FinanceToGo 1.1 Review
FinanceToGo 1.1 is a business and personal accounting software package that uses double-entry accounting techniques to track income, assets, debts and expenses. This should be a compelling feature not commonly found in personal finance programs, but FinanceToGo currently lacks the maturity to make it a replacement for more popular programs in its genre.
You can enter financial transactions either by typing them in manually or by importing banking information from a QIF (Quicken Interchange Format) file or Dexia Online data files. The program ships with 44 basic transaction categories. These include items you’d expect such as rent, groceries, and clothing, plus some odder entries like Bicycle under transportation expenses. When importing transactions you’ll need to set the transaction’s source account, destination account, and category, a process that we found confusing.
This update fixes an import problem where the application would crash after importing the third record in a QIF file. This highlights one of FastForward Software’s strong points: it’s very attentive to users’ needs and quick to provide fixes for difficult bugs. In a similar manner, FastForward has recently added an auto-save option to make it less likely that you’ll lose the data you’ve spent valuable time entering.
FinanceToGo still falls short in several key areas. It lacks adequate, detailed documentation, and while it ships with a tutorial data file and PDF User Guide it lacks an actual tutorial to walk you through working with the program. Also, the program has very limited reporting tools, providing just three different reports: Balance Sheet, Profit & Loss Statement, and Expenses Overview. For those used to the more robust features found in applications such as Quicken, FinanceToGo will be something of a disappointment.
Double-entry accounting for personal finances is interesting but unnecessary. If you’re in a business environment where it is a necessity, you will need a program that’s feature-rich and easy to use. In its current iteration, FinanceToGo is neither. There are several other programs on the market that offer more features and functionality for the same, or slightly more, money.