Manage Debt And Save Money With Quicken Canada



 


Quicken has been a popular money management software for many years, so it is a name that is very well-known. Now Quicken has improved its software even more to help individuals and businesses better understand their financial situations. By better understanding where they stand, the right decisions can be made toward a better financial future.

In a time when businesses and individuals need to be prepared financially, the best way to do this is through a computer program that offers different functions that allow financial situations to be subject to different views. Quicken gives individuals and businesses the option to take advantage of over 40 report types that enable them to view their finances in ways that are easy to understand.

At one time, the only way to keep track of finances, investments, accounts payable and receivable, and other types of financial transactions was to keep ledgers. This pen and paper type of tracking was subject to many errors, as individuals would have to use calculators and establish a system that worked. Over time, these systems would become very unorganized and what was written at the beginning of the year would be confusing by the end of the year. Through a program that is easy-to-use, the method of organization does not have to change over the course of a year.

Quicken Expense Reports

Quicken expense reporting is a way to get an accurate picture of your finances. You can track your family's spending budget, your home business expenses, or any other finances that you need to track to then pull one or more of over 40 reports that can put the data into perspective.

Through Quicken Expense Reports, you can see where the money is going and how it is affecting your net worth, learn how to reduce your spending so you can decrease the amount of debt, and have the visual aid you need to see the trends in your income and spending so all areas of your finances can be improved.

Some of the expense reports include:

  • Cash flow details
  • Bond maturity report
  • Income and expenses by category and graph
  • Itemized categories
  • Current spending vs. average spending
  • Spending by Payee Graph
  • Investment Transactions Report

The list goes on and on, covering nearly every type of report a person could expect when needing to put their finances into perspective.

Managing Debt

The Home & Business software has a wide range of functions for the business and the individual. For the individual, one very important aspect is the ability to manage debt. Debt can be difficult to comprehend when simply seeing numbers on a sheet of paper. When looking at debt versus income in a chart or graph, it is much easier to understand how debt is having an impact on your life. You can then look at the individual expenses and devise a plan that allows you to pay it down in a comfortable way so that you are not dealing with debt for the long-term.

Saving Money

Saving money is another area of focus in Quicken. Again, having a physical view of expenses and debt can help determine how much money needs to be placed in savings to have a healthy nest egg. Unfortunately, many individuals throughout Canada do not have savings accounts. This means losing their job or an unexpected emergency could result in a major financial hardship or the emergency having to be dealt with in another way. By putting financial details into view, it can be determined how much money needs to be deposited into savings every pay period. This can create the nest egg needed to take care of emergency financial situation.

To put everything into perspective even better, Quicken gives the ability to download bank account information into the software so that the information can be viewed and better managed. This makes running a business and personal finances less overwhelming and more manageable.

Choosing Software

Because there are two types of Quicken software to use, Cash Manager and Home and Business, determining which one is the best depends on a side-by-side comparison based on need. For instance, the ability to create a debt reduction plan is not available with Cash Manager but it is within the home and Business software. Also not available with Cash Manager is the ability to manage home business finances.

Cash Manager more or less covers your spending, allowing you to balance your chequebook, download credit card and bank account information into the software, print or write cheques, create and manage your budget, and look at a variety of reports that places all activity into a physical picture.

The Cash Manager also helps you save money and plan ahead by storing images of cashed cheques, copies of receipts, and creating a cash reduction plan. You can also track your loans and mortgages, transfer data to TurboTax at tax time, and see what your net worth is at a glance.

The Home and Business software will allow you to monitor your investments, such as tracking your savings account, using reports to manage the performance of your portfolio, getting investing insights, minimizing taxes on capital gains, downloading mutual fund and stock prices frequently, and investment vs. market indices comparisons.

Lastly, Home and Business allows you to manage aspects of business that include custom invoices and estimates, track vehicle mileage for taxes, manage accounts payable and receivable, and track taxes. There are many functions that are made available so that all pertinent data can be easily tracked. In both personal finance and business, missing a detail can cause a financial issue, which is why it is important to ensure even the smallest of details is accounted for.

Conclusion

Overall, tracking finances and monetary transactions of all kinds are made much easier through Quicken. Accurate financial details also make filing taxes much easier, minimizing the chance of an error. The minimization of errors also ensures that a more accurate view of the future is had.






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