Moneywiz 2

We reviewed the original version of Moneywiz in 2012 and since then it has become an incredibly important tool that I use almost everyday to manage all of my finances so I was delighted when I heard that Moneywiz 2 would be coming out. Packed full of new features and a new design it’s also released at the right time to help people achieve their New Year’s resolution of managing their own finances better. Currently the app is available for iOS (as a universal app) and Mac with Windows and Android coming soon. Since Apple don’t offer an easy upgrade process the developers, Silverwiz, have put the app on sale at half price for the first month to enable all of us existing users (and new users as well!) to upgrade to the new version at a discounted price. Many worry about how the upgrade process will work when moving to a new version but with Moneywiz it was incredibly easy with no problems. I simply entered my SYNCbits information and all of my transactions were available within a few minutes as normal. It couldn’t have been easier.

New in this version when you launch the app is Dashboard, which provides widgets like statistics or an overview of all of your accounts. These are a great idea, it’s really good to be able to see information such as your Net Worth, Liabilities , Income over the past month or expenses during the past seven days. You can even create custom widgets to show only certain accounts or scheduled transactions. For those of you who used the previous version these are almost like mini reports, offering a quick snapshot of your financial situation. The new version also brings split transactions, enabling you to split transactions across accounts or categories. Another great feature I spotted was the ability to see all transactions from all accounts at once. While these might not seem like a groundbreaking feature I can quickly see them becoming something that would be sorely missed if they were removed.

While most features are available across all devices it’s really nice to see the developers take advantage of platform specific abilities, such as TouchID on the iPhone or iPad. While I previously used a PIN to access the iOS apps it’s fantastic to be able to use TouchID to make it even easier and providing even more protection. In addition you can also use AirPrint to print reports or other information quickly.

Of course with one of the main draws of Moneywiz being the multiple platform support the sync system has to work perfectly. This is something that other apps or even Apple themselves seem to get wrong and it frequently results in minor annoyances. However I’ve been using SYNCbits (Moneywiz’s own sync solution) for the past few years and it works perfectly with no problems at all. I’ve sometimes had to wait a while for the iPhone version to sync information from my Mac but it’s always worked with a bit of patience. Hopefully with Moneywiz 2 using a new database it might be even better.

A key feature of the new version is online banking, bringing the ability to connect to your own bank and have the app automatically pull in the transactions for you, potentially saving a lot of time. While this is provided in co-operation with a third party who are experts in protecting data I personally avoid this service as you are required to provide online banking usernames and passwords. For people like me it’s fantastic that this service is provided via in-app purchase ($4.99 per month or $49.99 per year), meaning that I can enjoy the app’s normal features at a lower price. However, if you do it’s packed full of features, such as the ability to only import certain accounts or the ability to convert normal accounts to online so that all of us who have been using for Moneywiz for years can have an easy upgrade solution. It’s just as easy to manually add transactions as usual or convert the account back into an offline account if you don’t want to use the service anymore. Over 200 banks across many different countries are supported and you can even test the login process before paying for the monthly or yearly subscription so there is no risk involved.

The app is a nice evolution of the software bringing a nice new design and new features. The original version was already brilliant, probably the best finance available and this only increases the advantage it holds over other apps. It’s still incredibly easy to use and is perfect for somebody who wants something simple to manage transactions to a power-user who wants to manage budgets across multiple accounts. Overall it’s a worthy upgrade for existing users of Moneywiz or a fantastic purchase for those looking to start managing their finances or move from another app.

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