TECH CRATES

Can iBank4 Hope to Compete?

Lindsey JD

When iBank4 was first released for Macs, many believed the program would never be able to compete with Quicken, the acknowledged leader in personal financial software. However, when Quicken attempted to move into Mac territory, users quickly discovered that the program had quite a few bugs to work out, especially when compared with the seamless integration of iBank4. finance software for mac comparing quicken and iBank4 pros and cons, features and performance

However, the bugs were the least of the problems; users used to Quicken’s rather sparse format found that iBank4 had so many features they rapidly began abandoning their old software for the new version.

Feature Comparison for iBank4 and Quicken Essentials

Side by side, there is little to say about a comparison between Quicken and iBank except that iBank has features, according to a review in Gigaom. While this may be a rather acerbic viewpoint, there is no denying that iBank outdoes Quicken in terms of special features. iBank has many features, in fact, that are not supported at all in Quicken interfaces.

iBank features the following items which are unavailable in Quicken:

  • Account groups

  • Smart accounts based on rules

  • Ability to attach images or files

  • Integrated web browser

  • Rules that clean and categorize incoming transactions

  • Imports from Microsoft Money

  • Short sales

  • Stock option trades

  • Capital gains analysis

  • Return on investment analysis

  • Transaction history

  • Net worth report

  • Investment summary report

  • Debt summary report
  • Forecast report

  • Envelope budgeting

  • Budget vs. actual reporting

  • Multiple budgets

  • Synch to iPad or iPhone

  • Multiple currency reports

  • Maintain multiple users

  • 64-bit optimization

  • Export to QIF

  • Trial version available

  • Free live chat

  • User manuals free for download

  • Video library of tutorial clips

  • 90-day money-back guarantee

Great Features on iBank

iBank has some truly useful features that put it ahead of Quicken in terms of user-friendliness. iBank features straightforward checkbox reconciliation. Data are automatically added from transactions that meet certain criteria, and iBank allows direct, fee-free downloads from banking institutions with is WebKit browser.

One feature that is particularly useful is the budgeting envelopes. Users can assign a particular amount to each envelope and can borrow from one to the other by dragging or entering data. This is great if you normally budget for entertainment or other controllable expenses; you can see exactly how much it will reduce your grocery budget if you go out to eat, for example.

iBank or Quicken?

For Mac users, Quicken Essentials for Macs may be a long time in catching up to iBank’s tailored programming. Mac users already have an advantage with iBank’s seamless integration. By choosing iBank, many former Quicken users may find that the program simply works better with their Macs than Quicken, which is trying painfully to equal iBank’s user-friendly format.

However, there is another consideration in this decision, as well. If you are a dedicated Quicken user, you may never miss the features that abound in iBank. Some users would simply rather have a format they know than one they do not, no matter how good the new format is. If you are one of these people, you may be perfectly happy with Quicken for Mac.

Samuel Copperfield writes on various tech topics, particularly marketing computer software. To learn more about top quality marketing automation software be sure to view marketo consultant.

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