iCompta Review

Very few people in this world get to avoid having to worry, in some fashion, about their personal finances. From the poorest of us to the richest of us, each of us has some form of income, and most of us have a major need to identify and maintain that income. Thankfully, the 21st century has tools that never before have been available. iCompta, a personal finance application for the iDevice line up, might just be able to help.

Regardless of if your household is running off of one income, or if there are 5 – 10 revenue streams that need to be tracked, iCompta provides advanced tracking and monitoring for even the most rigorous user. Whether it be accounts, budgets, or individual people in the household, iCompta can track each of these in various methods.

To make things easier, account activity can be downloaded from your banking institution into iCompta, alleviating the need for individual transaction input. This does require a wifi connection. Full integration is allowed with the iCompta Mac OSX program, making it that much easier for long time users, or an added level of tracking for newer ones.

Security is a major issue, so iCompta proves an encryption option within the app, for an added layer of security in case the device would become misplaced. This allows for the convenience of more detailed information being included in the app, better tracking, and complete assurance that your information will stay safe.

The real draw to iCompta for me wasn’t so much its finance tracking, as there are plenty of apps that do that. I was most intrigued with the apps ability to identify income and expenses by individual, and by percentage. This allows for multi-person dwellings where maybe a certain percentage of each bill is split to be accurately identified each month automatically. iCompta allows for multiple individuals to be entered into the system, including personal bank information complete with options to provide notifications in case current amount goes low.

Adding a new account in iCompta is extremely easy. With one touch a menu comes up with clear descriptions for ease of use. A new account is titled, and then initial balances, positive or negative, currency, USD or any number of customizable currencies, and a whole slew of additional information, including who is responsible for the account. Once all of that is set, iCompta downloads the information from your bank account. Budgeting options help users further keep track of their financial health by providing tools to assist in developing and maintaining a positive balance in the bank account. This is done in much the same way as the account creation.

The real icing on the cake is iCompta’s superior reporting tools, including detailed graphs and charts to help users track their revenue and expenses in different time periods, using different criteria, all in hopes of assisting with the complex task of personal financial management.

iCompta can provide a certain level of challenge when first using the application. Make sure to have a wifi connection when setting the accounts up, as it doesn’t seem to work with 3G connections. The help support is all online, but is built directly into the app for quick retrieval. If you’re looking for a powerful finance tool, iCompta has the potential to fill that need. You can pick it up for $4.99 or check out the light version to make absolutely sure it fits your need.

NOTE: The app is completely in English but I have provided pictures directly from the app store to show a fully developed use of this app.