I was just about to fall into the same old trap of buying an upgrade for a software product that I had come to respect, Quicken, but thought that a more diligent survey of accounting software was in order. It was a timely e:mail extolling the virtues of Money 2004 and the offer of a trial that persuaded me to take a quick look; and I’m glad I did. I shall expand.
All software products these days come with a simple installation program, but the excellent characteristic when doing a competitive upgrade (i.e. from Quicken2002 to Money2004) is that the transfer of data is complete, the balances are exact and the account reconciliations are accurate. We saw this with the Money2004. Not only was the data automatically located, all the accounts were imported perfectly. The balances compared precisely with the final printout we made from Quicken. But most importantly was the staggering improvement in usability. Locating information was no longer the trial-and-error guesswork; the graphical displays were clearer and lead to better reports; and, the layout of the information was markedly more intuitive.
The introduction of automated financial news on the homepage is gimmicky, not entirely useful if you’re interested in such data as a matter of course. But tying up your financial portfolio with near real-time prices is much more useful in that respect. The automatic download of statements from banks and credit cards is much harder to do and I’ve only managed to get one account working so far, but I expect this to increase as banks become more familiar with supporting these type of universal products.
The 2004 tax add-on is useful though I don’t expect I will find out whether it is valuable until we come to fill in our tax returns next year. Obviously time will tell whether the product has good future proofing. I expect (and hope) there will be a steady stream of automatic upgrades and improvements in functionality, but the product is precisely right for what we want to do now… so it certainly gets my vote of confidence.
All in all, Money 2004 is a breath of fresh air after Quicken.