Accounting software: Difference between revisions

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{{title|Accounting software}}
{{title|Accounting software}}
=Personal Finance Software Reviews=
October 3, 2009 (with a few updates as of October 2010


Hi Faithe,
These are my personal reviews of many Mac finance apps. They are a bit outdated. For invoicing I'm currently using Billings which I really like, and then my personal and home business accounting is currently being done using Quicken 2005. I have yet to find an application that will handle the tax side of things as well as Quicken can and the fact that it integrates so well with TurboTax.
 
I'm including my personal reviews of many Mac finance apps below. It is a bit outdated but may help you sort things out. BTW, I'm really curious which online service you were using up to this point? For invoicing I'm currently using Billings which I really like and then my personal and home business accounting is currently being done using Quicken 2005. I have yet to find an application that will handle the tax side of things as well as Quicken can and the fact that it integrates so well with TurboTax.


I've also added a few other online options that are perhaps worth looking into. If you work for a non-profit, it is worth checking into them to see if they have non-profit pricing. I ask this question to a LOT of developers and you'd be surprised how many are willing to help out non-profits.
I've also added a few other online options that are perhaps worth looking into. If you work for a non-profit, it is worth checking into them to see if they have non-profit pricing. I ask this question to a LOT of developers and you'd be surprised how many are willing to help out non-profits.


Hope this helps and doesn't overwhelm you further,
=iBank 3.5.2=
 
$59.99 (30% off coupon from Macworld (MWSF09))
Christi
* recent review of iBank 4 as of 9/29/10: http://mac.appstorm.net/reviews/finance-reviews/ibank-4-ideal-mac-money-management/
 
:+ iPhone app syncs now with wifi (Bonjour), MobileMe or any WebDAV server
 
:+ Nice, active User Forum
 
:+ Allows you to enter future transactions which are reflected in the running balance
Personal Finance Software Reviews
:+ They are paying $20 for people to switch from Quicken or MS Money to iBank through a rebate offer  
 
:+ Claims to export to TurboTax -- I need to research this further
10/3/09 (with a few updates as of 10/2010)
:- Pretty lame GUI (icons are large)
iBank 3.5.2 -- $59.99 (30% off coupon from Macworld (MWSF09))
:- Split transactions have a major bug that has not been fixed since Oct 2009-May 25, 2010 (keep an eye on [http://forums.iggsoft.com/viewtopic.php?f=12&t=14279&sid=0129e035ad1e39f44c8efce64878c9fb this forum post] to see if and when a fix is made. The bug is big enough to me (and others) that it instils a lack of confidence in the product's ability to really handle one's accounts. [http://forums.iggsoft.com/viewtopic.php?f=12&t=14677 Here's another forum post] to track. 
recent review of iBank 4 as of 9/29/10: http://mac.appstorm.net/reviews/finance-reviews/ibank-4-ideal-mac-money-management/
* Scheduled transactions can only be added to iCal -- they don't show up automatically in the register until they are due (NOT GOOD). However, I can manually post the scheduled transactions by hitting Post Now.  
+ iPhone app syncs now with wifi (Bonjour), MobileMe or any WebDAV server
* Allows you to attach a photo (and possibly a receipt) but the icon doesn't change nor does the view of the image increase in size to be legible -- this feature would need to be explored further.)
+ Nice, active User Forum
+ Allows you to enter future transactions which are reflected in the running balance
+ They are paying $20 for people to switch from Quicken or MS Money to iBank through a rebate offer  
+ Claims to export to TurboTax -- I need to research this further
- Pretty lame GUI (icons are large)
- Split transactions have a major bug that has not been fixed since Oct 2009-May 25, 2010 (keep an eye on this forum post: http://forums.iggsoft.com/viewtopic.php?f=12&t=14279&sid=0129e035ad1e39f44c8efce64878c9fb) to see if and when a fix is made. The bug is big enough to me (and others) that instills a lack of confidence in the product's ability to really handle one's accounts. Here's another forum post to track: http://forums.iggsoft.com/viewtopic.php?f=12&t=14677  
Scheduled transactions can only be added to iCal -- they don't show up automatically in the register until they are due (NOT GOOD). However, I can manually post the scheduled transactions by hitting Post Now.  
Allows you to attach a photo (and possibly a receipt) but the icon doesn't change nor does the view of the image increase in size to be legible -- this feature would need to be explored further.)


moneyGuru 1.6.6 -- $29.95
=moneyGuru 1.6.6=
$29.95
http://www.hardcoded.net/moneyguru/
http://www.hardcoded.net/moneyguru/
- no iPhone app yet (if ever)
:- no iPhone app yet (if ever)
- no memo field (all info has to be typed into the Description field)
:- no memo field (all info has to be typed into the Description field)
has forum but not sure how active it is
* has forum but not sure how active it is
+ allows me to project bills and income ahead
:+ allows me to project bills and income ahead
+ imports and exports to QIF
:+ imports and exports to QIF
+ great use of graphs to show Net Worth, Profit/Loss, etc
:+ great use of graphs to show Net Worth, Profit/Loss, etc
+ allows for reoccurring income and expenses
:+ allows for reoccurring income and expenses
+ allows of split transactions
:+ allows of split transactions
+ easily add new expense accounts
:+ easily add new expense accounts
+ is in active development
:+ is in active development


iFinance 3.0 Public Beta -- $20
=iFinance 3.0 Public Beta=
$20
(review: http://www.macnn.com/articles/08/12/19/ifinance.30.beta.ships/
(review: http://www.macnn.com/articles/08/12/19/ifinance.30.beta.ships/
another review: http://www.macworld.com/article/142864/2009/09/ifinance3.html?lsrc=nl_mwweek_h_cbstories)
another review: http://www.macworld.com/article/142864/2009/09/ifinance3.html?lsrc=nl_mwweek_h_cbstories)
+ track your stock portfolio graphically
:+ track your stock portfolio graphically
+ budget feature
:+ budget feature
+ repeat transactions
:+ repeat transactions
+ allows for split transactions
:+ allows for split transactions
- too much mouse to keyboard requirements (slow data entry)
:- too much mouse to keyboard requirements (slow data entry)
- Missing very basic features such as printed reports and account reconciliation
:- Missing very basic features such as printed reports and account reconciliation


Quicken Essentials for the Mac
=Quicken Essentials for the Mac=
Update to Quicken Essentials for the Mac as of 10/14/10. The list of updates includes:
* Update to Quicken Essentials for the Mac as of October 14, 2010. The list of updates includes:
Print checks.
:Print checks.
Create spending reports.
:Create spending reports.
Attach receipts and other files to transactions.
:Attach receipts and other files to transactions.
Manually edit investment holdings and balances, and accounts not automatically connected.
:Manually edit investment holdings and balances, and accounts not automatically connected.
Export data into a tax file format and generating tax summary reports.
:Export data into a tax file format and generating tax summary reports.
The comments below were based on the beta version back in 2009:
* The comments below were based on the beta version back in 2009:
- no iPhone app yet
:- no iPhone app yet
+ allows for split transactions
:+ allows for split transactions
+ Works with many banks directly (BECU-Yes) and downloads directly
:+ Works with many banks directly (BECU-Yes) and downloads directly
+ Scheduled transactions show up in the register and Control-click gives the option to Pay Now which then lets the amount change the running balanace (VERY NICE)
:+ Scheduled transactions show up in the register and Control-click gives the option to Pay Now which then lets the amount change the running balanace (VERY NICE)
- Car loans that were downloaded from a bank (BECU) got placed under Lines of Credit instead of Loans and there is no way to change it
:- Car loans that were downloaded from a bank (BECU) got placed under Lines of Credit instead of Loans and there is no way to change it
+ I can merge already entered transactions with BECU's downloaded transactions simply by dropping them on top of each other
:+ I can merge already entered transactions with BECU's downloaded transactions simply by dropping them on top of each other
It uses tags instead of categories like Quicken
* It uses tags instead of categories like Quicken
UPDATE as of 10/28/10: This has been updated significantly recently and I have not had time to look it over, but from the reviews I've seen so far, they have made a lot of great updates.
* UPDATE as of October 28, 2010: This has been updated significantly recently and I have not had time to look it over, but from the reviews I've seen so far, they have made a lot of great updates.


SplashMoney -- desktop version is free through Macworld by 3/3/09
=SplashMoney=
+ Has a great iPhone app ($9.99)
Desktop version is free through Macworld by 3/3/09
+ Good support forum
:+ Has a great iPhone app ($9.99)
+ has a password protection feature
:+ Good support forum
- People are having a very hard time getting it to sync correctly with the iPhone
:+ has a password protection feature
- Does not support investment accounts
:- People are having a very hard time getting it to sync correctly with the iPhone
:- Does not support investment accounts


Money3.5 -- $39; or upgrade for $19 (I own version 2.0) -- review updated 5/5/10
=Money3.5=
+ iPhone and iPad app is available (free) -- allows bill entry and sync
$39; or upgrade for $19 (I own version 2.0) -- review updated May 5, 2010
+ does allow for split transactions
:+ iPhone and iPad app is available (free) -- allows bill entry and sync
+ has the ability to generate custom invoices
:+ does allow for split transactions
+ allows you to track investments
:+ has the ability to generate custom invoices
+ allows me to project bills and income ahead
:+ allows you to track investments
+ allows for repeat transactions (Bills)
:+ allows me to project bills and income ahead
+ multiple currencies
:+ allows for repeat transactions (Bills)
requires Leopard
:+ multiple currencies
- support only includes 9 FAQs and then email support (no forums)
* requires Leopard
- does NOT sync with ANY banks -- all reconciliation must be done manually
:- support only includes 9 FAQs and then email support (no forums)
- I don't think reconciliation works correctly
:- does NOT sync with ANY banks -- all reconciliation must be done manually
- Doesn't allow me to designate categories to their IRS tax code like Quicken but it does have a place for a code to be entered
:- I don't think reconciliation works correctly
:- Doesn't allow me to designate categories to their IRS tax code like Quicken but it does have a place for a code to be entered


=ReceiptWallet=
=ReceiptWallet=
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:- lame GUI
:- lame GUI


ChaChing 1.2.3 -- $40 (version 2 is in beta as we speak)
=ChaChing 1.2.3=
$40 (version 2 is in beta as we speak)
(http://www.midnightapps.com/)
(http://www.midnightapps.com/)
* just released Cha-Ching Touch for the iPhone (try this out) -- review: http://theappleblog.com/2009/02/18/first-look-cha-ching-touch-for-iphone/
* just released Cha-Ching Touch for the iPhone (try this out) -- review: http://theappleblog.com/2009/02/18/first-look-cha-ching-touch-for-iphone/
Line 113: Line 111:
:- only offers 4 types of accounts (checking, savings, credit and online) -- what do I do with my cash accounts, IOUS, loans, etc?
:- only offers 4 types of accounts (checking, savings, credit and online) -- what do I do with my cash accounts, IOUS, loans, etc?


Squirrel 0.7.1 -- http://www.squirrelapp.com/ -- 14.99 euros
=Squirrel 0.7.1=
http://www.squirrelapp.com/ -- 14.99 euros
 
(review: http://www.macnn.com/articles/08/07/17/squirrel.personal.finance/)
(review: http://www.macnn.com/articles/08/07/17/squirrel.personal.finance/)
* Leopard only
* Leopard only
Line 123: Line 123:
*$9.99 iPhone app; desktop version recently released
*$9.99 iPhone app; desktop version recently released
(http://www.catamount.com/iPhoneApps/PocketMoney.html)
(http://www.catamount.com/iPhoneApps/PocketMoney.html)
:- no desktop app to complement the iPhone app but you can backup your files using SyncDocs (see their website for more details) -- UPDATE as of 10/11/10 There is now a desktop app for the Mac, Windows, and Linux
:- no desktop app to complement the iPhone app but you can backup your files using SyncDocs (see their website for more details) -- UPDATE as of October 11, 2010: There is now a desktop app for the Mac, Windows, and Linux
:+ allows for recurring transactions and even allows those items to be added automatically however many days in advance
:+ allows for recurring transactions and even allows those items to be added automatically however many days in advance
:+ has a password protection feature
:+ has a password protection feature

Revision as of 19:43, 6 November 2010

Personal Finance Software Reviews

October 3, 2009 (with a few updates as of October 2010

These are my personal reviews of many Mac finance apps. They are a bit outdated. For invoicing I'm currently using Billings which I really like, and then my personal and home business accounting is currently being done using Quicken 2005. I have yet to find an application that will handle the tax side of things as well as Quicken can and the fact that it integrates so well with TurboTax.

I've also added a few other online options that are perhaps worth looking into. If you work for a non-profit, it is worth checking into them to see if they have non-profit pricing. I ask this question to a LOT of developers and you'd be surprised how many are willing to help out non-profits.

iBank 3.5.2

$59.99 (30% off coupon from Macworld (MWSF09))

+ iPhone app syncs now with wifi (Bonjour), MobileMe or any WebDAV server
+ Nice, active User Forum
+ Allows you to enter future transactions which are reflected in the running balance
+ They are paying $20 for people to switch from Quicken or MS Money to iBank through a rebate offer
+ Claims to export to TurboTax -- I need to research this further
- Pretty lame GUI (icons are large)
- Split transactions have a major bug that has not been fixed since Oct 2009-May 25, 2010 (keep an eye on this forum post to see if and when a fix is made. The bug is big enough to me (and others) that it instils a lack of confidence in the product's ability to really handle one's accounts. Here's another forum post to track.
  • Scheduled transactions can only be added to iCal -- they don't show up automatically in the register until they are due (NOT GOOD). However, I can manually post the scheduled transactions by hitting Post Now.
  • Allows you to attach a photo (and possibly a receipt) but the icon doesn't change nor does the view of the image increase in size to be legible -- this feature would need to be explored further.)

moneyGuru 1.6.6

$29.95 http://www.hardcoded.net/moneyguru/

- no iPhone app yet (if ever)
- no memo field (all info has to be typed into the Description field)
  • has forum but not sure how active it is
+ allows me to project bills and income ahead
+ imports and exports to QIF
+ great use of graphs to show Net Worth, Profit/Loss, etc
+ allows for reoccurring income and expenses
+ allows of split transactions
+ easily add new expense accounts
+ is in active development

iFinance 3.0 Public Beta

$20 (review: http://www.macnn.com/articles/08/12/19/ifinance.30.beta.ships/

another review: http://www.macworld.com/article/142864/2009/09/ifinance3.html?lsrc=nl_mwweek_h_cbstories)

+ track your stock portfolio graphically
+ budget feature
+ repeat transactions
+ allows for split transactions
- too much mouse to keyboard requirements (slow data entry)
- Missing very basic features such as printed reports and account reconciliation

Quicken Essentials for the Mac

  • Update to Quicken Essentials for the Mac as of October 14, 2010. The list of updates includes:
Print checks.
Create spending reports.
Attach receipts and other files to transactions.
Manually edit investment holdings and balances, and accounts not automatically connected.
Export data into a tax file format and generating tax summary reports.
  • The comments below were based on the beta version back in 2009:
- no iPhone app yet
+ allows for split transactions
+ Works with many banks directly (BECU-Yes) and downloads directly
+ Scheduled transactions show up in the register and Control-click gives the option to Pay Now which then lets the amount change the running balanace (VERY NICE)
- Car loans that were downloaded from a bank (BECU) got placed under Lines of Credit instead of Loans and there is no way to change it
+ I can merge already entered transactions with BECU's downloaded transactions simply by dropping them on top of each other
  • It uses tags instead of categories like Quicken
  • UPDATE as of October 28, 2010: This has been updated significantly recently and I have not had time to look it over, but from the reviews I've seen so far, they have made a lot of great updates.

SplashMoney

Desktop version is free through Macworld by 3/3/09

+ Has a great iPhone app ($9.99)
+ Good support forum
+ has a password protection feature
- People are having a very hard time getting it to sync correctly with the iPhone
- Does not support investment accounts

Money3.5

$39; or upgrade for $19 (I own version 2.0) -- review updated May 5, 2010

+ iPhone and iPad app is available (free) -- allows bill entry and sync
+ does allow for split transactions
+ has the ability to generate custom invoices
+ allows you to track investments
+ allows me to project bills and income ahead
+ allows for repeat transactions (Bills)
+ multiple currencies
  • requires Leopard
- support only includes 9 FAQs and then email support (no forums)
- does NOT sync with ANY banks -- all reconciliation must be done manually
- I don't think reconciliation works correctly
- Doesn't allow me to designate categories to their IRS tax code like Quicken but it does have a place for a code to be entered

ReceiptWallet

$39.95

  • keeps track of receipts and lets you categorize them somewhat
  • the reports would not be all that accurate since I don't believe split transactions are possible
+ works well with my Fujitsu scanner

NeatWorks

for Mac Software Kit -- $79.95

  • Another receipt managing software
+ Works well with my Fujitsu scanner

iCash 5.1

$39.90 (review: http://www.macnn.com/articles/08/12/16/maxprog.updates.icash.50/)

- does not do split transactions easily (if at all)
- no iPhone app
- lame GUI

ChaChing 1.2.3

$40 (version 2 is in beta as we speak) (http://www.midnightapps.com/)

+ allows you to take a photo using iSight camera of items purchased
- only offers 4 types of accounts (checking, savings, credit and online) -- what do I do with my cash accounts, IOUS, loans, etc?

Squirrel 0.7.1

http://www.squirrelapp.com/ -- 14.99 euros

(review: http://www.macnn.com/articles/08/07/17/squirrel.personal.finance/)

  • Leopard only
  • loosing associated with iBudget (or perhaps that's what it was called originally)
- not enough features yet
- no iPhone app

PocketMoney

  • $9.99 iPhone app; desktop version recently released

(http://www.catamount.com/iPhoneApps/PocketMoney.html)

- no desktop app to complement the iPhone app but you can backup your files using SyncDocs (see their website for more details) -- UPDATE as of October 11, 2010: There is now a desktop app for the Mac, Windows, and Linux
+ allows for recurring transactions and even allows those items to be added automatically however many days in advance
+ has a password protection feature
+ you can export over WiFi (requires SyncDocs)
  • it offers a PocketMoney Lite for free so you can try it out first

iCompta 3.2

Free (http://angeman7.free.fr/iCompta/)

+ iPhone app $5.99 and nice sync capability
+ Works with BECU (but requires login and password)
- Only allows checking, savings, credit cards and investment type accounts -- there's no account for cash, loans, etc.
- Requires one's banking login and password to do transaction downloads using their inbuilt browser (can that be trusted??)
- allows for split transactions but the register just shows them as colors and not categories (but if you print the register, the category titles do appear)
- no reporting features at all that are printable and barely any that are viewable (see small 3 staggered lines icon in bottom banner) -- all you can print is a copy of the account's register
- cannot keep track of IRS-related info (and even if it did, there are no reports that would be useful to use at tax time)
- doesn't allow for bi-weekly or twice a month transactions

Checkbook Pro 2.0.2

$24.95 (or $39.95 for family pack) (http://www.splasm.com/checkbookpro/index.html)

+ has tax-deductible feature for all transactions but only for the main transaction, not available in the split view so, for example, sales tax cannot be marked as deductible and the rest of the transaction as not deductible
+ allows for numerous types of accounts and you can specify the default type of transaction which is cool
+ has a backup feature
+ has a password protection feature
+ will import (I need to test this feature out to see how well it works with Quicken data)
- won't allow me to move transactions from one account to another when I make a data entry mistake (which unfortunately does happen from time to time)
- limited reporting feature -- it does NOT allow you to select one category and get a print out of only those transactions (which I need when it comes time to do taxes)
+ nice scheduling feature that allows one to look ahead up to 90 days in advance and it prompts you for all scheduled transactions


Online Options

I found on a recent blog for designers:

  • Billing & Invoicing

Billing Boss

Billing Boss is a free online invoicing app and is a simple payment processing system on smartphones.

Harvest

Harvest is a gorgeous looking invoice app which handles invoicing and time tracking as well.

FreshBooks

For an extensive review of this famous invoicing app please visit “Easy Time Tracking and Invoicing with FreshBooks”

WorkingPoint

WorkingPoint is a pit stop for your all your business management needs and we have reviewed it here.

FreeAgent

FreeAgent is a simplified yet powerful accounting app and you can read our coverage of the app here.

External links

Here's a few more:

Credits

Contributed by Christi Milligan on Mac-Min in November 2010