Quicken - Detailed Review
Finance Tools
Quicken - Product Overview
Quicken Overview
Quicken is a renowned personal finance and money management software that has been a trusted tool for over 40 years, helping more than 20 million users manage their finances effectively.Primary Function
Quicken’s primary function is to help users track, manage, and optimize their financial activities. It allows users to connect and sync their financial information from over 14,000 financial institutions, providing a comprehensive view of their accounts, investments, and other financial assets.Target Audience
Quicken is designed for a wide range of users, including individuals, families, and small business owners. It caters to those with various financial needs, from simple budgeting and savings goals to more advanced investment and retirement planning.Key Features
Financial Tracking and Management
Quicken enables users to track their spending, categorize transactions, and set personalized spending plans. It also helps in managing bills and subscriptions, ensuring users stay on top of their financial obligations.Savings and Goals
The software allows users to create custom savings goals, track progress, and adjust plans as needed. This feature is particularly useful for saving for specific objectives, such as retirement or major purchases.Investment Tools
Quicken offers advanced investment tools, including performance analysis, cost basis tracking, and real-time quotes. Users can view their entire investment portfolio in one place, making it easier to make informed financial decisions.Security and Privacy
Quicken ensures bank-grade security with 256-bit encryption and a commitment to not selling personal data. This provides users with peace of mind regarding the security of their financial information.Reporting and Analysis
The software generates detailed, customizable reports and analyses to help users make smarter financial decisions. It includes features like lifetime financial planning and the ability to explore various ‘what-if’ scenarios.User-Friendly Interface
Quicken offers an intuitive interface with free guided onboarding, phone, and chat support. This makes it accessible for both beginners and experienced users to manage their finances effectively.Multi-Platform Availability
Quicken is available on various platforms, including Windows, Mac, and mobile devices, ensuring users can manage their finances from anywhere. By providing these features, Quicken helps users take control of their finances, make informed decisions, and work towards achieving their financial goals. Quicken - User Interface and Experience
User Interface
Quicken’s interface is organized in a way that allows users to easily access various features. Here are some key aspects:
- The software features multiple toolbars and menus that overlap, providing several ways to access the same functions. This can be helpful for users to find what they need quickly, even if they are new to the software.
- The main view, often referred to as the “home” or “dashboard” view, displays key financial information in widgets, giving users a quick overview of their financial status. This view can be customized to show only the information that is most relevant to the user.
- Users can customize the menus and toolbars to their preferences, allowing them to hide or show specific features based on their needs.
Ease of Use
Quicken is praised for its ease of use, particularly for those familiar with basic financial management. Here are some points:
- The software is relatively easy to utilize, especially for users who have some background in bookkeeping. The menu options are sensibly grouped, making it straightforward to find and use the necessary features.
- However, some users have noted that there can be a steep learning curve for new users, especially if they are not accustomed to managing their finances with software. It may take some time to learn all the features and how to use them effectively.
Overall User Experience
The overall user experience with Quicken is mixed, with both positive and negative aspects:
Positive Aspects:
- Quicken provides comprehensive financial management, allowing users to track expenses, manage investments, and monitor account balances. It also offers customizable reports and a mobile app for on-the-go management.
- Many users appreciate the ability to generate future-focused reports and analyses, which help in making smarter financial decisions.
- The software has a dedicated user community that provides prompt and accurate answers to customers’ questions, which can be very helpful.
Negative Aspects:
- Some users have reported technical issues such as syncing errors, crashes, and slow performance. These issues can be frustrating and may require frequent interactions with customer support.
- Customer support is often criticized for being limited and not very helpful. Users have reported long wait times and unsatisfactory support experiences.
- The subscription model has been a point of contention for some users, particularly those who feel that the software does not improve significantly with each new version and that the renewal banners can be obtrusive.
In summary, Quicken offers a user-friendly interface and a comprehensive set of financial management tools, but it also has some drawbacks, including technical issues and limited customer support.
Quicken - Key Features and Functionality
Overview
While Quicken is a comprehensive personal finance management software, the current integration of AI into its features is not extensively detailed in the available sources. Here are the key features and functionality of Quicken, along with any mentions of AI integration:Financial Account Management
Quicken allows you to view balances, budgets, accounts, and transactions all in one place. You can enter transactions as you spend, split transactions for accurate spending tracking, and upload pictures of receipts. This feature helps in keeping your finances up to date, with automatic syncing across desktop, web, and mobile platforms.Budgeting
Quicken makes managing budgets easy by allowing you to view budgets and transactions, see spending trends, and track your budget progress. You can also search transaction history to ensure you stay on top of your spending.Investment Monitoring
Quicken enables you to monitor your investment portfolio, including checking stock quotes and account values, viewing daily performance, and tracking multiple brokerage accounts. It also highlights top movers and day changes in your investment portfolio.Bill Paying and Reminders
Quicken offers in-house bill paying, allowing you to pay bills directly from the dashboard. It also includes a Bills Calendar View and improved reminders, all centralized in a single Bills dashboard.Lifetime Financial Planning
Quicken’s Lifetime Planner is a tool that helps you manage your finances over a long-term horizon, including analyzing your progress toward retirement and significant life events. It also allows you to explore various ‘what-if’ scenarios, which can be particularly useful for small business owners.Customizable Reports
Quicken provides extensive reporting tools, allowing you to create customizable reports that give detailed insights into various financial areas. This helps in making informed decisions about your finances.AI Integration
While there is no detailed integration of AI in the current user-facing features of Quicken, the company is actively working on incorporating AI into their products. For instance, Quicken is seeking a Staff Software Engineer to focus on integrating cutting-edge AI services and improving backend platform performance. This role involves designing, implementing, and maintaining backend services to integrate third-party AI systems and APIs, which will enable AI-driven functionality within Quicken’s products. However, these AI features are not yet fully integrated into the user experience.Mobile and Web Access
Quicken offers a companion web version that allows you to access key features from any computer via the web. This includes viewing balances, budgets, accounts, and transactions, as well as entering transactions and searching transaction history. This ensures your finances are continually up to date across all platforms.Conclusion
In summary, while Quicken is rich in features for managing personal finances, the specific integration of AI into its user-facing features is still in development and not yet fully available. However, the potential benefits of AI, such as automating financial tasks and improving financial forecasts, are being explored and will likely enhance the user experience in the future. Quicken - Performance and Accuracy
Evaluating Quicken’s Performance and Accuracy
Evaluating the performance and accuracy of Quicken, a long-standing personal finance management software, reveals several key points and areas for improvement.
Performance Issues
Quicken users often report significant performance issues, particularly with larger data files. Here are some common problems:
- Slow Interface: Users with extensive financial data, such as numerous accounts and thousands of transactions, experience slow performance. Actions like changing between accounts or selecting transactions can take 10-15 seconds or more.
- Technical Debt: The software’s underlying technology, including graphics rendering and database management, is outdated. This leads to inefficiencies, such as screen flickering and unnecessary repainting of windows, even on high-performance hardware.
- Resource Intensive: Despite running on modern, high-end hardware, Quicken can still perform poorly, suggesting that the software’s architecture is not optimized for current systems.
Potential Solutions and Workarounds
Some users have found workarounds to improve performance, although these are not always ideal:
- Excluding from Antivirus: Excluding Quicken from antivirus and malware protections can significantly improve performance, but this comes with security risks.
- Validation and Archiving: Performing validation, super-validation, and archiving transactions can sometimes help, but these methods do not always resolve the issues.
- System Configuration: Ensuring the system is up-to-date and has sufficient resources (e.g., RAM, SSD) can help, but the core issues often persist.
Accuracy and Reliability
Quicken is generally reliable in terms of financial data accuracy, but there are some limitations:
- Syncing Issues: Some users report syncing errors and other technical issues that can affect data accuracy and availability.
- Data Management: Quicken’s ability to manage large datasets can be problematic, leading to errors or slow performance when dealing with extensive financial records.
Limitations and Areas for Improvement
Several areas need attention for Quicken to improve its performance and user experience:
- Modernization of Code: The software’s old codebase and outdated technologies need a major overhaul to improve performance on modern hardware and operating systems.
- User Interface: While the interface is user-friendly, it has undergone changes that not all users appreciate. There is a need for a balance between modernizing the GUI and retaining features that users value.
- AI Integration: Incorporating AI could automate financial tasks, improve forecasting, and provide personalized recommendations, but this would require careful consideration of benefits and potential drawbacks, such as privacy concerns.
Conclusion
Quicken remains a valuable tool for personal finance management, offering comprehensive features like budgeting, investment tracking, and financial forecasting. However, its performance issues, particularly with large datasets, are significant and need addressing. While workarounds exist, a fundamental overhaul of the software’s infrastructure is necessary to ensure it remains usable and efficient on modern systems.
Quicken - Pricing and Plans
Quicken offers a clear and structured pricing plan, catering to various financial management needs. Here’s a breakdown of the different tiers and their features:
Quicken Simplifi
- Price: $2.99 per month (billed annually), originally $5.99.
- Features:
- Track and categorize spending
- Real-time alerts and reports
- Projected cash flow tool
- Investment portfolio management
- Mobile app availability
This plan is ideal for individuals with simple financial situations who need basic tracking and management tools.
Quicken Classic Plans
These plans are available for both Windows and Mac users, although some features may vary between the two platforms.
Classic Deluxe
- Price: $2.99 per month (billed annually), originally $4.99.
- Features:
- Manage and reduce debt
- Create a secure retirement plan
- Make tax time easier
- Create multiple budgets
- Track and pay bills
This plan is suitable for individuals planning for future financial goals.
Classic Premier
- Price: $4.19 per month (billed annually), originally $6.99.
- Features:
- Best-in-class investing tools
- Built-in tax reports
- Reconcile accounts to the penny
- Track and pay bills
- Set budgets and manage debt
- Create a retirement plan
- Additional report for foreign bank accounts (Mac version has limited features compared to Windows)
This plan is best for individuals with investments who need advanced analytics.
Classic Business & Personal
- Price: $5.99 per month (billed annually), originally $9.99.
- Features:
- Manage business, rental, and personal finances
- Track cash flow with smart reporting features
- Use invoicing tools
- Make tax time easier with built-in Schedules C&E
- Property value tracking via Zillow
- Prepopulate business-related tax schedules
- Track tenant payments
This plan is ideal for small-business owners who need to manage both personal and business finances.
No Free Options
Quicken does not offer any free plans. All plans require a subscription, and there are no free trials for the Classic plans, although there is a 30-day trial available for any plan.
By choosing the right plan, users can access a range of features that help them manage their finances effectively, whether it’s for personal budgeting, investment tracking, or small-business management.
Quicken - Integration and Compatibility
Quicken Overview
Quicken, a popular personal finance management software, integrates with various tools and offers compatibility across several platforms and devices, making it a versatile option for managing your finances.Integration with Banks and Financial Institutions
Quicken uses several connection methods to interact with your bank, including:Web Connect
Allows you to download transactions directly from your bank’s website and import them into Quicken.Express Web Connect (EWC)/Quicken Connect
Quicken links directly with your bank, downloading transactions without the need for manual intervention.Express Web Connect Plus (EWC )
Similar to EWC, but you are redirected to the bank’s website to sign in, and a secure token is passed to Quicken.Direct Connect
Enables Quicken to communicate directly with your bank for transactions, bill pay, and money transfers.Compatibility Across Platforms
Quicken is compatible with multiple operating systems and devices:Desktop Versions
Available for both Windows (Windows 8.1, Windows 10, and Windows 11, excluding S mode) and macOS (current and previous two versions). You can download and use both versions with a single subscription.Mobile Apps
Quicken offers companion mobile apps for iOS (iPhone, iPod Touch, iPad) and Android devices. These apps require an active subscription to the desktop versions of Quicken and allow you to manage your finances on-the-go.Data Migration
If you need to switch between Windows and Mac versions, you can migrate your data, though it’s not a seamless back-and-forth process. The data files for Quicken Windows and Mac are not in the same format, so a conversion is necessary each time you move the data. This can result in some loss of custom settings and reports.Integrations with Other Software
Quicken integrates with various other financial and business software, including:QuickBooks
QuickBooks Online and QuickBooks Enterprise.Other Software
Checksoft Home & Business, ezCheckPrinting, and other specialized financial tools like Polonious and Yooz.Web Compatibility
For web access, Quicken supports the latest versions of Google Chrome, Microsoft Edge, Safari, and Firefox. Internet Explorer is not supported.Conclusion
In summary, Quicken offers a range of integration options with banks and other financial tools, and it is compatible with multiple platforms, including Windows, macOS, iOS, and Android. While data migration between Windows and Mac versions is possible, it requires a conversion process that may result in some data inconsistencies. Quicken - Customer Support and Resources
Quicken Customer Support Overview
Quicken offers a comprehensive array of customer support options and additional resources to help users manage their financial needs effectively.Phone Support
You can contact Quicken’s customer service by calling their main support number at 650-250-1900. This number is available from 5:00 AM to 5:00 PM PST, Monday through Friday. For users with Premium Support included in their subscription, they can find the specific Premium Support number by signing into their Quicken account.Live Chat Support
Quicken also provides live chat support, available from 5:00 AM to 5:00 PM PST, seven days a week. You can access this service by visiting the Quicken website and clicking on the “Chat Now” option in the support section. This is a convenient way to get real-time assistance without needing to make a phone call.Email Support
For non-urgent issues or for users who prefer written communication, Quicken offers email support. You can contact them via email by filling out the contact form on their support page. This method is useful if you need to attach files or provide detailed information about your issue.Online Resources
Quicken has a rich collection of online resources to help users resolve issues and learn more about the software:Support Website
The Quicken support website includes hundreds of FAQs, help articles, and videos in the Quicken Video University. You can search for answers, explore specific topics, or watch instructional videos to help you use the software effectively.Community Forums
Quicken’s community forums allow you to connect with thousands of other Quicken users. Here, you can ask questions, share tips, and get help from experienced users.Blog Articles and Finance 101
Quicken posts articles on personal finance and offers resources to improve your financial literacy. These resources cover a wide range of financial topics and can be very helpful for managing your finances.Additional Assistance
Getting Started Guides
If you’re new to Quicken, there are guides available to help you set up the software and explore its features.Technical Support
For more advanced issues, such as software installation problems, error messages, or bank and account connectivity issues, you can contact Quicken’s technical support team. They are equipped to handle a wide range of technical issues.Corporate Office and General Information
If you need to contact Quicken for business-related inquiries or correspondence, you can reach out to their corporate office at Quicken Inc., 3760 Haven Avenue, Menlo Park, California 94025, United States. By offering these diverse support options, Quicken ensures that users can get the help they need in a way that is most convenient for them. Whether you prefer phone, chat, email, or self-help resources, Quicken’s support system is designed to be accessible and helpful. Quicken - Pros and Cons
Advantages
Comprehensive Financial Management
Quicken offers an all-in-one solution for managing personal and business finances. It allows users to track expenses, manage investments, monitor account balances, create budgets, and forecast future finances. This centralized overview includes bank accounts, investments, bills, and credit cards, making it easier to generate detailed reports.
User-Friendly Interface and Educational Resources
Quicken has a user-friendly interface that is easy to navigate, even for beginners. It provides a range of educational resources, including guides, tutorials, and online forums. Additionally, Quicken offers free, one-on-one live onboarding support to help users get started.
Customizable Reports and Alerts
Users can create customizable reports to gain insights into their spending habits and make informed financial decisions. Quicken also provides real-time alerts and automatic categorization of transactions, helping users stay on top of their financial portfolio.
Mobile App and Connectivity
Quicken has a mobile app that allows users to manage their finances on-the-go, although the mobile app’s functionality is somewhat limited compared to the desktop version. It connects to over 14,000 financial institutions, ensuring a comprehensive and accurate picture of one’s finances.
Investment Tools
Quicken offers advanced investment tools, including performance analysis, cost basis for holdings, and real-time quotes. This helps users manage their entire investment portfolio from a single platform.
Disadvantages
Cost
Quicken is a paid software, and the cost can add up over time, especially if users need to upgrade to the latest version each year. This can be a significant expense for some users.
Technical Issues
Some users have reported technical issues such as syncing errors, crashes, and slow performance. These issues can be frustrating and may require frequent interactions with customer support.
Limited Customer Support
While Quicken offers some support resources, the customer support itself can be limited and sometimes unhelpful. Users have reported long wait times and unsatisfactory support experiences.
No Double-Entry Accounting
Quicken does not support double-entry accounting, which can be a significant drawback for users who need advanced accounting capabilities. This lack can hinder future growth, especially for businesses.
Limited Mobile Functionality
The mobile app of Quicken is limited in its functionality, primarily allowing users to check bank balances and perform simple tasks. It is not as versatile as the desktop version.
No Payroll or Tax Filing Support
Quicken lacks payroll support and does not have an in-house tax filing feature. Users must export data to a third-party platform for tax filing, which can be inconvenient.
Subscription Model Issues
The transition to a subscription model has been problematic for some users. Previous versions of the software may stop working after updates, forcing users to upgrade to the latest subscription-based version.
In summary, while Quicken offers comprehensive financial management, user-friendly interfaces, and valuable investment tools, it also comes with significant costs, technical issues, and limitations in customer support and advanced accounting features.
Quicken - Comparison with Competitors
When Considering Finance Tools
When considering finance tools in the same category as Quicken, several alternatives stand out, each with their unique features and advantages.Quicken’s Key Features
Quicken, particularly Quicken Classic, offers a range of features that make it a comprehensive financial management tool. It includes specialized business tools, such as custom invoicing, separation of personal and business revenue, and property value tracking via Zillow. It also allows for in-house bill paying, making it convenient to manage all financial activities from one dashboard. Additionally, Quicken’s Lifetime Planner provides long-term financial planning, including retirement and significant life event planning, and offers extensive reporting and ‘what-if’ scenario analysis.Alternatives and Their Unique Features
Empower
Empower is a strong alternative to Quicken, especially for those focused on investment tracking and comprehensive financial management. It is free and offers a wide range of features, including budgeting, net worth tracking, cash flow management, retirement planning, and investment portfolio analysis. Empower also tracks cryptocurrencies and provides tools like a retirement calculator and investment fee analyzer. It integrates with various financial accounts, including checking, savings, credit cards, and retirement accounts, making it a holistic financial management tool.Rocket Money
Rocket Money is another viable alternative, particularly for budgeting and subscription management. It helps track personal and business spending, categorize expenses, and even negotiate lower prices for monthly bills. The app also alerts users to unusually large transactions and helps cancel unwanted subscriptions. Rocket Money offers a free version as well as a paid version starting at $4 a month.Banktivity (iBank)
Banktivity is a user-friendly alternative for Mac and iOS users. It offers features like automated transaction categorization, investment tracking, and budgeting. It also provides side-by-side views of business and personal finances, making it easier to manage mixed financial activities. Banktivity includes tools for tracking transfers, setting reminders, and simplifying tax preparation.Tiller
For those who prefer spreadsheet-based budgeting, Tiller is an excellent option. It integrates with Google Sheets, connects to bank accounts and credit cards, and provides daily email updates on spending. Tiller offers a 30-day free trial and then costs $79 per year. It is particularly useful for users who are comfortable with spreadsheet management.Pricing Comparison
Quicken’s pricing can be a significant barrier, with various subscription tiers that vary widely in cost. In contrast, many alternatives offer free services or more affordable subscription models. For example, Empower’s basic services are free, while Rocket Money starts at $4 a month. Tiller and Banktivity also offer competitive pricing with annual or monthly subscriptions.Ease of Use and User Interface
The user experience varies among these alternatives. Empower and Rocket Money are known for their intuitive design, making them easy for beginners to use. Banktivity also prioritizes user-friendly interfaces, especially for Mac and iOS users. Tiller, however, may require a bit more technical comfort due to its spreadsheet integration.Conclusion
In summary, while Quicken offers comprehensive financial management tools, alternatives like Empower, Rocket Money, Banktivity, and Tiller provide unique features and more affordable pricing options, making them worth considering based on your specific financial management needs. Quicken - Frequently Asked Questions
What are the different plans and pricing options for Quicken?
Quicken offers several plans to cater to various financial management needs. The plans include:
- Quicken Simplifi: $2.99/month (billed annually), which helps you track spending, save, and make informed investment decisions.
- Quicken Deluxe: $2.99/month (billed annually), which includes features like budgeting, debt management, and retirement planning.
- Quicken Premier: $4.19/month (billed annually), which adds advanced investing tools, built-in tax reports, and bill tracking.
- Quicken Business & Personal: $3.99/month (billed annually) for the basic plan and $5.99/month (billed annually) for the classic version, which combines personal and business financial management with features like invoicing and tax schedule management.
Is there a trial version of Quicken available?
Quicken does not offer a trial version, but it provides a 30-day money-back guarantee. This allows you to try the software and get a refund if you are not satisfied within the first 30 days.
Do I need a subscription to use Quicken?
Yes, Quicken is now a subscription-based product. This subscription ensures you receive new features, versions, and services automatically, without the need for manual upgrades. Even if you do not use online banking, a subscription is required to access the latest features and updates.
Can I install Quicken on multiple computers?
With a Quicken subscription, there is no limit on the number of computers you can install Quicken on. However, you must sign in with the same Quicken ID on each computer, as the membership is linked to your Quicken ID.
How does Quicken handle my existing data if I switch to the subscription version?
Quicken Subscription will convert your existing Quicken data file to the new version. When you install Quicken Subscription, you will be prompted to convert your existing file, ensuring a smooth transition.
What kind of support does Quicken offer?
Quicken provides free phone and chat support. For users of the Premier and Home & Business plans, there is also a ‘skip the line’ access to customer support, known as the Premium Support plan.
Do I need an internet connection to use Quicken?
While Quicken is installed on your local computer, you need an internet connection to activate the product, download online banking transactions, and receive updates. However, you can enter transactions manually offline after activation.
Can I share my Quicken subscription with someone else?
Quicken is currently designed for single-user use. If you want to share your subscription, you would need to provide the other person with your Quicken ID and password, which also gives them access to your subscription and billing details.
How do I manage and extend my Quicken membership?
You can extend your membership during the last six months of your subscription term. Upgrades can be made at any time, but downgrades are only possible during the last six months of the subscription term. Upgrades apply immediately and prorate the remaining value of your original subscription.
Are physical copies of Quicken still available?
Yes, physical versions of Quicken are still available at retail locations, although they no longer include a CD copy. The software can be downloaded and installed directly from the Quicken website.