Ive been looking for a good PERSONAL accounting software but most of them cant integrate with AU banks. features I'm looking for to track day to day accounts, home loans, shares ect… can anyone share or suggest good software that I can use.
Personal Accounting Software - Online Based
andykroll89 on 25/02/2016 - 14:30
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Sorry for the offtopic but is it really a good idea to provide internet banking credentials to a 3rd party software?
Normally Internet Banking has two passwords - one for login and the other for transactions. Accounting softwares need the login password only to update the transactions automatically.
So it should not be a problem. However, if there is a single password for both login and transaction (highly unlikely), the of course it is not recommended to give the details.
Of course, your bank is not so silly as to give 3rd party companies control over transactions, that would just be insecure. All the information the bank gives is a 'bank feed' — it's explained here:
https://www.digitalfirst.com/online-accounting-guide/bank-fe…Hmmm… Let me see. NAB: single internet banking password. UBank: single internet banking password. Westpac, MeBank and Citibank: the same. They all usually require a confirmation via a text message code to make a transfer, however, this is still not safe enough.
I would feel safe if no internet passwords would be required by software in order to download transactions, just like in the article you mentioned. The biggest problem here is that banks have limited support for feeds. NAB, for instance, supports feeds into Xero, MYOB and Reckon. So if you use of one of these systems, you should be fine. Whereas Yodlee, which is actually a very popular aggregator, does not support that and works through internet banking credentials that they keep on their servers. I am afraid the same applies to all consumer-level software, e.g. YNAB, Pocketbook, etc.
I'm confused.. you're stating that a 2 step authentication (some might argue it is 3 step because of location) is not good enough but you think the software company databases just having access to the bank feeds will suffice?
From a security point of view I think I would stick with the 2 step authentication on the off chance a software company like that is hacked
@dimplex89: When a user voluntarily provides his internet banking credentials to a software company, a 2 step authentication becomes a 1 step verification. That is the main issue.
When a true banking feeds are used (Xero, MYOB and Reckon in Australia), they don't require internet banking credentials to be provided at all due to the way how it is implemented. That is secure.
The problem is that an average user does not see the difference between the two.
I use PocketSmith which is great for managing my personal accounts (including bank accounts, credit cards and loans). Costs $10 a month for live feeds from your banks and the company is NZ based so a lot of support for AU financial intuitions.
I use Wave Apps. Does everything you want including auto shares. Totally free
I can't find anything for shares there, have they removed this functionality?
Yes removed about a year ago
I use https://getpocketbook.com/ and it works well for me. It has account integration and spending tracker as well.
Their biggest problem right now is that their manual entry account is currently not working as intended. Hopefully they will fix it up soon.
My friend uses YNAB, which he claims is "better", but I have not used it for my own opinion.