Why Trust This Simplifi by Quicken Review?
As a member of the American Association of Daily Money Managers (AADMM), I assist clients in managing their day-to-day finances effectively. From managing bills and tracking expenses to organizing financial paperwork, I’ve seen firsthand how the right tools can transform daily money management from overwhelming to effortless. Simplifi by Quicken is one of my favorite tools for organizing and managing my clients’ day-to-day finances.
GET YOUR FREE EXPENSE TRACKING TEMPLATE: Start organizing your finances today with our custom template designed to complement Simplifi!
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What Is a Daily Money Manager?
Before diving into the review, let me clarify: Daily Money Managers (DMMs) work alongside financial advisors, CPAs, and attorneys to help clients with everyday financial tasks. We ensure that bills are paid on time, budgets are adhered to, and financial paperwork is properly organized.
Why Simplifi by Quicken Stands Out for Daily Money Management
1. Bill Management
- Automated bill detection and reminders
- Clear payment scheduling
- Easy categorization of expenses
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2. Robust Expense Tracking
- Real-time transaction updates
- Intuitive categorization
- Custom watchlists for specific spending areas
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3. User-Friendly Interface
- Want to stay involved in their finances
- Need clear visual representations of their spending
- Prefer simplified financial management
Bonus: Simplifi by Quicken is a cloud-based app that can be accessed on the web and mobile devices, allowing you to always have access to your financial reports. One of the best parts about Simplifi by Quicken is that it costs less than one large latte per month.
How Simplifi by Quicken Helps Real People: Client Examples
The Busy Professional
- We set up automated bill payments
- Created expense categories for easy tax preparation
- Implemented a system for tracking reimbursable expenses
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The Active Retiree
- Keep tabs on various income sources,
- Track medical expenses
- Monitor household spending – Simplifi’s intuitive interface made this manageable for both of us.
Simplifi by Quicken’s Reporting Limitation: A DMM’s Perspective
What Could Be Better
- Limited Export Options: Makes it challenging to create comprehensive reports
- Restricted Data Sharing: Difficult to collaborate with clients’ other financial professionals
- Basic Report Templates: May not meet all clients’ needs
My Workarounds for Clients using Simplifi by Quicken
- Created a custom expense tracking template (free download below)
- Developed efficient monthly review processes
- Established systems for sharing necessary information with clients’ financial advisors and CPAs
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The Free Expense Report Template
- Aligns with common expense categories
- Provides additional insights for tax preparation
- Creates easy-to-share reports for financial professionals
Tips for Using Simplifi by Quicken Effectively
For Regular Bill Pay
- Set up recurring bill reminders
- Use the watchlist feature for variable expenses
- Leverage the spending plan for better forecasting
For Expense Tracking
- Utilize custom categories for detailed tracking
- Set up real-time alerts for unusual spending
- Use tags for tax-related expenses
For Financial Organization
- Implement consistent naming conventions
- Regularly reconcile accounts
- Use the notes feature for important details
When to Consider a Daily Money Manager
- Overwhelming bill management
- Need for comprehensive financial organization
- Desire for professional oversight of daily finances
- Complex household financial situations
- Financial tasks aren’t being completed or are not being done thoroughly
Ready to Get Started?
How To Download Your Monthly Expenses by Simplifi by Quicken
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- Log in to your Simplifi by Quicken account.
- Navigate to the “Reports” section.
- Choose “Categories”
- Use the date filter to select the month you want to report on.
- Specify the date range for the report (the first day and last day of the month)
- Generate the report by clicking “Apply Dates”
- Click “Export” and save the CSV file to your computer.
- Open your Free Expense Tracking Spreadsheet
- Click on “File” > “Import.” Choose “Upload” and select the Simplifi CSV file you downloaded. Your monthly expense data from Simplifi will now be in the spreadsheet.
- Save the spreadsheet with an appropriate name for future reference.
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▪This Expense Tracker also works for banking transactions from any financial institution that uses a CSV format▪
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