Quicken
Quicken is the grandaddy of personal finance software. Originally, Quicken wasn't much more than an electronic checkbook register. The first version of Quicken even pre-dates Windows and the World-Wide Web. The Internet existed, but the web was still a few years off. Most computer owners didn't even own a modem, and no banks had any way for customers to access their accounts online. Even automated phone updates was a feature only the biggest banks had.
The world has come a long way since that time, and Quicken was often ahead of the curve. Of course there will always be people who believe that the newest version is too feature laden to be of use to anyone. And often they'll point to a version three or four years old as being adequate. Of course three or four years ago, they thought that version was too feature laden, too! In many ways, a new version of Quicken is something you grow into, and once you do, there's no going back.
- Why Quicken?
As with any personal finance software, what you get out of it is only as good as what you put into it. I had bought one of those early versions of Quicken before I ever bought Windows. To use it, I needed to enter all my data by hand. But even after spending a weekend entering my checkbook register and old credit card statements, I was disappointed. Most of my spending was cash. My checking account and credit card statements didn't provide much of an insight into how I spent money. And if I didn't sit down every day and enter all my cash spending for the day, I would never have an accurate record. Thankfully, those days are gone.
If you use plastic for all your purchases, keeping up on your finances is now a breeze. Most banks allow you to download your credit and debit card transactions daily, and with Quicken, it's a snap. Each night right after dinner I sit down at my computer, click a few icons and buttons, and nearly every detail about my daily spending is downloaded into Quicken. I know where every cent I spend goes. I know if my checking account has enough money for that automated payment coming up. And in just a few minutes, I can tell you how much of my spending was optional, how much was required, and what was tax deductible.
Also, if someone ever gets a hold of one of my credit or debit cards, or otherwise gains access to one of my accounts, I'll know by the end of the next business day.
- Keeping Track of All Your Finances
More than a decade ago, the first time I tried Quicken, all these benefits would have taken a lot of work. Today it takes less time than I spend reading e-mail. But there's so much more, too.
Not only can Quicken keep track of spending accounts like checking, credit card, and bank savings accounts, Quicken can keep track of investments. Do you have a 401k or IRA account? Own any mutual funds or stocks? Quicken can keep track of them. Do you own a home or some other significant asset? Do you have loans and/or a mortgage? Does part of the money from your house payment go into an escrow account for taxes and insurance? Keeping track of all these things is easy with Quicken.
And when the end of the year comes, wouldn't it be great to have a complete record of where all your money went? Did you ever loose out on a deduction because you lost the receipt, so you had no record of spending the money? Quicken integrates seamlessly with TurboTax, which is published by the same company as Quicken. Data from Quicken can also be imported into TaxCut, and many CPA's and tax preparers have the ability to use data from Quicken to do your taxes. It's not hard to concieve that your tax savings can be greater than the cost of the Quicken software.
- A Complete Line of Products
Of course one size doesn't always fit all equally, so Quicken comes in a number of versions. Quicken Basic is often bundled with new computers, or other computer products. Quicken Deluxe is the standard package that is suitable for most people. Quicken Premier adds tools to help with tax planning and investing. Premier Home & Business adds tools for small business owners who don't need the power of the Quickbooks line of business products.
Quicken also offers some specialized products. Quicken Medical Expense Manager is aimed at people who are managing chronic health conditions. In addition to keeping track of expenses for budget and tax purposes, you can use it to coordinate insurance claims, and compiling medical records that you or your family may need to access on short-notice. Quicken Rental Property Manager is aimed at people who manage their own rental properties, but don't need to step up to Quickbooks. There is also a Quicken bill pay service, a Quicken credit card, and online investment services available to Quicken users.
- Upgrades and Upgrading
Quicken updates it's software yearly. "Upgrade" versions of the software are usually not available, however the full versions of the software are reasonably priced, and current users are periodically offered additional rebate savings when they upgrade to the newest version. Be forwarned, however, that versions of the software that are more than three or four years old may not continue to be supported by financial institutions that download data directly to Quicken software. You won't need to upgrade every year, but you will likely need to upgrade every three or four years. Personally, I plan to upgrade every two years.
The features added with each new version often streamline processes based on suggestions from real customers regarding the way they really use the software. Quicken 2004 added an express account setup, improved investment management, and provided more detailed net worth monitoring. Quicken 2005 added better expense category tracking, easier back-up and archiving, and streamlined access to Quicken Bill Pay. Quicken 2006 adds revamped reporting, including "one-click" spending reports, updated investment portfolio models, and the ability to attach scanned receipts and checks to transactions. Intuit claims 121 customer-suggested improvements in all.
- The Product Line-Up
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Quicken Deluxe lets you take control of your finances in minutes. Download your credit card, banking and brokerage transactions from your participating financial institutions. Quicken Deluxe works just like your checkbook, so it's easy to get started: You can see your complete financial picture in minutes, and feel confident your charges, payments and deposits are accurate. Track spending, pay bills on time, balance your checkbook, create and follow a budget, save time and money on taxes, and more. Quicken works with over 2,500 financial institutions. You also get tools to help you plan for the future and achieve your financial goals -- save for a college tuition, a new home or vacation; create retirement and estate plans; avoid getting into debt; and simplify your taxes.
Quicken Premier contains everything in Quicken Deluxe plus additional tools to compare your investment performance to the market indexes; get alerts on tax-saving opportunities to help improve after-tax returns; explore more tax-efficient investments; and make tax time easier with Schedule A, B, and D tax reports. See your complete financial picture in minutes with Quicken Premier
Quicken Premier Hom & Business builds upon Quicken Premier by adding tools for the small business owner. Run business reports, manage payables and receivables, and customize estimates and invoices with your own logo and gaphics. Schedule A, B, C and D tax reports help you find personal and business deductions, and save on tax preparation.
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Quicken Medical Expense Manager makes it easy to track health care expenses for your whole family. Create a medical history for each individual, manage medical bills, prescription costs and payments so you don't overpay, find medical tax deductions and tax tips, and manage disputes -- all in one place. Quicken Medical Expense Manager is an excellent solution if you are coping with a chronic medical condition, eligible for the medical expense tax deduction, the caregiver of someone who is elderly, ill or disabled, or dealing with complex health insurance like Medicare, and up to 2 medical insurance plans, or FSA's.
You can easily record and track primary and secondary insurances for the same medical service. Each time a bill or statement comes from your doctor or insurance company, in a few clicks you can gain insight into what to do with it. Tools like the Pending Expense Report will give you actionable information instantly.
Quicken Medical Expense Manager is a standalone product designed specifically to track medical expenses and at this point does not integrate with Quicken personal finance software or TurboTax. Quicken Medical Expense Manager is simpler than Quicken because it focuses on just one area: managing healthcare expenses and insurance. Quicken Medical Expense Manager tracks many things that Quicken doesn't, including medical expense tax deductions, basic medical and prescription history, insurance payments and out-of-pocket spending toward deductibles, billing or claims disputes, and flexible spending accounts.
Organize your rental income and expense information all in one convenient place with Quicken Rental Property Manager. Designed for rental property owners, Quicken Rental Property Manager lets you keep ongoing records of your income and expenses. Now you can quickly get the information you need at tax time, receive the deductions you deserve and see how your properties are performing in no time. Quicken Rental Property manager is designed for individuals who own fewer than 10 rental properties (with potentially multiple units per property) and who want a better way to track income, expenses, and prepare tax information.
Quicken Rental Property Manager is a standalone product designed specifically to support the unique needs of rental property owners. It does not integrate with Quicken personal finance software, nor does it have the same functionality as Quicken.Each property has a separate set of transactions In Quicken Rental Property Manager so it's easy to see exactly what's going on with each of your properties. (The Quicken Personal Finance Software, on the other hand, is organized by accounts such as checking accounts which may be used for multiple purposes.) Quicken Rental Property Manager exports income and expense information by tax category to TurboTax. All Quicken retail products have an unconditional 60-day money back satisfaction guarantee.
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Track, save and invest with ease: Quicken for Macintosh 2006 helps you see your complete financial picture in minutes. Pay bills, balance your checkbook, create a budget, plan for retirement, simplify taxes, and manage your investments. Built for Mac OS X, Quicken for Mac 2006 works with iPhoto and iCal to help you track home valuables and stay on top of important dates. You can also back up your Quicken file to .Mac. Save time on data entry by downloading your credit card, banking and brokerage transactions from your participating financial institutions. Quicken for Macintosh is the only choice for Macintosh users. |
- Product Guides
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The new edition of the only authorized guide to the top-selling personal finance software. Quicken 2006: The Official Guide offers you the time- and money-saving help you need to organize and manage your personal finances, use online tools for everything from bill-paying to investments, and master Quicken's efficient automated features. Reviewed and endorsed by Intuit, makers of Quicken, this best-selling official guide provides complete details on all the product’s features and includes plenty of financial information and online resources designed to assist you in financial decisions. With full coverage of Quicken Deluxe and Premier editions, the book is organized to closely follow the software so specific topics can be found quickly and easily. | |
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Did you know we spend around 155 hours a year managing our finances? Hey, no wonder you're tired! Let this book introduce you to Quicken, so you can set up and access your accounts, track your credit cards, pay your bills online, make sense of your investments, and have a little more time to relax! Discover how to set up Quicken or update from an earlier version, manage your financial affairs efficiently, track deductions and plan for tax time, find out where you stand with charts and reports, and even handle payroll for your small business. | |
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Whether you're new to electronic banking or just new to Quicken, this refreshingly funny and sensible book zeroes in on exactly what you need to get into Quicken fast. It teaches you how do such essential things as: balance your checkbook on your computer, keep tabs on your spending, create and manage a budget, monitor and pay bills on time, determine more ways to save and stick to your savings plan, manage loans and maximize investments, make tax preparation easier (even find hidden tax deductions!), and much more. Financial-software writer and personal finance expert Bonnie Biafore delivers clear explanations and step-by-step instructions for the Quicken features you need, as well as relevant advice and plenty of real-world examples. Beginners will appreciate Biafore's clear guidance on how to set up Quicken to streamline their money management tasks. Power users will benefit from her insightful tips, tricks, and shortcuts for working around Quicken's idiosyncrasies and saving even more time and money. |
Microsoft Money
In Microsoft's vision of the world, computers not only would run a Microsoft operating system. They'd run nothing but Microsoft software. But for that vision to have a chance of coming true, Microsoft has to have all the programs people could ever want, and those programs would have to be as good as or better than the competion.
Compared to Quicken, Microsoft entered the personal finance software game late. Quicken had already defined the field, and nearly cornered the market. Microsoft Money started at a disadvantage, and needed to play catch-up very quickly. And that is exactly what happened. In a very short time, Microsoft Money made the personal finance software field a two-horse race by putting out a product as good as anything offered by Quicken.
For all practical purposes, the choice of Microsoft Money versus Quicken is a matter of personal taste and comfort. Both programs offer similar tools to track and plan your finances. And both Quicken and Microsoft Money need to be regularly updated to take advantage of online services. Money programs expire two years after their release, while Quicken goes for at least three. That means if you skip versions of Microsoft Money, you need to upgrade quickly to continue to take advantage of the online services.
Like Quicken, Microsoft Money come in four levels: Standard, Deluxe, Premium, and Small Business. Standard usually comes bundled with new computers or other software, and is only available limittedly through retail channels. Microsoft Money does not, however, come in a Macintosh version, nor does Microsoft offer other financial software like Intuit does.
While TurboTax integrates completely with Quicken, it will also import data from Microsoft Money. Microsoft Money, however, integrates more closely with H&R Block's TaxCut software.
- The Product Line-Up
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Microsoft Money Deluxe helps you improve your financial picture by automatically consolidating online bank and credit card information, and providing essential tools for improving credit and organizing taxes. Microsoft Money Deluxe helps you stay on top of credit and debt while keeping daily finances simple. From balancing your checkbook to raising your credit score, Money Deluxe can help you get -- and stay -- organized. Money Deluxe automatically consolidates all of your accounts in one place and provides time saving features and benefits to help you organize your taxes and help reduce debt.
The ultimate personal finance solution, Microsoft Money Premium offers everything included in Money Deluxe, plus additional investment and tax tools designed to make optimizing your finances effortless and effective. Quickly view all of your bank, credit card and investment accounts in a single location with a single password, and take advantage of free services included with Money Premium, including educational software to teach your kids about finances. Staying on top of your financial future has never been easier. With all the benefits and capabilities of Money Deluxe, plus sophisticated investment tracking and optimization tools Money Premium gives you everything you need to effectively manage your finances quickly and easily. Plus, Money automatically connects to your bank so you'll always have the latest information.
Designed for small business owners, Microsoft Money Small Business has all of the planning and investing tools of Money Premium, plus tools that help you effortlessly manage your business finances. Create invoices, track spending and manage your cash flow with easy, intuitive tools. And, enjoy valuable financial services that come free with Money Small Business. You can even manage a small payroll with Micrsoft Money Small Business.
- Product Guides
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Ever hear that it takes money to make money? Spend a little on this book and discover easy ways to set up accounts, do your banking online, research and track investments, make payments on time, even generate reports that help you understand where your money's going. Best of all, you'll find you're actually managing your money! Discover how to set up Money or update from an earlier version, know what your investments are worth, estimate your tax bill, track income and expenses, generate reports, and plan for retirement. |
