If you are searching for business accounting software, two brand names that likely come to mind as you initiate your research are Quicken vs QuickBooks. Well, both of the accounting software has gained popularity in the financial management software industry, you might be wondering if either of these solutions is right for your business. You don’t need to take stress as we are here to help you out.
In the following article, we will be going to compare QuickBooks and Quicken for small businesses. All the aspects you need to know about this software have been mentioned in the blog. In this way, you can have all the information you want to make a knowledgeable decision for your business.
Before going to explain the difference between Quicken and QuickBooks, we would like to introduce both of these accounting software. This will help you to understand both the software.
Quicken has been introduced in 1983 for MS-DOS and Apple 2 computers by Intuit. This software is specially designed for handling personal finances for Windows and macOS. Quicken mobile app is available for iOS and Android for free. You can use this software to track finances and record sales & expenses, create budgets, record information for credit card balances. Including this, you can also buy an additional service in Quicken called Quicken Bill Pay by paying an additional fee.
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Versions of Quicken
You can avail of two versions of Quicken for an additional cost mentioned below.
QuickBooks has designed in 1993 by two engineers, Scott Cook and Tom Proulx in California. When QuickBooks has not come into existence, Quicken was utilized as accounting software by various users that launched in 1983. Earlier, many users didn’t consider QuickBooks as trustable software among but as time passed, it has gained popularity. However, the double-entry system in QuickBooks makes it a perfect solution over Quicken.
QuickBooks is the foremost accounting software that has been designed by Intuit that is used for simplifying accounting and bookkeeping tasks. With QuickBooks, you can easily track sales, make invoices, and manage stakeholders. In addition to this, QuickBooks is an integrated solution that saves your time by managing different business activities and keep accounting woes.
Versions of QuickBooks
After knowing the software, let’s compare Quicken Vs QuickBooks for small business and know which will be suitable for your business.
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We are going to compare Quicken Vs QuickBooks on the following basis. You are required to go through all of them respectively. Now, go further to know Quicken and QuickBooks in detail:
|From the business perspective||Quicken is the best option when you do prefer having everything streamlined and in one place. Also, Quicken Home & Business is a great choice when you are handling home and businesses. But, you can get stuck while tracking different types of transactions using the Quicken software.||QuickBooks Online is perfect for managing business transactions. If you are running a mid or larger business, QuickBooks will be the best choice for you. The different versions of QuickBooks can save your time and efforts by managing your business activities.|
|By using Quicken software, you will be able to manage cash flow, reconcile your credit card statements. In addition to this, you will also be able to connect with financial institutions for downloading transactions and entering them.||On the other hand, you can avail of the same features as Quicken in QuickBooks too. Including all the features of Quicken, QuickBooks Online also contains some additional features that can be availed of to manage the cash flow of the business. Like QuickBooks payments, this feature allows you to send invoices and receive online payments.|
Interface & Use
|Quicken Home & Business is known for its complex navigation because of having the feature of tracking business and personal finances. Still, you can easily learn the Quicken software.||In contrast, QuickBooks has a simple interface that can be easily accessed. This software is a proper online product and the Online version is based on cloud-accounting.|
Quicken Deluxe 2011: $59.99
QuickBooks Pro 2010: $159.95
|Pricing of QuickBooks Online|
Self-Employed: $5 per month
Simple Start: $12.50 per month
Essentials: $20 per month
Online Plus: $35 per month
Pricing of QuickBooks Desktop
Pro: $299.95 per year
Premier: $499.95 per year
Silver : $1,155 per year
Gold : $1,1502 per year
Platinum : $1,848 per year
Profit and Loss Report
|Quicken allows you to manage reports and graphs related to banking, spending, tracking, balances, and taxes. You are also allowed to make folders to store customized reports. Additionally, these customized reports include both farm and family income & expenses.||You can easily run the Profit and loss report. This report indicates the exact position of your business and you can also know the profit earned by you (Profit = Income – Expenses). This indicates the final net income for a week, a month or a quarter.|
|In Quicken, you are allowed to track your inventories. The feature of managing sales and purchases is available in the Quicken software. Quicken Home & Business version is very easy to learn and access in case of managing inventory. In this way, you can have the exact position of your business that helps you to make the final decision suitable for your business.||You will be able to track the product sold by your company in QuickBooks, like unit costs and on-hand amounts. Once you entered the transaction, QuickBooks will automatically track and update this for you. Various reports are available to manage your inventory in QuickBooks.|
If you are tracking in an Excel spreadsheet in QuickBooks desktop, that becomes very feasible and takes lots of time. The user can easily track inventory by using QuickBooks.
|You can not avail of the payroll feature in the Quicken software. You can do calculations externally of payroll data for employees in Quicken.||The best thing about utilizing QuickBooks payroll is that it is integrated with QuickBooks so the financial statements will always be up-to-date as of the latest payroll run. You need to purchase the QuickBooks payroll subscription to avail of the payroll feature in QuickBooks. After purchasing it, you will be able to run the latest payroll tax tables to calculate the employer payroll taxes and employee payroll taxes.|
In our knowledge, QuickBooks has proved to be the best alternative when it comes to handling business activities. However, we can’t call either one a winner. Both software have a specific purpose and contains lots of features mentioned above. As we have concluded, Quicken will be the best option for personal financial management, while QuickBooks will be useful for business financial management.
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In contrast, if you are running a business, Quicken just might be able to do the job, but QuickBooks is just way more effective. The additional feature of QuickBooks “Scalability” can also help you in case your business expands. It is difficult to cover all the aspects of the software, but we have tried our best. But, the final decision will always be yours. For any further assistance, you can get in touch with us by dialing our toll-free number (877-221-952O).
Frequently Asked Questions
Q1: Which one will be more suitable Quicken or QuickBooks?
A: According to us, QuickBooks is a great option to go with when you are running a large business. It also contains some additional features in comparison to Quicken software.
Q2: Can you still use older versions of Quicken?
A: You are no longer to work with Quicken 2017 and older versions. You have to upgrade the version to get updates and run online services.
Q3: Which one to select QuickBooks or Quicken for tracking personal finances?
A: QuickBooks has proved to be a better option than Quicken. However, when it comes to tracking personal finances, we would recommend you to choose Quicken over QuickBooks. Quicken has the ability to track rental houses.
Q4: Which version of QuickBooks is best to purchase?
A: We recommend you to buy QuickBooks online over QuickBooks desktop. You can access QuickBooks online at any time and from anywhere. On the other hand, QuickBooks desktop can only be accessed when you are at your desk.
Q5: Do you need an accountant to handle your software?
A: It depends on you. If you are new to deal with any financial software, we always recommend you to hire an expert who can handle your software in such a situation. Well, both Quicken and QuickBooks are easy to learn.