Financial planning and financial reporting software is designed to assist businesses with determining how to afford to achieve their strategic goals and objectives, tracking activities, resources, equipment, materials, timeframes, and risks. Users can define their own reports and effectively sift through the information with a click of a button. Financial planning and financial reporting software can help in a variety of different areas, such as keeping track of personal and business dealings or planning for retirement. Personal financial management (PFM) applications and websites enable consumers to track and manage their money, often aggregating multiple institutions in a single view. With financial planning and financial reporting software, all aspects of a client's current and proposed financial situation can be recorded, analyzed, and presented. Financial planning and financial reporting software keeps track of what a client owns, owes, earns, spends, receives in social security, and pays in taxes from the current year through retirement and beyond. Financial planning and financial reporting software also provides an ideal solution for financial reporting, group consolidation, budgeting and planning, and sales and purchasing analysis as well. Many types of financial planning and financial reporting software are available. Personal financial management applications are generally divided into web-based applications that are accessible anywhere, and desktop programs that are downloaded and run on a computer. Apart from the routine features, financial planning and financial reporting software also offers additional special features include financial advice, community features, and visualizations. Today, financial professionals around the world use financial planning and financial reporting software to construct resilient portfolios, generate compelling presentations and reports, and effectively communicate financial concepts to their clients. Whether financial planning and financial reporting software is needed for standard retirement planning or customized software for a company's unique needs, suppliers have both desktop and web-based solutions. This includes a wide array of calculators for pre-retirement and post-retirement planning and complete calculations for early, normal, and required distributions from qualified plans, needs-based income and annuitization calculations, and asset allocation. Technical experts are updating and adding capabilities to financial planning and financial reporting software, making it an indispensable tool for all financial planning needs.