Let’s have a look at Microsoft Money as compared to is archrival, Quicken. Through the years, Money has been the financial software underdog, but, lately, this software seems to be gaining market share especially with new users. Newbies in the computer world really do deserve some guidance, so here is my observation. In the Money vs Quicken debate, I feel the cyber scales are tipped slightly toward Money. Money seems to be somewhat easier to use, and new users should have their immediate and basic needs met quickly with Money 2002. A newcomer to the financial software world will probably prefer Money 2002's ease of use. Quicken is not as approachable to new users as Money.
Money’s Strengths
The strength of Money is found in the program’s competent planning tools, helpful setup wizards, solid integration with the Web, and a great searchable Help feature. There are no new "must have" features in this 2002 version but plenty of innovative bells and whistles. Even though Money does not integrate with Turbo Tax, I doubt beginners will mind that Money lacks the high-end investment tools offered by Quicken.
Users will quickly appreciate MoneySide, an in-the-browser display that provides instant secure access to their important financial info while online. This interface is easy as pie to use. MoneySide opens a window next to your browser (an Internet Explorer Bar) and provides instant financial information whenever you work on the Web. If you're window shopping on the Web and doubt that you can afford that new coat, you can enter the figures into MoneySide. This feature will tell you whether the purchase fits within your budget.
Getting setup with Money takes some energy. Users must obtain a passport account to access many of its services. The initial setup takes time as users go through a step-by-step process to configure all accounts and schedule all bills. That said, Money’s setup is easier than Quicken’s. For you Quicken faint-of-heart users, Money can convert Quicken data files from versions up to and including 2001.
The program’s Long Range Lifetime Plan can help users build a financial plan that addresses all kinds of life events. Money seems to be very good at long term planning, taking into account overlapping goals. Users will love the Money Background Banking, a utility that automates online communications between you and your bank or broker. To make banking easier, Money takes data downloaded from your financial institutions and uses this data to enter missing transactions in your register. Then, presto, your bank statements are automatically reconciled. No need to save all those ATM debit slips to be entered later, manually. Isn’t this neat that while you are surfing the Web, Money downloads your bank statement or stock prices in background? The Money program itself does not have to be running.
Money 2002 is available in four different versions: Standard ($34.95 with a $10 rebate); Deluxe ($64.95 with a $20 rebate); Deluxe & Business ($84.95 with a $20 rebate); and Suite ($94.95 with a $20 rebate).
Just like Quicken, Money makes managing and balancing checkbooks, monitoring investments, creating and tracking budgets, and developing financial plans a breeze. A nice change for Money 2002 over Money 2001 is the removal of aggravating ads that junked up last year's main screen.
Much the same as a feature offered by Quicken, Money syncs with Microsoft's financial Web site, MoneyCentral. You will be able to view your portfolio from any device with Internet access. Money goes one step further with a function that Quicken does not have. Users can make changes to their stock portfolio, such as stock purchases, which are reflected on the Web site as well as on your desktop PC.
Money claims to do a better job with its budgeting and financial planning tools than Quicken. Money is characteristically very flexible when it comes to incorporating changes to a user’s financial plan.
Money’s Shortcomings
Although Money can managing portfolios and give users a detailed transaction history, Quicken is the powerhouse in portfolio-management tools. Quicken’s program can manage such activities as stock options, stock purchases, and 401(k) accounts as well as evaluate asset allocations and estimate capital gains. Quicken’s marriage to TurboTax forms a better partnership than Money’s integration with Kiplinger TaxCut, a more elementary tax program.
Money is not without its flaws. Some users accuse it of being buggy, a common occurrence in Microsoft products. Other users complain about the omission of sub accounts like Quicken uses. And Mac users watch out. You do not rate with Money.There is no Mac version.
The Decision
Both Quicken and Money are great programs and very comparable. You can now understand the continued rivalry between the two. With software so similar, it may be tough to decide which one best suits your needs. Money seems preferable to new users. It is also the favorite tool of users who want to create and follow a budget to closely manage their finances. After they have done their homework, newbies wanting to experience a personal financial software program might want go with Money. This latest version, Money 2002 with all its new features, will be an excellent starting tool.
Experienced Quicken users who love to have the very latest in power and investment tools will find Quicken 2002 very accommodating. Veteran Quicken users addicted to the program’s excellent investment tracking and tax tools along with its Turbo Tax integration couldn’t get any better than the 2002 Deluxe version.
I doubt if Quicken 2002 will convert many Money users. And likewise. Experienced Quicken users, particularly those who are managing their investment portfolios and working with TurboTax, will find little reason to switch to Money. My feeling is that current users of both programs will probably avoid switching horses in midstream. I even doubt if many Quicken or Money users will upgrade to a newer “horse.” Whichever program you decide upon, saddle up. Personal finance software has never been a better bet.
Check out my review of Quicken 2002 Deluxe to get the other side of the story - this time from Quicken's perspective.
