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Quicken users: Don't update to OS X Lion until you read this
IGG software, the folks who bring you the iBank personal finance application, sent out a reminder this morning via PR channels that bears repeating. If you use any version of Quicken prior to Quicken Essentials, be sure to export your data from the app before you update to Lion. You'll need that export file to get you up to speed in Quicken Essentials, iBank 4, or whatever other personal finance app you choose. If you don't export the data before jumping to Lion, you won't be able to run your old version of Quicken, meaning that your years of checking and savings account information are stuck. You won't be able to open the Quicken data file from a new app, nor will you be able to launch the old Quicken app to export your data. In other words, you're screwed. Take the words of the experts at IGG Software and please, please, PLEASE export your Quicken data before you update to OS X Lion. If you are looking for a Lion-compatible alternative to older versions of Quicken or Quicken Essentials for Mac, be sure to look at our report from earlier this month titled "Quicken won't run on Lion: 10 Mac finance apps that will." We'll have another look at financial software later this summer.
Quicken Essentials for Mac now available
After a four year absence, the next version of Quicken for the Mac is here. It's called Quicken Essentials for Mac and is a ground up Cocoa rewrite. I've been using the program for a few weeks now. Is it worth the wait? Well that depends what you need in your financial software. When I interviewed Aaron Patzer, VP/GM of Intuit's Personal Finance Group, he was quick to point out that it's called Quicken Essentials for a reason: "It's called Essentials because it's what we consider to be essential for most users - about 80% of users. We went to people's homes and watched them use it. The majority of them just want to know: How much do I have? How much do I owe? How much do I spend on gas and food? How many times do I go to this restaurant? How many times do I go to Starbucks? What investments do I have? Let me set a budget to control my spending." If an easy overview of your financial life is the goal Intuit had in mind, they've outdone themselves. The first thing you'll notice is the completely redesigned interface. Gone is the horrible toolbar navigation with multiple windows. Quicken Essentials has got that familiar streamlined iTunes/iLife look and feel with all your accounts, reports, budgets, and tools nicely displayed in a source list. Its single window interface makes it easy for the user to get a complete snapshot of all their finances. The interactive pie charts are snappy and responsive, and the built-in reports make it easy to view your checking, savings, and investing accounts.
TUAW Exclusive: Aaron Patzer on the future of mobile finance, Mint.com, and Quicken on the Mac
To the dismay of many, Mint sold to Intuit in September 2009 for $170 million. I say dismay because many users of Quicken products had been less than thrilled with Intuit's offerings for some time, and some people were concerned what a twenty-year-old company that seemed stuck in its ways would do with a popular user-friendly Web 2.0 startup. Out of all the negative press, perhaps Mac users could be forgiven for having the most anxiety over the acquisition. Many had abandoned Quicken Mac 2007 in favor of Mint.com. Mac users wanted to move on from the stale Quicken ecosystem and go with something simple and easy. Now, that simple and easy solution had moved to where the users had escaped from. Luckily, Intuit wasn't like other companies who buy smaller start-ups just to eliminate a competitor. Intuit recognized that Patzer and his team possessed the much-needed original financial software ideas and UI design mojo to put a spark in their aging products. In November 2009, Intuit made Aaron Patzer VP/GM of Intuit's Personal Finance Group -- which left him in charge of Intuit's personal finance offerings, including Quicken for Mac.
Quicken Essentials for Mac available for pre-order
Quicken Essentials for Mac is finally available for pre-order. Too little, too late if you ask me. Its taken three years to get this next version of Quicken for Mac out the door. In that time, worthy alternatives have risen, like iBank and Mint.com. While I won't give it a review until I've tried it, it seems that Intuit should just give up until they want to make a financial software package that the Mac deserves. Here are just a few of my peeves from the Quicken Essentials for Mac FAQ (bold added): 1. Can I track my investments? Yes, Quicken Essentials for Mac allows you to track the overall value of your investment accounts and the value of your specific holdings. It will not, however, track investment buys and sells, nor will it provide some advanced investment performance reports. If you need more more advanced investment features, try Quicken Mac 2007. 2. Can I export my data to TurboTax? Quicken Essentials for Mac does not support that capability. If you'd like that functionality, we recommend trying Quicken Mac 2007. 3. Can I pay my bills within Quicken? While you cannot pay bills within the product itself ("direct bill pay"), you can track your bills and make sure you have enough cash to pay them when they're due. A few alternatives available include using Quicken Mac 2007 or using the bill pay functionality on Quicken Bill Pay. Did you see that? If you want to do anything useful, you have to buy their three year-old product. I ditched Quicken for Mac years ago, moved to iBank, then eventually quit that and moved entirely to Mint which has a great iPhone app [iTunes link]. How good is Mint? Good enough that Intuit has since purchased it. I can only hope they plan to leave it good enough alone. Thanks Gilbert
