MoneyWiz helps you do more with your money.
Tracking finances has always created somewhat of a boondoggle for me. For the longest time, I was using Quicken to keep track of my daily transactions and monthly bills. It did the job, but somewhere along the line, I updated my system and didn’t update Quicken. Since that time, I’ve bounced around from app to app trying to find a good combination of mobile and desktop financial tracking apps. That’s how I came across MoneyWiz.
MoneyWiz is a Mac-based financial tracking application. It allows you to input any number of accounts and view them in one single form. It is available for both Mac and iOS devices (It’s also available on Android devices). Transactions are synced between the devices and so all your finances stay accurate. You can also see forecasts and reports from all your entered accounts. Some of the main features include:
- Managing everything finance related in one app
- Suitable for casual or power users
- Automatically sync data across multiple devices
- Instant cash-flow forecast
- Budget monitoring & alerts
- Scheduled payment reminders
Some of the features that were most important to me included the scheduled payment reminder and the reporting feature. These were functions that I used regularly with Quicken and was eager to have them available with MoneyWiz. With the scheduled transactions, you can set up all your regular monthly payments. And when it comes to paying them, you can simply tap on the transaction from “Scheduled” and select to pay it. A regular transaction window will appear and you can adjust the transaction description as needed.
The reporting function is much easier to use than I remember Quicken being. In order to view a report in Quicken, you have to set up an report to run. With MoneyWiz, you simply go to the reporting section and select the type of report you want from the pictured graphs. You can select from Net Worth, Trends – which appears by default, Categories, Forecast, Account Balance, Budget Balance, Compare Budgets, Payees and Statistics. Any of those reports automatically display the report without you having to set it up.
One thing I was fairly disappointed about was bill paying between accounts. You can ‘transfer’ money between accounts, but you can’t select one account to be a payee. For example, if I set up an account to be my checking account and another to be a loan, I would like to be able to create a transaction that pays the loan payment from the checking account. This was a feature that I enjoyed with Quicken that MoneyWiz does not deliver.
All in all, MoneyWiz is a nice financial tracking app that helps you to keep all your accounts, transactions, budgets and bills in one place. It will import bank statements via OFX, QIF, CSV or QFX file formats. MoneyWiz has a nice interface and is easy to work with once it’s been set up initially. MoneyWiz retails for $24.99 and is available in the Mac App Store.
For more information, visit moneywizapp.com/mac.