularly and your hard drive fails, recovering the data will be very expensive, if recovery is possible at all.
- Most desktop financial software installs without a hitch, but this is not true 100% of the time. This is because no two systems are alike due to differences in hardware, settings and software.
- It is more difficult to share financial reports between computers, and sharing data entry tasks may be impossible.
- If you have a budget computer or an older computer, new desktop financial software may run frustratingly slow. Fully-featured desktop financial software like Quicken, Microsoft Money, or Moneydance run slower on older or budget computers.
- There are fewer free desktop financial software options compared to online financial software.
- Desktop financial software is usually more expensive than web-based financial software
Compare what you have learned about desktop financial software to online financial software.
