My comparison between Pocket Money, iXepenseit, and Money

[social]

Thanks for HardyMacia's openness to allow me for sharing this topic.

After a few weeks evaluating three most popular financial apps, I intend to share my finding here in order
to make some suggestions for future release of PM.

I'm a heavy financial app pda user for over ten years. Actually I'm still using Pocket Quicken for Newton
now daily. Thus, I'm looking for alternatives if I could move my habit to iPhone platform. After lengthy
screening of numerous financial apps, I choose the three listed above, as they are most popular and got good
feedback. Below are my findings.

iXepenseit (v2.4)
Advantages：
1）Good Interface, Nice graphic, International language support。
2）Built-in category and sub-category with nice icon. No setting required. Buy and use.
3）Built-in reporting functions in bar and pie chart, with filtering.
4）Allow simple or details budgeting, says, a lump-sum per month or ceiling for each category.
5）Fast transaction input just in few clicks. For example, it allows user to set default field in each transaction sheet. I set "amount" so that
a number pad would display automatically every time I click for new transaction.

Shortcoming：
1）Just for transactions recording without accounts/assets management.
2）Not allow multiple budgeting or money transfer between accounts.

Recommendation：
Entry level product. Best fit for those who just want to know where money is spent.

iBearMoney (v2.6.2)
Advantages：
1）Most beautifully-designed interface among three.
2）Same to PM, Money could manage many accounts such as savings, cards, debts, etc. It also support international currencies updating.
3）It manages lots of assets/liabilities such as stocks, shares, loans, lands, houses, for total finance management.
4）It allows multiple profiles in one iPhone. User might set one profile for personal and another for home/business. Password protection for individual profile.
5）Most powerful reporting presentation among three. Built-in easy reading pie/bar chart for planned income/expenses, Factual income/expenses, Comparison between Factual and Planned ones, Asset and liabilities, cash flow etc.
6）Built-in category and sub-category with nice graphic. User allows to change easily in a few clicks.
7）Support template for repeat transactions
8）Support budgeting and instant comparison with planned.
9）Photo and voice-memo for each transactions.
10) The new speedy button for new transactions allows as min. as three clicks for new record. (v.2.6.3)

Shortcoming：
1）Longer loading time in cost of big functions.
2）Poor flow design. Especially when money transfer between accounts and multiple transactions input, many clicks are needed.
3）Full of graphic/icon and fewer informations could be seen in small screen. Need to flip pages often.
4）Only HTML output. Not yet support QIF format. Poor extension.
5）Not support split transaction. Only single category for each transaction is allowed. It becomes a big problem if you are shopping many items in supermarket.
6）Complex operations of money transfer in different accounts.

Recommendation：
Best fit for people who love graphic and need beautiful report in single machine regardless the price.

Pocket Money
Advantages：
1）Very stable. Long-term development history since age of Newton. Good overall programming design.
2）Support budgeting and multiple accounts with international currencies updating.
3）Easy operation with lots of shortcuts. Most operations could be finished in a few clicks.
4）Built-in category and subcategories. User is allowed to add own.
5）Split transaction. It is most critical function to my daily use.
6）Support repeat transactions in different period, says, monthly.
7）Free desktop side software for backup/restore. Use QIF format. Good extension.
8）Support international languages.

Shortcoming：
1）Not very user-friendly and not charming interface. You need to read menu and some study before it starting working. For example, no built-in icon for category/subcategory. User need to use colon for making new subcategory, just like writing formula. It carries an image of Palm.
2）Reporting functions is not completed. It requires user to set complex filters for different reports.
3）No built-in report function and require Google API but it usually returns pie chart without labels and without actual percentages or amount.

Recommendation：
Best fit for heavy user with habit of sharing information with desktop-sided financial app such as Quicken.

Social

[rkb37]

I also compared these three apps (and more) before I bought PM. Most were eliminated easily because they were so limited, and didn't do what I was looking for. But these three were the ones I considered buying. I didn't go through quite as extensive a comparison, however.

I agree with this summary of Social's comparison of the apps. I don't disagree with any of these conclusions. Other apps had better graphical user interfaces and better/alternate charts, and some had great features that PM doesn't have. but PM won out for me due to capability.

[streamhawk]

Same goes for me... compatibility and practical use win over design any day. Hardy is working hard first on the practical side, maybe when he's finished he will give it a better interface , but heavy financial users need the practical part first, so keep up the good work Hardy

[bill]

Wow social,

This is one the the BEST reviews I have ever read bar none! It is very clear you're not simply taking a glance at the software but you've used it from a person who really needs the software to deliver value add to your life.
I've been spending some time trying out the different personal finance tools as well and it's really come down to these 3 players.

Your review hits the key points spot on I couldn't resist but to register just to compliment on it!
Thank you very much for sharing this with all of us, I only wished I read this before paying for some of the really bad ones out there. [iTunes really needs to do something about the terrible voting system]

I'd actually also like to point out that I'm very impressed with Hardy's openess for such a bold comparison. I guess he's pretty confident about his product. [And I honestly think he has a good reason to be, it's a darned solid piece of work.]

Just thought I'd throw in a few other things just to contribute to Social's already priceless points:

iXepenseit (v2.4)
Advantages：
1）Good Interface, Nice graphic, International language support。
2）Built-in category and sub-category with nice icon. No setting required. Buy and use.
3）Built-in reporting functions in bar and pie chart, with filtering.
4）Allow simple or details budgeting, says, a lump-sum per month or ceiling for each category.
5）Fast transaction input just in few clicks. For example, it allows user to set default field in each transaction sheet. I set "amount" so that
a number pad would display automatically every time I click for new transaction.

Shortcoming：
1）Just for transactions recording without accounts/assets management.
2）Not allow multiple budgeting or money transfer between accounts.

Recommendation：
Entry level product. Best fit for those who just want to know where money is spent.
It's a great expense record program. And the creator of the software wasn't trying to hide that fact, hence the name.
If you're looking for a more complete personal finance solution, you'd find it difficult since it's only great at recording expenses.

iBearMoney (v2.6.2)
Advantages：
1）Most beautifully-designed interface among three.
2）Same to PM, Money could manage many accounts such as savings, cards, debts, etc. It also support international currencies updating.
3）It manages lots of assets/liabilities such as stocks, shares, loans, lands, houses, for total finance management.
4）It allows multiple profiles in one iPhone. User might set one profile for personal and another for home/business. Password protection for individual profile. Unique to iBearMoney
5）Most powerful reporting presentation among three. Built-in easy reading pie/bar chart for planned income/expenses, Factual income/expenses, Comparison between Factual and Planned ones, Asset and liabilities, cash flow etc. Unique to iBearMoney
6）Built-in category and sub-category with nice graphic. User allows to change easily in a few clicks.
7）Support template for repeat transactions. [This totally blows the rest of the two away in terms of recording a single standalone new transaction.]
8）Support budgeting and instant comparison with planned.
9）Photo and voice-memo for each transactions.
10) The new speedy button for new transactions allows as min. as three clicks for new record. (v.2.6.3) Unique to iBearMoney
11) Backing up of information doesn't require installation of SyncDocs. It has a built in web server for you to download and upload files into it. Makes backing up much easier. Unique to iBearMoney
12) Additional in-app purchases enhance the application, such as adding of new icons, budget suggestions.
13) Fantastic [Just to be fair to iBear since Social has already given the same point to PocketMoney]

Shortcoming：
1）Longer loading time in cost of big functions.
2）Poor flow design. Especially when money transfer between accounts and multiple transactions input, many clicks are needed.
3）Full of graphic/icon and fewer informations could be seen in small screen. Need to flip pages often. [The artwork is not planned well. *laugh* I actually find it annoying because it tells me too little about what I need to know. I actually really love the looks, but it's actually reducing my productivity with the application]
***NO LONGER. Current version has QIF and CSV support which is probably easier than PocketMoney. BUT it will cost you money. 4）Only HTML output. Not yet support QIF format. Poor extension.
5）Not support split transaction. Only single category for each transaction is allowed. It becomes a big problem if you are shopping many items in supermarket. [Not just in the supermarket. The real pain is when you usually pick up some groceries whenever you top up your petrol. I have to painstakingly go through my bill to enter them as separate transactions when I really wish I could have them as a single split transaction]
6）Complex operations of money transfer in different accounts. Plus, they don't have the documentation to even teach you how it's done.
7) Also the most expensive amongst the 3.
8) Poor help section. The help files are very skeletal and quite some functions which are built into the program are missing from the documentation. I don't understand why they'd want to short change themselves this way. This is a fantastic program with superb functions, you just need to teach people how to use it.
9) They have additional functions which are part of the in-app purchase which is going to add onto the hefty price you paid for it. This is actually the bad point equivalent of its strength

Recommendation：
Best fit for people who love graphic and need beautiful report in single machine regardless the price .

Pocket Money
Advantages：
1）Very stable. Long-term development history since age of Newton. Good overall programming design. [A lot of people may overlook just how important this single statement is, so I'd like to stress on it again. Life of a software is the ultimate testament to just how good it is] Unique to PocketMoney
2）Support budgeting and multiple accounts with international currencies updating.
3）Easy operation with lots of shortcuts. Most operations could be finished in a few clicks.
4）Built-in category and subcategories. User is allowed to add own.
5）Split transaction. It is most critical function to my daily use. [This is the single reason why I'd say Pocket Money is arguably the best at the moment is nobody else offers such a seemingly simple idea but you NEED this long term for cultivating an everyday habit of record keeping.] Unique to PocketMoney
6）Support repeat transactions in different period, says, monthly.
7）Free desktop side software for backup/restore. Use QIF format. Good extension.
8）Support international languages.
9) Fantastic [*laugh* I think this point is biased. iBearMoney is fantastic too.]
10) Yet another often overlooked feature of Pocket Money is the AMAZING tutorial videos. It goes to show just how much effort is placed on the part of the developer to ensure that the software is maximized in the hands of someone else who didn't code the application. I learnt so much about using the software just from the terrific tutorial videos! Unique to PocketMoney
11) Interfacing with other applications. Has anyone else noticed that PocketMoney is the only application amongst the 3 which can interface with other apps??? This is absolutely amazing since it opens up so many other possibilities such as a bill payment app sending its data straight into PocketMoney. I've experienced it in action using some other application in the store. [e.g. BillMinder which ins't even written by Catamount Software] Unique to PocketMoney
12) Support for intangible assets such a frequent flyer miles. Is this unique to PocketMoney? I haven't check whether iBear has this function yet.
13) Best in terms of money for value. It is priced as cheap as iXpenseIt but delivers so much more.

Shortcoming：
1）Not very user-friendly and not charming interface. You need to read menu and some study before it starting working. For example, no built-in icon for category/subcategory. User need to use colon for making new subcategory, just like writing formula. It carries an image of Palm.
2）***NO LONGER. Current version has incredible reporting tools tool. Reporting functions is not completed. It requires user to set complex filters for different reports.
3）No built-in report function and require Google API but it usually returns pie chart without labels and without actual percentages or amount.

Recommendation：
Best fit for heavy user with habit of sharing information with desktop-sided financial app such as Quicken.

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[HardyMacia]

bill,

Thanks for bumping this post. I'm working on PM 3.0 so it is good to see what I need to work on still.

For your #6 -- iXepenseit and PocketMoney have been the same price for several months now at $4.99 each.

- Hardy

[bill]

bill,

Thanks for bumping this post. I'm working on PM 3.0 so it is good to see what I need to work on still.

For your #6 -- iXepenseit and PocketMoney have been the same price for several months now at $4.99 each.

- Hardy

Wow Hardy.
You watch over the forums like a hawk. *laugh*

Yeah, I'm extremely peeved I wound up paying for iXpenseIt at the same price after you pointed that out. [Well, it's very hard to try all the programs without using the full versions of them and using them as you would do for an everyday practice.]
They are two different products...one is an expense tracker that other is a fully fledged personal finance program.

[nitinchandra]

Well, since we are at it, might as well share my experience...

I tried iXpenseIt first. After a few days I found it was practically useless to me as it was expenses only.

Then I tried iBearMoney...found it simply too complex and slow to be practical.

These were based on their reviews/rating at that point of time...PM did not have much there...

After this tried almost every such app available on the AppStore, including PM lite and bought it within a week of trying it.

About some of the features mentioned in the other apps, I believe Hardy is working on the reporting part and fine tuning the splits, repeats and budgets to make them even better and increase the appeal to a wider audience.

Talking of templates, it would be a trade-off...as with any such feature. For every transaction that is not in a quick template, it would need more of "clicking" to register the transaction.

There is one way of doing this already...which could be improved on, optionally, for people who want it.

Currently, we can search for a transaction, duplicate and edit it. Another possibility could be that PM, optionally, lists the frequent transaction when creating a new transaction with the option to duplicate on the item itself. This would create "live" templates. For example, in my case, fresh vegetables and fruits are bought on a daily basis and I have daily transaction for these (including some others). Then, there might be transactions that repeat weekly or monthly.

On the sub-categories, the colon is no longer required to be entered manually. Although, it might be an idea to, again, optionally, have a tree view of the hierarchy instead. Personally, I prefer the current approach

Regards,
Nitin Chandra

[olyntho]

I agree with all things posted.

PM is the best of them, stable, etc, but still have way up to go. Interface, reports, etc, but it's always getting better.

Good on ya Hardy..