Microsoft Money Program, Should we buy?

11/10/02 | ken roberts

[Cicero]

Quicken used to be the best program. MS Money has been catching up recently, so it may be as good. MS Works is a good program for mailing out invoices and such. MS Excel is a good program for spreadsheets. Before you buy you want to consider what needs to be done, because even in a small business it will save a lot of work to use an integrated system that will keep the books, invoices, tax records, bank balances, envelope addressing, and the rest in a way that lets you move data easily from one thing to another.

So I'll leave the recommendations to other Freepers who have used them in their businesses.

But I agree that an old computer with 32 meg memory and a 1.45 gig hard drive is an antique. Most modern programs simply won't fit on it at all, not even a recent operating system. The first thing you need is a more up-to-date computer.

[Cicero]

P.S. I wouldn't mess with upgrading an old computer if you can possibly help it. Better to buy a lower-end new computer from a respectable maker.

[wireplay]

I used Quicken for years and years and finally switched to MS Money after Walter Mossberg at the Wall Street Journal said the time had come. While each has positives/negatives, I prefer Money at this point. Definitely sign up for online banking to simplify keeping track of transactions.

[DeRATted]

I'd go with Quicken Deluxe. I don't have the fastest machine on the planet either (Pentium166 w/40MB RAM), but it works fine. I also purchaed Pocket Quicken for my Palm Pilot, which syncs up nicely with Quicken and now substitutes for my checkbook. I use both religiously, and they've both helped my manage my cash significantly better.

[The Other Harry]

I use an older version of MS Money (95) for my household books, and I'm quite happy with it.

A friend of mine recently upgraded from that version to the current version and he is not pleased. He experienced a lot of trouble.

All things considered, I think Quicken or Quick Books Pro are superior programs. If memory serves correctly, there is also a program out there called something like One Write Plus that my CPA quite likes. He ain't dumb by any means, so that might be worth a look.

If you want to go to a double-entry program -- which is what I think you should do -- I can recommend Peachtree. I have experience with that in a business setting, and I can't say enough good things about it.

There is definitely a learning curve, but you can start off simple. They give you several sample templates which can be used right away.

It is highly configurable, and it is not a program that you will ever outgrow. You could run a small business with it, and if that business grows, you could run a large business with it. It will do anything you want it to do. You could run General Motors with it. Alternatively, you could run a one-person janitorial service with it.

The single-entry programs are not, imo, appropriate for a business. They can be and often are used for that. But they cannot, for exampke, do a good job of handling a depreciation schedule.

Now, that may not seem like a big deal to you at this point in time. But it could become a big deal at some point in the future. A very big deal.

The thing is...

There are very few things in life that are more miserable than changing accounting software. I know. I've done it. It is pure, unadulterated hell. Water torture could not be worse.

So, you want to start out with a good program to begin with. It may cost a few more bucks and be a bit harder to learn how to use, but in the end it is a much better way to go. Infinitely better.

Peachtree.

If the kid needs a better computer, then get him one. Computers and software are cheap these days.

Time is not.

Don't be going and installing the cheapest accounting software you can find. You will regret it.

[holyscroller]

I use Quicken for my personal accounts, and Quick Books with Inventory for my business. Love 'em both! Easy and powerful.

[krb]

It's time for a new computer.