PocketSmith Review: Pros, Cons, Features, and Pricing
PocketSmith is a budgeting and planning software that helps users manage their personal or business finances through forecasting and reporting tools. It's best suited for individuals and small businesses, especially freelancers, consultants, and entrepreneurs who need multi-currency support and flexible budgeting features. PocketSmith's value lies in its ability to offer detailed financial insights and projections.
PocketSmith also addresses common pain points, such as tracking multiple income sources and expenses. In this article, I'll cover PocketSmith's features, pros and cons, use cases, and pricing to help you decide whether it aligns with your financial management needs.
PocketSmith Evaluation Summary
- From $26/month (billed annually)
- Free plan available
Why Trust Our Software Reviews
PocketSmith Overview
In my opinion, PocketSmith offers a solid choice for those looking for flexible financial forecasting tools. It excels with its multi-currency support and detailed reporting, making it suitable for those who need to manage and categorize diverse financial portfolios. Compared to other budgeting apps and tools, it might not be the most intuitive, but its advanced features can provide in-depth financial insights. While the pricing may seem steep for smaller operations, the value it provides for money management justifies the cost. If you need detailed forecasting and global financial management, PocketSmith is worth considering.
pros
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The reporting features provide clear insights into your spending habits.
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It supports multiple currencies to help you manage international finances and bank accounts.
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You can forecast your finances with flexible and detailed planning tools.
cons
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You might find the mobile app lacking in functionality compared to the desktop version.
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It could prove overwhelming if your team doesn't need advanced features.
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The interface might be less intuitive for new users.
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How We Test & Score Tools
We’ve spent years building, refining, and improving our software testing and scoring system. The rubric is designed to capture the nuances of software selection and what makes a tool effective, focusing on critical aspects of the decision-making process.
Below, you can see exactly how our testing and scoring works across seven criteria. It allows us to provide an unbiased evaluation of the software based on core functionality, standout features, ease of use, onboarding, customer support, integrations, customer reviews, and value for money.
Core Functionality (25% of final scoring)
The starting point of our evaluation is always the core functionality of the tool. Does it have the basic features and functions that a user would expect to see? Are any of those core features locked to higher-tiered pricing plans? At its core, we expect a tool to stand up against the baseline capabilities of its competitors.
Standout Features (25% of final scoring)
Next, we evaluate uncommon standout features that go above and beyond the core functionality typically found in tools of its kind. A high score reflects specialized or unique features that make the product faster, more efficient, or offer additional value to the user.
We also evaluate how easy it is to integrate with other tools typically found in the tech stack to expand the functionality and utility of the software. Tools offering plentiful native integrations, 3rd party connections, and API access to build custom integrations score best.
Ease of Use (10% of final scoring)
We consider how quick and easy it is to execute the tasks defined in the core functionality using the tool. High scoring software is well designed, intuitive to use, offers mobile apps, provides templates, and makes relatively complex tasks seem simple.
Onboarding (10% of final scoring)
We know how important rapid team adoption is for a new platform, so we evaluate how easy it is to learn and use a tool with minimal training. We evaluate how quickly a team member can get set up and start using the tool with no experience. High scoring solutions indicate little or no support is required.
Customer Support (10% of final scoring)
We review how quick and easy it is to get unstuck and find help by phone, live chat, or knowledge base. Tools and companies that provide real-time support score best, while chatbots score worst.
Customer Reviews (10% of final scoring)
Beyond our own testing and evaluation, we consider the net promoter score from current and past customers. We review their likelihood, given the option, to choose the tool again for the core functionality. A high scoring software reflects a high net promoter score from current or past customers.
Value for Money (10% of final scoring)
Lastly, in consideration of all the other criteria, we review the average price of entry level plans against the core features and consider the value of the other evaluation criteria. Software that delivers more, for less, will score higher.
Core Features
Budget Forecasting: PocketSmith allows you to project your financial future with its detailed forecasting tools. By visualizing your cash flow and possible net worth, you can plan for long-term goals.
Multi-Currency Support: You can manage finances in different currencies seamlessly. This is ideal for those dealing with international transactions.
Transaction Importing: Automatic bank feeds import your bank transactions to keep your financial data up to date, saving you time and reducing manual entry errors.
Financial Reporting: You can generate detailed reports to gain insights into your spending habits and make informed financial decisions.
Calendar View: See your financial events and transactions in a calendar format. This visual approach makes tracking your financial commitments easy.
Spending Analysis: Analyze your spending patterns with easy-to-understand charts and graphs and identify areas where you can save money.
Ease of Use
PocketSmith's interface can be a bit daunting for new users, especially if you're not used to detailed financial tools. While it offers powerful features, the learning curve might be steeper compared to simpler budgeting software. Navigating the platform may take some time to get used to, but once you get the hang of it, the detailed insights and customization options can greatly benefit your financial planning efforts.
Integrations
PocketSmith integrates with Mint, YNAB, Plaid, Quicken, Monarch Money, Banktivity, Toshl, Pocketbook, Moneydance, and more.
PocketSmith also offers an API for custom integrations and connects with third-party integration tools like Yodlee.
PocketSmith Specs
- 2-Factor Authentication
- Accounts Payable
- Accounts Receivable
- API
- Balance Sheet
- Billing/Invoicing
- BitCoin
- Budgeting
- Calendar Management
- Contact Management
- CRM Integration
- Customer Management
- Dashboard
- Data Export
- Data Import
- Data Visualization
- Expense Tracking
- External Integrations
- Forecasting
- General Account Ledger
- Inventory Tracking
- Multi-Currency
- Multi-User
- Notifications
- P&L
- PayPal
- Payroll
- SAP Integration
- Stripe
- Supplier Management
- Tax Management
