Banktivity Vs Quicken Comparison

Are you overwhelmed by the different accounting software options on the market? Whether you're managing personal finances or your small business, it's easy to get flummoxed. Accounting software can make managing your finances simple, but picking the right one for your needs and budget isn't always easy.

Two popular options are Quicken and Banktivity. Quicken is often the go-to because it comes from Intuit, an industry leader in accounting software. Banktivity, on the other hand, is loaded with features that are available immediately upon purchase.

Which is better? I've taken a look at both to help you determine which option is right for you.

Overview of Banktivity and Quicken

Shared Features

  • Checking and savings account management.
  • Credit card tracking and management.
  • Amortized loan management.
  • Complex transaction handling.
  • Scheduled transactions.
  • Tax code assignation.
  • Customized categories.
  • Easy data importing and downloading.
  • Portfolio value analysis.
  • Income and expense reporting.
  • Check printing.
  • Unlimited email support.
  • Searchable help files, online forums, and knowledge base.

Unique Banktivity Features

  • Total management of investment and retirement accounts.
  • Online bill paying systems.
  • Integrated into web browsers.
  • Importing data from Microsoft Money.
  • Customizable rules to categorize and clean transactions.
  • Tracking short sales and stock option trades.
  • Capital gains, transaction history, and ROI analysis.
  • Net worth and investment reporting.
  • Debt reporting.
  • Financial forecasting.
  • Budget tracking and analysis with multiple budgets.
  • Support for multiple currencies and documents for multiple users.
  • Available free trial.
  • Live chat, user manual, and video tutorials available.

Unique Quicken Features

  • Viewing of investment balances.
  • Viewing of retirement balances.
  • More affordable pricing for new users.

Account Management

Banktivity

Banktivity vs Quicken

Banktivity allows you to manage the following types of accounts:

  • Checking
  • Savings
  • Loans
  • Credit cards
  • Investments
  • Retirement

For more complex situations, you can also manage different aspects through account grouping. Once you have your information imported and synced to the system, you can set up online bill pay and schedule transactions.

Banktivity vs Quicken

There are particularly robust features for investment management and analysis. With this software, you can do the following:

  • Get quotes for your investments.
  • View your pricing history.
  • Manage short sales.
  • View and manage stock option trades.
  • Analyze your portfolio value.
  • Analyze your capital gains.
  • Analyze your ROI and transaction history.

Accounts can sync to an iOS app on both your iPad and iPhone or iPod.

Quicken

While Quicken does have many of the same basic capabilities, its account management features aren't quite as robust. The system can manage your checking and savings, loan, and credit card accounts. But with retirement and investment accounts, it can only show your balance. There's also no grouping management.

Banktivity vs Quicken

When your accounts are integrated, you can schedule both simple and complex transactions. There isn't an option for automated bill payment, though.

There are some investment management features, but these are limited as well. You can retrieve quotes and view your pricing history. You can also get an ongoing analysis of your portfolio value. But more complex analysis and reporting isn't available.

Winner: Banktivity

Banktivity allows for full management of more types of accounts. It has more involved investment management and analysis options. In addition, the software allows you to set up online bill paying and sort accounts by groups.

Reporting

Banktivity

Banktivity has a number of different reporting features.

There are basic income and expense reports with details of broken-down categories. There's also payee summary technology that gives you information about the receiver of different transactions.

Banktivity vs Quicken

In addition to this, the system can calculate your net worth. It can also give a birds-eye investment portfolio summary, which is an attractive option for those with more complex investments. There's a debt summary report as well, plus financial forecasting tools to predict how your personal or business finances will change in the future.

Also part of the system are budgeting options. You can incorporate multiple budgets and generate reports for all of them. The system will give you a summary of your actual spending versus your budget, so you know when you have a surplus or deficit in any given area. You can also use an envelope budgeting option.

Quicken

Quicken does have some reporting functions. For those with simple financial management needs, they cover the basics. They aren't as comprehensive as the competition, though.

Banktivity vs Quicken

Quicken's reports include:

  • Income and expense reporting.
  • Broken-down analysis by categories.
  • Payee summaries for the receivers of transactions.

However, there aren't the same debt and investment reporting templates, nor are there the same budget tracking and reporting options.

Winner: Banktivity

Banktivity has significantly more reporting templates. There are also more options to customize your reports and use the data for specific analytics. For those with simple needs, though, Quicken does cover the basics.

Ease of Use

Banktivity

This software comes with a few different features that make it easy to use. For one, you can download an iOS app and have all your data synced between your computer and smartphone. The system will also integrate with your web browser.

Banktivity vs Quicken

You can customize different rules to organize the transactions you import. They can be tagged with different categories and cleaning tools. You can also import from Quicken and Microsoft Money.

The system has available workspaces and support for multiple currencies. In addition, it can maintain documents for multiple users, making it ideal for businesses with multiple employees. You can print checks, export to TurboTax, and export to QIF.

As for support, you have unlimited email support, free live chat, online forums, and searchable help files both in the software and in the online knowledge base. Plus there's a user manual and video tutorial.

Quicken

Banktivity vs Quicken

Quicken has fewer ease of use features, but it does offer:

  • Importing from other Quicken systems.
  • Check printing.
  • TurboTax exporting.
  • Unlimited email support.
  • Built-in help files and online knowledge base.

Winner: Banktivity

Banktivity comes with all the same ease of use features as Quicken and then some.

Pricing

Banktivity

Banktivity vs Quicken

Banktivity's pricing structure remains the same regardless of whether you purchase through the internet or the Mac app store. The current software version is Banktivity 7.

If you're upgrading from the 5 or 6 version, you can get the newest version for $34.99. For new users, the price is $69.99. This gives you access to all the basic features, since there aren't multiple pricing tiers.

Quicken

Banktivity vs Quicken

Quicken has three pricing tiers:

  • Quicken Starter: beginning at $34.99.
  • Quicken Deluxe: beginning at $44.99.
  • Quicken Premier: beginning at $67.99.

Winner: Quicken

For people without very complex financial management needs, the Quicken Starter system has the basic features you need without a huge price tag. This makes it a friendly option for those who are purchasing their first software. People who already have Banktivity can upgrade for around the same price, but first-time purchases cost twice as much.

Pros and Cons of Banktivity

Pros

  • More support options and educational resources are available, including free online chat, video tutorials, and a downloadable user manual.
  • Many different accounts and budgets can be managed, especially when compared to the competition.
  • There are robust reporting features for every aspect of your financial situation.

Cons

  • The service can be somewhat more expensive than the competition for first-time purchasers, and you might not need all the features.

Pros and Cons of Quicken

Pros

  • The software has a long customer rapport, having been on the market for longer than the competition.
  • The basic and intermediate plans are more affordable for first-time purchasers.
  • For people with very basic finances, the software has everything you need to manage your money.

Cons

  • There are significant missing features when compared to the capabilities of the competition.

Final Thoughts: Which is Better?

Ultimately, Quicken is a good choice for first-time buyers on a tight budget. If you're getting software to manage basic finances, the basic package comes with everything you need.

However, if you want the more robust features, account management, and reporting tools available, your best option is Banktivity. It comes with significantly more capabilities than its competitor.

REFERENCE & RESOURCES


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