Quicken 2015 for Mac Review – Upgrade for Essentials Users

Introducing Quicken for MacWith the release of Quicken 2015 for Mac, Intuit has included many improvements for Quicken Essentials users from a new mobile app to a full featured Investment Performance module.

I have been using Quicken for Windows for as long as I can remember and as soon as I heard that Intuit was releasing a new version of Quicken for Mac users I had to get myself a copy to try out.

Let's take a look at the features of Quicken for Mac and then I'll share my thoughts on the software.

 

Features of Quicken for Mac 2015 version

 

I am on the go a lot and one of the features that I like best about Quicken for Mac is the mobile app version. With some software, the mobile app version is watered down and missing features. The mobile version lets me check my spending while I'm away from home and you can even take pictures of receipts to track your spending.

 

quicken mobile app

 

The overview page makes it a breeze to get a snapshot of all of your account balances and spending.  The donut graph makes it easy to see where you are spending and where you may need to cut back. Click on the graph category and you are taken to a page that shows all of the individual transactions within that particular category. No need to memorize all those account userids and passwords. The password vault stores all those login details in an encrypted secure vault so all you need to do is click one button and all of your accounts transactions are downloaded at once.

 

Quicken 2015 for Mac all accounts

 

Budgeting

Budgeting is important when it comes to managing your finances and Quicken has made it even easier to setup and monitor your spending. Whether I am on the go or at home, I can get an instant update on my budget!

 

quicken 2015 for mac budget

 

Investments and Tax Reporting

One of the shortcomings of Quicken Essentials for Mac users was the fact that the software didn't allow you to track investments. Quicken 2015 for Mac has an investment module that allows you to track individual investments as well as the ability to see your total portfolio performance with constantly updated quotes. When adding a new investment, if you enter your cost basis you can track individual stock gains and losses as well as preparing a Schedule D Tax report when it is time to file your taxes.  Speaking of taxes, your Quicken data can be exported into TurboTax tax software which makes preparing your own tax return much easier.

 

quicken 2015 for mac investments

My Thoughts on Quicken for Mac 2015 version

Quicken 2015 for Mac is a major improvement over Quicken Essentials.  If you are a current Essentials user I recommend you upgrade immediately. I also have Quicken 2014 for Home and Business and I have been using Quicken for over 20 years.

The Pros:

  • Budgets are automatically created based on past spending patterns
  • Reminders let you know when bills are due and alerts you of potential overdraft situations
  • Reporting is improved over the reporting functionality in Quicken Essentials for Mac
  • Investment Portfolio Tracking is a major upgrade

The Cons:

  • Importing of Data from Financial Institutions requires QFX file not available at all banks
  • Paycheck Tracking not possible
  • Retirement Planning and Goal Tracking is missing
  • Investment Portfolio Tracking does not allow asset allocation or security information similar to Windows version
  • Fewer reports available compared to Windows versions

Overall, Quicken 2015 for Mac is a major upgrade for Quicken Essentials users however, this software still falls far short of the functionality of the Windows version.  If you are a Quicken for Windows user there is no reason to switch however, if you are using the Quicken Essentials software this is a must upgrade!

You can learn more about this product and see a comparison table here: Quicken 2015 for Mac


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