By Jalluri, Last Updated:
May, 30, 2021
MoneyDesktop is a firm that specializes in providing financial solutions.
Average Rating: 4
Having a hard time managing your finances? Too busy to keep track of every dollar that comes in and out of your bank account?
You’ve just clicked on the right article, made just for you. Today, we will elaborate in-depth details on an online financial management tool by the name of MoneyDesktop.
This review will highlight the popular financial management and budgeting software. It is cloud-based and offers terrific tools that link up directly with online banking. But, before we unveil anything more, let us first give you an overall view of all the topics this MoneyDesktop review will cover.
First things first, MoneyDesktop was created by MX Technologies Inc. in 2010 by Ryan Caldwell and Brandon Dewitt.
In short, it is a firm that specializes in providing financial solutions. The software is designed to make it easier to manage your money since users can track and aggregate their finances in one place. In other words, all financial institutions that are relevant for your budgeting are included within this software.
For instance, as soon as you open an account with MoneyDesktop, you can use the website to access information from the accounts of various institutions in one dashboard. Here’s a sneak-peak view: there are features for report generation, data export/import; moreover, they offer sustainable customer support, too.
It is perfect for anyone that wants to create budgets, check their balance information, review pending or old transactions, manage their debt, review spending trends, and many other data forms.
MoneyDesktop, or MX it’s associated with more than two thousand banks, among them, fintech and credit unions as well. Let us not forget to add up the extensive reach of more than two hundred million clients. Here’s a tiny portion of the banks it collaborates with: Ally, Synovus, BECU, ATB Financial, National Bank, and many others.
MX stated it gathered no less than three hundred million in a C-Series funding circle that went into a $150 million investment by TPG Growth, alongside other prominent business names (Geodesic Capital, Canapi Ventures, Digital Garage, etc.).
To cut it short, this leads to the fact that this digital financial tool has ranked up its value as high as nearly $2 bn.
One could say that their typical customers are small and medium-sized businesses and everyone interested in creating a budget, or anyone who wants to track their financial state and expenditure habits, etc.
Now that you have acquired quite an overview of MoneyDesktop, let us further get to know more about them.
Or, shall we ask you this way: are you sure you need help tracking and handling your finances? Are you interested in creating a budget? Perhaps you’re a business owner.
Then, yes, this is the right software for you. You need help with your finances, and MoneyDesktop has the tools and broad network to lead the way for you.
We found out that it is the right financial tool for you, but how safe is it? Let us learn more about the safety and security it offers to its consumers.
Since what you are creating is a financial aggregate, we also had to check to ensure that all the financial information would be secure. The security detail of MoneyDesktop is recognized as military-grade level, so you can rest easy knowing that your information is safe.
While this digital money management software does not have a free trial, you can request a demo from their website to check it out. Even better, they have a virtual tour of the product, giving you an idea of MoneyDesktop.
We already mentioned this is an online digital financial tool. Therefore, of course, you can use it on your desktops. But, MoneyDesktop went beyond that and made their consumers even happier by enabling them to have their on-the-go financial management app—you can get it on your Android and iOS device. The app is known better as MoneyMobile, and to have it, you must first open an account via your desktop with MoneyDesktop.
So far, we have learned that MoneyDesktop is created as a financial solution for businesses and even individuals. This budgeting software comes with many great features that make it a must-have. Our Money Desktop review has found the following to be the most valuable tools on the platform.
The most significant advantage of selecting MX MoneyDesktop is having all your financial information in one dashboard.
You can view all of your internal and external accounts in a single view format. You also have the option to change the account type and name, credit limit, interest rate, account purpose, and original balance to make it easier to compile and follow the data. You can also exclude accounts, manage alerts, check your balance, and mark duplicate accounts on the plus side.
MX banking through MoneyDesktop allows you to create and manage your budget correctly. There are interactive visuals that showcase your data for the month. This can make it easier to track the budget. Users can change amounts of the monthly budget, create custom categories, check previous monthly budgets, and even change the projected amount of income they will be making.
You can view the budget in traditional bar formats or use their bubble budgeting to make it easier. Hence, by deciding to showcase your financial goals and status with bubbles, you can easily spot which part of your finances needs more focus and which are close to being achieved.
Tracking your spending and transactions has never been as easy as through MoneyDesktop’s platform. You can define a date range as you like and view the income sources within that period. You can effortlessly divide the spending into categories like food, fuel, education, etc. Additionally, users can filter the view of the data by date or account and amounts or keywords. All this makes it easier to track every single transaction.
Debt management tools are available to manage the debt plan based on the liability accounts added to the software. Consequently, you will be able to keep an eye on balance, payment dates, APR (Annual Percentage Rate), and minimum payments. What’s more, you can even prioritize which debt type you want to pay off first and project payoff dates for certain debts.
You can download the MoneyMobile application through your Google Play Store and Apple store. However, as we already mentioned, it only works if you have a MoneyDesktop account. It can be an easy way to bank and track your finances on the go.
Here are some of the things you can view and track through the app:
The Financial GPS is a great tool to help you stay on the right path and focus on the main financial parts overall. In other words, this is a feature that is designed to help you stay on the right track, i.e., get you to achieve your financial goals.
You can view your net worth over time via the MX MoneyDesktop platform. You can further dive into the details for each month and check how each transaction impacted your net worth overall. There’s more to it—You can also break it down according to date ranges from three to twelve months.
The MoneyDesktop review found that the notification system is quite a valuable feature to have. For example, you can get an email and/or SMS alerts from the platform. Furthermore, the ‘alerts’ option can be set up on debt repayment, exceeded budgets, large deposits, fee charges, large withdrawals or expenses, the low balance of accounts, and more.
This MX MoneyDesktop platform comes with a subscription plan with a relatively fair starting price of $49 a month. Compared to other financial apps, it is moderate in its price.
MX banking has never been more available. Yes, they have a free application (MoneyMobile) that you can install on your Android or iOS device. Remember – you can only operate the app if you have opened a MoneyDesktop account prior (this is mentioned earlier in this review).
Setting up your accounts on MX MoneyDesktop is relatively straightforward. And for that matter, this MoneyDesktop review will give you a step-by-step process on how to get started with the platform.
Step 1: Log in to the online banking option and look for the MoneyDesktop link. All primary institution accounts will begin to synchronize up to the MoneyDesktop platform automatically.
Step 2: To add other accounts and get a clear picture of your finances, you can also manually add the accounts (vehicles, real estate, etc.). Accounts can even be added manually where they are not supported through the automated links.
Step 3: The next step to getting the full financial view is to categorize your transactions. You can review each transaction based on these categories and make sure everything is as needed.
While there are automatic categories available, if you want to make custom ones, you can do that. If an automatic categorization is not accurate, you can always re-categorize it. You don’t have to worry because any changes you make will be saved and reflected on all upcoming transactions.
Step 4: The next step to get the most out of the MoneyDesktop is to create a budget plan. Since you can categorize the transactions so seamlessly, this can also make it easier to create a budget for the month based on the spending history.
There are clean instructions available through which you can generate your budget plan. That being said, manual budget plans can also be created with such ease.
The free mobile app, MoneyMobile, can be downloaded to an android or iOS device. However, to use its features, you will have to create a MoneyDesktop account first.
Once you have your MoneyDesktop account, you will require an access code (that you can generate yourself), and when that’s done, you can download the app and enjoy your on-the-go digital banking management.
The app does pretty much everything the desktop version can, from balance checking and automated categorization and organization of accounts to in-depth reports and visual presentation of your financial goals. In other words, the app itself is a mobile version of the desktop one, and it is at your disposal 24/7.
Since there are plenty of top-rated personal finance apps out there, it is only fair to make sure that MoneyDesktop exceeds in comparison.
Let’s take a look at some of the best personal finance services that are regarded as very convenient alternatives to MoneyDesktop.
One of the best personal finance services is MoneyWiz. Just like MoneyDesktop, MoneyWiz also offers a single dashboard view of all financial accounts and institutions, which makes it easier to track your cash. It has up to 400 features, though, which makes things more complicated for beginners to follow. On the other hand, MoneyDesktop’s interface is far easier to use, which reduces the training costs that businesses otherwise face when selecting software. On the whole, if you are looking for a budget-friendly option, MoneyWiz may be a better option since their packages start from $4.99 a month.
Let’s start by comparing their prices. Quicken starts at $35.99 a year (since they only offer annual subscriptions), while MoneyDesktop starts at $49 a month. Additionally, this makes Quicken more affordable compared to MoneyDesktop. But Quicken (Deluxe) has a lower rating at 86/100, compared to the 92/100 of MoneyDesktop.
Important enough is that both tools have the same type of features; however, the interface of MoneyDesktop is far smoother and easier for users.
KMyMoney is a personal finance software with pretty much the same features as MoneyDesktop, including budgeting, data importing, expenditure tracking, etc.
However, KMyMoney is designed for Linux KDE computers, while MoneyDesktop is available for all operating systems and Android and iOS. This information solely makes MoneyDesktop the better personal finance software between the two.
This budgeting software is an excellent option for small to medium businesses because it makes it easier for managers to track expenditures and transactions. MoneyDesktop ensures that everything is automated and organized in one place.
This can be a huge advantage for businesses since they can plan their budget according to their expenses and debt details. Moreover, you can take your finances anywhere with you and look at them at any given time by downloading their mobile app – MoneyMobile.
We hope our MoneyDesktop review showed you that it is well worth getting this financial software.
1. How to add an account?
You can add more accounts by going to the Accounts tab and clicking on the “Add an Account” option. You can enter the name of the financial organization from the data archive and select the right option from the list available. To add it, you need to re-enter your login details.
In cases where the financial institution is not entirely supported, you will also manage and add the accounts manually.
2. Can I recover data from an account that is deleted?
No, unfortunately, it is not possible to recover the data of a deleted account. Therefore, think twice before deleting an account. Give it a good thought before losing all data from that particular account.
Nonetheless, there are ‘hide’ options to hide an account’s data from the dashboard in general. This option is helpful when you don’t want to see particular data but also don’t want to lose it either.
3. How can we create our category?
When you import the transactions into the platform, MoneyDesktop automatically categorizes them. This is based on how users usually categorize the same type of transactions. If you do end up changing the transactions, the preference will be saved for the future so that categories are always accurate.
What’s more, you can also create your categories by clicking on the transaction. When you go into the detailed view of the transaction, you can click on the category fields to see the options from the current categories. If you cannot find one suitable for the transaction, you can create subcategories under any of the main ones. While you cannot create new main categories, you can change the name of the categories available to suit your own.
4. Where can we set the alerts?
In the settings section, there is an alert tab where you can set the alerts from. You will see the Alert tab there, where you can click on the envelope next to the alert type you want to receive. There are many to choose from; you can get alerts on MX Money Desktop debt repayment, exceeded budgets, large deposits, fee charges, large withdrawals or expenses, the low balance of accounts, and more.
5. Which browser is recommended to use MoneyDesktop?
The browser version will dictate what kind of browser support you are receiving. Over 74 percent of users use modern browsers such as Google Chrome. As opposed to a mere 14 percent of users still depend on Internet Explorer (7 or 8). The latter can be hard to incorporate with MoneyDesktop since they are outdated and don’t always support the newly included features. If you find the browser you are using is not compatible with MoneyDesktop, you will be alerted by the software itself. Anyway, to avoid this kind of complication, we recommend you check for browser upgrades more frequently.
$49 per month
No free trail
Military-grade level security