ACCOUNTING

Why Should You Use Quicken Financial Planner To Create Your Financial Reports?

SaasReview Editor

May 12, 2021

Table of Contents

Nobody cares more for your financial well-being than you, so creating a financial plan for yourself is important. A sound financial plan would allow you to save money, afford the things you really want, and meet long-term goals such as college and retirement savings.

This should come as no surprise, but everyone’s financial situation is unique. So, if you’re curious how to make a financial plan or why you should, you’ve come to the right spot. We just deserve to be financially self-sufficient and wealthy.  Quicken will help you keep track of your finances, pay bills, and create — and stick to — budgets. It can also help you monitor your savings and track your house value. 

With its latest functionality and MAC user support, you can work with your financial advisor to migrate to Quicken financial planner for monitoring your budget and other financial situations.

 

What Is the Purpose of A Financial Planner?

Financial planning encompasses a broad variety of practices that assist you in gaining control of your financial life, such as calculating your net worth, developing a budget for your spending and savings goals, and researching various financial items that can assist you in meeting those goals. While some people seek the assistance of a licenced financial planner, simple-to-use programmes such as Quicken are a more cost-effective option that allows you to handle your own finances.

Financial advisors can provide an impartial viewpoint and expertise when deciding how to spend your money, what your financial targets should be, and what kind of insurance coverage and other protections you need. When faced with a life change, such as marriage, divorce, or inheritance, a financial planner can be particularly beneficial.

 

Do You Need A Financial Advisor Or A Financial Planning Software?

Financial Planner or Advisor

Many investors are opting for such services rather than employing a financial advisor. The disadvantage of using these systems is that you lose the human touch. Furthermore, the recommendations cannot possibly be as tailored or customised as what you would get from your own financial advisor. The benefits of hiring a financial advisor include their insight, expertise, behavioural impact, saved time, wealth management delegation, personal wealth planning, and professional capital. The costs of using a financial advisor, the difficulty of choosing a successful financial advisor, a possible conflict of interest, sticking to only stock and bond investments, and relinquishing responsibility for your financial future are the drawbacks.

Is it worthwhile to hire a financial advisor? Costs differ because investors can select from fiduciary advisors, who are obligated to put their clients’ interests first and are often regarded as fee-only advisors. After all, they do not take commissions on the investments they recommend you add to your portfolio. Another type of advisor, fee-based advisors, charge commissions and fees. They normally charge a quarterly fee based on a percentage of the assets under management.

 

Pros

One on one personal financial reporting

Having expert advice for your financial future

Get help for financial setbacks

 

Cons

High costs

Not all financial advisors are professional

Time-consuming for some cases

 

Financial Planning Software

Finance professionals can now use software to do all of the heavy liftings for them, which saves time and ensures reliable records for the company. Large corporations will never consider recruiting traditional CPAs/CFOs who work with pen and paper, and smaller businesses should not either, particularly when there are so many platforms available that can do the work for them. Project budgets are a perfect example of this; it’s much simpler (less risky) to use a software solution to track project life cycles rather than an employee and an Excel document, which may result in miscalculated expenses.

Furthermore, financial planning is a dynamic subject that can benefit from having several cooks in the kitchen (checks and balances, etc.) to track a company’s finances. There is an integrated real-time communication function, so teams can work from anywhere in the world at the same time – an important advantage for businesses that are rapidly growing. Best of all, many of these business financial planning software such as Quicken financial planner offers a free trial period, allowing you to get your feet wet before jumping in headfirst.

 

Pros

Automation

Accurate calculation tool for formulas

All-in-one software for all kinds of personal finance

 

Cons

DIY that can take too much time

No personal touch (feels too robotic)

May only focus on speed rather than the focus of your financial planning

 

Why Should You Use Quicken For Your Financial Planning Software?

Quicken financial planner offers a variety of solutions, including budgeting, tax planning, and long-term planning. The most significant new functionality of Quicken is online access from any browser. This is fantastic news for those who want to handle their finances from several machines, as you could previously only access Quicken on the machine where you downloaded the desktop app.

Quicken makes it easy to modify new and existing quicken reports which makes it an exceptional financial management program. You can customise various reports and easily access those you have saved using Quicken’s template for reports. Transaction reports, cash flows, payee reports, banking summary, spending, net worth, and tax summary are all available.

 

Other Quicken features you would like:

Reconcile Bank Statements

Quicken lets you compare your recorded transactions to your most recent bank statement.

Consider this the online equivalent to balancing your chequebook.

 

Data Stored Locally 

Since Quicken stores the data on your own device, you don’t have to worry about it being compromised in the cloud.

 

The Inspector

This feature displays summary details about your budget as well as simple choices. It will tell you, for example, if you have enough money set aside for an upcoming expense.

 

Retirement Planning 

Quicken includes features to assist you in setting and achieving your retirement planning and savings targets.

 

Tax Reporting 

Quicken allows you to either directly import data into services such as TurboTax or create tax reports to send to your accountant.

 

Bill Payment 

Quicken allows you to pay your bills directly through app integration 

Quicken includes the following resources and tools for your financial planner:

  • Investment Savings Calculator

  • Debt Reduction Calculator

  • Retirement Planning Calculator

  • College Funds Calculator

  • Refinance Calculator

  • Tax Planner And Summary

 

Final Thoughts

Financial planning is critical to the sustainability of your financial future; the sooner you begin, the better the outcomes will be. Financial preparation entails assessing an individual’s financial interests in all respects, from investments to asset management, tax planning, pension and inheritance planning.

Quicken provides a variety of financial planning software solutions, depending on what you want to do with your money. For example, the Starter version allows you to view all of your accounts in one location, build a budget, monitor your expenses, manage your bills, and categorise your purchases. If you want to dig deeper into your finances, the Premier edition might be more suitable.