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What are the Different Types of Fiscal Software?

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  • Written By: Alex Tree
  • Edited By: Melissa Wiley
  • Last Modified Date: 24 August 2016
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There are many types of fiscal software programs, some of which are dedicated to specific financial measurement and planning tasks. One common category is fiscal tracking software that seeks to track money earned and spent, categorize that information, and extrapolate patterns of behavior. Another common category is fiscal planning software that typically aims to plan short-term budgets and long-term investments, as well as set retirement goals. One final common type of financial software involves the tracking and implementation of investments. This type of software often allows the user to monitor the real-time performance of his or her investment vehicles and set rules for purchasing new investments and selling them automatically.

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Some fiscal software is designed with a goal of tracking spending. Purchases may be automatically or manually entered into the software so that the software’s user can easily budget expenses by category of purchase. This type of software often aims to keep the user informed about exactly where his or her money is going so that he or she can make informed adjustments to spending habits. Some fiscal software programs of this type aid the user in keeping track of information like interest rates of credit cards and loans and helps keep the user aware of unexpected interest changes or purchases that might otherwise go unnoticed. Often, this type of fiscal software can be set to send email or text message alerts when budgets are exceeded or unexpected purchases clear, offering a centralized place to manage alerts instead of doing so through a myriad of banking establishments.

Fiscal planning software often aids the user in creating long-term budgets and overall plans for investments and retirements. Sometimes this functionality is incorporated with the fiscal tracking software, but other times it is packaged in a separate program. This type of functionality does not focus on the tracking of purchases, but instead focuses on the organizing of financial resources for long-term goals. Overall goals that this type of software may be used to meet include planning for retirement, funding a college savings account, or figuring out how to pay off a debt.

Another category of fiscal software is designed specifically to handle investing and existing investments. Often, this software is maintained by an online investment company to facilitate the use of its service. This type of software may allow the user to view the total value of his or her investments up to a recent time and easily view the fluctuating values. Some investment software also allows the user to set automatic buy or sell points for investment instruments, potentially enabling complicated automated speculating strategies.

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