Quicken Business & Personal Review: Top-Notch Finance Tools With Some Business Smarts
Quicken Business & Personal’s core tools support every major element of personal finance, although some have been modified to accommodate this product’s business focus. They include (in order of importance):
Transaction Management: This is one of Quicken Business & Personal’s strengths. Both accounting and personal finance applications import transactions from online financial institutions and place them in registers. They suggest categories for each (the accuracy of which is critical for reports and income taxes) and allow you to provide additional details. Quicken Business & Personal lets you mark transactions as one-time or recurring bills, as well as add attachments. It’s possible to assign transactions to Clients and Projects and choose among both business and personal categories for them.
(Credit: Quicken/PCMag)
The Spending Plan: The Spending Plan, which originated in Simplifi, is the site’s version of a budget. It’s more complex but also more effective than traditional budgets, which essentially estimate your earnings and expenditures for a given month. The Spending Plan categorizes your monthly earnings and spending into six distinct parts: Income, Bills, Planned Spending, Other Spending, Goals, and Remaining Balance for the Month. This feature’s page allows you to view all transactions of each type. Spending Watchlists enable you to view and track your spending based not only on a chosen category, but also on a specific payee or tag.
Savings Goals and Investments: Quicken Business & Personal’s Savings Goals are simple calculators that help you track your progress toward saving for specific purposes. The site’s investment management tools are more sophisticated. Once you enter or import your portfolio(s), you can view them in four customizable charts and tables: balances, performance, portfolio (with 15-minute delayed quotes), and transactions.
Bills and Income: If you have an online account with a biller, you can connect to it to receive reminders of automatic withdrawals or upcoming bills. You can also track refunds for products you’ve returned. You can also view a basic cash flow graph with various future date ranges. But this tool isn’t as advanced as QuickBooks Online’s cash flow coverage.
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Planning Tools: Quicken Business & Personal’s simple retirement planner allows you to run what-if scenarios to gauge how various financial decisions might play out in later years. You can change variables such as annual living expenses, life expectancy, retirement age, and retirement income. The site also helps you understand why your credit score is what it is, so you can improve it.
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