First Look: Personal Finance Software--the 2007 Lineup
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Quicken's New LookIntuit generally seems to be keeping up the pressure on Microsoft in innovation. Quicken 2007's user interface dispenses with lists of alerts and upcoming transactions, opting instead for a look at projected cash flow as expressed through three boxes: In, Out, and What's Left. It's a quick way of checking whether you're on top of your expenses--assuming that you keep on top of data entry (a proviso that applies to all financial tracking and forecasting features in any software). Overall, it's probably more useful than a simple list of account balances and upcoming bills.
The other major improvement in Quicken 2007 is its support for attaching electronic records (in all but the cheapest edition). Last year's versions let you attach files stored on your hard drive; this year the software supports scanners and permits you to attach a file from the Windows clipboard, saving you a step or two if you're getting files from your bank's Web site (you can right-click within your browser to save a check image or statement to the clipboard, and then pop it into Quicken).
Both Quicken and Money come in several editions to meet different needs; the versions I checked out are loaded with features for investors; Intuit also has a Basic version, which sells for $30 (and which would-be Essentials buyers might want to consider); a Deluxe version for $60 (fewer investor features); and a Home & Business version for $90 that targets people who want to manage their Schedule C sole proprietorship businesses with their other finances. In addition to its Premier and Deluxe versions, Microsoft has a $90 Home & Business version. Both companies offer mail-in rebates for all but their lowest-end products.
For most new users, I'd still recommend Quicken Deluxe or Premier over their Money counterparts, mainly because of the support for electronic attachments. But if you have a product you like and you don't need to upgrade for online support, stick with it.
Microsoft Money EssentialsPC World Rating:77Designed for newcomers to personal finance software, Money Essentials delivers the basics at a low price, but you get only one year of online support, and even newbies might discover some disappointing shortcomings.
Microsoft Money 2007 PremiumPC World Rating:80Microsoft's 2007 upgrade is a humdrum affair in most respects, though the new budgeting tool seems worthwhile. But it's only a must-get upgrade if you currently use Money 2005 or earlier and want to maintain online services.
Quicken Premier 2007 (beta)PC World Rating:85The main selling points of this year's Quicken are a redesigned interface that focuses on cash flow and improved support for attaching electronic records. It's not a must-have upgrade unless you're running Quicken 2004 or earlier and want to maintain support for online services.
The other major improvement in Quicken 2007 is its support for attaching electronic records (in all but the cheapest edition). Last year's versions let you attach files stored on your hard drive; this year the software supports scanners and permits you to attach a file from the Windows clipboard, saving you a step or two if you're getting files from your bank's Web site (you can right-click within your browser to save a check image or statement to the clipboard, and then pop it into Quicken).
Both Quicken and Money come in several editions to meet different needs; the versions I checked out are loaded with features for investors; Intuit also has a Basic version, which sells for $30 (and which would-be Essentials buyers might want to consider); a Deluxe version for $60 (fewer investor features); and a Home & Business version for $90 that targets people who want to manage their Schedule C sole proprietorship businesses with their other finances. In addition to its Premier and Deluxe versions, Microsoft has a $90 Home & Business version. Both companies offer mail-in rebates for all but their lowest-end products.For most new users, I'd still recommend Quicken Deluxe or Premier over their Money counterparts, mainly because of the support for electronic attachments. But if you have a product you like and you don't need to upgrade for online support, stick with it.
Microsoft Money EssentialsPC World Rating:77Designed for newcomers to personal finance software, Money Essentials delivers the basics at a low price, but you get only one year of online support, and even newbies might discover some disappointing shortcomings.
Microsoft Money 2007 PremiumPC World Rating:80Microsoft's 2007 upgrade is a humdrum affair in most respects, though the new budgeting tool seems worthwhile. But it's only a must-get upgrade if you currently use Money 2005 or earlier and want to maintain online services.
Quicken Premier 2007 (beta)PC World Rating:85The main selling points of this year's Quicken are a redesigned interface that focuses on cash flow and improved support for attaching electronic records. It's not a must-have upgrade unless you're running Quicken 2004 or earlier and want to maintain support for online services.
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