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I’m a new DMM and have been using QuickBooks desktop for years with businesses so I am very comfortable with it. Have tried out Quicken and QB Online as possible alternatives for personal clients and am definitely ruling out QuickBooks Online because I don’t like the interface and reporting capabilities much at all. Although Quicken allows you to track investments and create budgets better within the software, I don’t like their new subscription-only model. Value-wise, I like the idea that there is no limit to the number of files that can be created and managed with QuickBooks. I see there are workarounds for tracking investments in QuickBooks, but have considered using an account aggregator like Personal Capital in situations where it’s needed.
THAT SAID: For those of you who’ve set up individual clients on QuickBooks desktop:
a) do you find that many clients will allow you to maintain the file completely this way and simply share reporting with authorized parties?
b) when client prefers to purchase and install the software separately on their own computer, what set up works for you best for maintaining the file?
c) what is your solution for tracking investment accounts when need arises?I know it’s a lot can also be emailed separately at pointguard808@gmail.com if that is easier. Thanks!
I have to admit I am a big Quickbooks Online fan, and I use it for almost all my business clients. However, I almost always prefer Quicken for personal clients because of the investment and budget functions that you mention.
That being said, I will try to answer your questions.
a) Many clients do not want any access to their files, and are just fine with reports being shared. I find this especially with my senior clients. However, there are other clients that do want access.
b) I do use TeamViewer to remotely access my clients computers and update their finances on their own computers. However, in these situations my preference is that we use QB Online, so that I have access whenever I want and they can always access the updated information.
c) Quicken.Feel free to email me if I can help with any more detail.
Best,
Cari Dawson
info@CarisCustomOrganizing.comHave you guys tried Onist?
https://onist.com/
https://onist.com/professional-financial-management/Brad,
Your software looks very intriguing. Appears you’re trying to bring together several feature sets into one product (ie Dropbox type storage with sharing permissions, Quicken account aggregation/feeds like Personal Capital, and hopefully there will be bill pay capability from within the program down the road and decent basic financial reporting useful to the tax advisors/CPAs, family members, etc. I’ll see about trying your basic version in Beta form out. Thanks!Cari, Thanks so much for your perspective. I haven’t heard of TeamViewer but have used Gotomypc so I was thinking that something similar could be a work-around for installing software at client’s location if required and accessing remotely. Does client have to be at the computer to allow you access? I’ll check it out.
I won’t give up on QBO yet…I think it will prove to be an appropriate option for many clients whose accounts are simple and straightforward.
You can set up TeamViewer to access remotely without the client present – but they do have to have left their computer on. I actually use it most often these days to help my clients remotely with their technology challenges. 🙂
Cari
This software looks more like eMoney and other software used by Registered Investment Advisors to manage portfolios rather than what DMMs tend to manage. That said, many of these RIA tools have been adding the ability to manage cash flow accounts if desired.
Hey Kim,
Nice observations. I would gladly make Onist available to you or others in the community for an extended period of time and no cost to see if it meets your needs. I am also available to talk anytime if you would like to answer any questions you have (bkotansky@onist.com or 917-881-5383).
The goal with Onist is to connect households to their financial data and documents. Spouses, adult children and the people they work with should not be in the dark about household financial matters. The software was built so that i could help with the financial coordination of my fathers affairs while i live in another state while also including my mother (who was in the dark) and my dads advisor. Wether its a consumer who wants this for their family, or a professional who wants to offer it to their clients, i think everyone should at least have access to a solution like this. So i built it with a team of 15 people.
Onist allows you to:
1 – Create your household: For a consumer, you can add family members, business partners or professionals you work with. For a professional, you can create the household on your clients behalf and add the household members on their behalf.
2 – Link your/clients accounts like you would in quicken/quickbooks/mint/personal capital. You can then track net worth and monitor spending patterns.
3 – Add all relevant household documents to the vault (wills/insurance/statements etc….)
4 – Share all or parts of this data with the people who need it most.
5 – Chat directly with the members of the household that has been created.If you want to test out the consumer version, you can click here. https://app.onist.com/families-signup
If you want to try the professional version, you can click here. https://app.onist.com/professional-signupI hope this is helpful!
Brad
Thanks for the offer, Brad. I’ll get in touch with you to check out the professional beta.
Down the road, will you try to have a third party integration to help with a) auto-fetching account documents for the “vault”(eg Hubdoc) and a portal to do bill payments (eg bill.com)? That’s a big missing piece here for me. Kudos to your vision though! I see where you’re going…when I imagine what I want to offer as a DMM, it’s to be the “lead financial coordinator” and I would flip over a single tool that could help me track and communicate the “big picture” info as coherently and straightforwardly as possible to whoever the interested/authorized parties are.We have had integrations discussion with filethis (https://filethis.com/) for document aggregation. I know the hubdoc people, but have not had discussions with them about integrating yet. This is something quite easy for us to do.
We are also looking into billing integrations to bring everything together.
I am around anytime if you want to chat.
Have a great weekend.
I use QuickBooks and prefer the desktop. I also use EveryDollar.com; however this isn’t going to track your expenses like QuickBooks, it’s just a very quick and easy budgeting tool.
I will check out Onist.com.
Brad, does Onist have a budgeting aspect?
We do not have budgeting functionality currently, but have had many requests for this feature. I would be glad to hear what you would like to have for budgeting and get you feedback from our development and design team.
If the community at large has requests, i welcome those as well. I really want to focus on solving the DMM communities needs.
You can reach me directly at bkotansky@onist.com or on my cell 917-881-5383.
Thanks
We also allow for DMM’s to create a business account where you can add all households that you manage, in addition to granting permissions to other professionals who may collaborate on your clients affairs.
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