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Squirrel 2: Elegant Financial Management App. Reviewed.

I have a problem with financial apps for iPhone, and it’s not just that I can’t stick with one. It’s that none of them has managed over time to support my needs and change its core structure according to them. See, it’s easy to keep track of expenses: I can either create a text file or a spreadsheet and start putting data in. But when it comes to an application, I want more. Ok, there are developers who clearly state they’ve built a lightweight tool to keep track of your finances. But when you advertise your new app with the “manage your finances on the go” catchy line, I expect more than a simple list packed inside a nice UI.

Sadly, that’s what seems to happen every time. The iPhone 4 came out and I thought, hey - maybe this is the right time for developers to focus on creating a full-featured and flexible financial app for iPhone. New iPhone, new creativity - right? Not so fast. Remember the word flexible, because more on this later.

Two weeks ago I bought Squirrel 2, a new and beautiful app for iPhone which aims at becoming your weapon of choice for “managing your finances”. I gave it a try. It also comes with a Mac companion to sync with, but when I say I want to manage my finances on the go (out of the computer I use to write stuff), I don’t want sync or backups or companions or whatever. So, these are just my impressions of Squirrel 2 for iPhone.

Sure the app is pretty. The interface is polished, transactions are laid out in a mini-iPad style (paper stacks!) that looks great on the Retina Display, everything is elegant and good-looking. As far as user experience is concerned, the app is easy to use and it takes a few seconds (and taps) to get accustomed to it and all its commands and sections. It’s beautiful and intuitive.

Still, I can’t stick with it. Squirrel 2 is not enough for me. You can create 5 types of accounts (Checking, Savings, Cash, Credit Card and Friend) but there’s no way to tell the app you use an online account (Paypal) which relies on a credit card or bank account you use on its own, too. You know how Paypal works. Now, either I create two different accounts (say, a Credit Card one for the card and a Checking one for Paypal) to sort of achieve my setup or I have to give up on Paypal and focus only on the credit card. My problem is, I have a quite complicated setup: Paypal relies on credit card, credit card works on its own, too, and then there’s a bank account I use to collect my monthly income which, guess what, mostly comes from Paypal. I know it’s complicated but here’s a revealing truth: most people’s setups are complicated.

My problem with Squirrel (and many other similar apps) is that it assumes you have one of those default account types. There’s no flexibility. Like, hey - I have these default templates, but you can build your custom one. No, you either choose from those 5 models or you’re screwed. Also, why is there no option in these iPhone apps to connect with your online bank account or Paypal? Sync would save a lot of time, but who’s to blame here? Developers, or banks for not providing the necessary tools? And, why is there no way to link accounts?

Anyway, let me just talk about the features Squirrel 2 offers, as I’m sure many of you don’t have my needs and will love this application. I’m being completely honest here, you could love this app. It’s up to you. Once you set up an account (or multiple ones) adding new transactions is a breeze: tap the + button in the bottom toolbar, choose the amount (even though it took a while for me to figure out which icon was for income, and which for expense), enter a description and then pick categories, tags and a date. Oh, here’s another thing I hate about this way of developing financial apps: considering that every developer seems to have his personal take on representing incomes and expenses - why don’t you just include a FAQ or a tutorial in your app? That would help.

Also, you can create budgets to get a visual glimpse of how much you’ve spent on what. I found this option pretty useful and easy to set up. I like it. Too bad the Advanced Budget feature requires a Mac to sync with.

Now, what should I say about Squirrel? It’s a good app, built with passion and attention to details, but it’s not something you’ll be able to “manage your finances” with. It’s a beautiful way to keep track of your expenses & incomes and get a quick summary of them through the Budgets menu, but it’s not enough for me. I want something more complex, flexible and powerful  - the iPhone as a platform deserves it.

But like I said, you’re not me and this a good app. It’s totally up to you.

Squirrel 2 is available at $2.99 in the App Store.

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