Operating a business and managing money is an uphill climb, specifically if you’re the only one who’s handling accounts. If you’re facing the same situation, then it is time you should get some help.
Don’t worry; we’re not going to tell you to hire an accountant. Instead, we have an economical solution for you. Luckily, there is accounting software so that you can track your business income and expenses.
We know that there are hundreds of options when it comes to accounting software. So, to select one is the same as looking for a needle in a haystack. That’s why after extensive research, we’ve come up with these two famous accounting software Quicken and QuickBooks.
Below we’re going to compare Quicken vs. QuickBooks and will share our analysis. So, please stick with us till the end and find out which software is more reliable and offers more features.
Quicken Vs. QuickBooks: Overview
Quicken and QuickBooks are both accounting software that makes the overwhelming task of accounting easy. After all, no one can remember everything about accounts, and you can’t beat the clock if you use a notebook to write about income and expenses.
Both software work as a savior. You only have to purchase the subscription, and then you can check the details of income and expenses by using the dashboard. You can use several features like create an invoice, easy-to-automate feature, and many more.
Quicken
Quicken is a finance management tool. You can access Quicken through the web and software. It is an excellent choice if you’re looking for personal finance or a small business management tool.
However, Quicken is better suited for personal finance management. You can use it to track the income, expenses, account balance, etc.
QuickBooks
QuickBooks is an account management software that is designed for small businesses. Intuit created it and is offering all features that can help you manage any small business’s accounts.
Though it is expensive compared to Quicken, it’s still worth your money. If you’re looking for a tool for inventory, tax filing, and business account management, go for it.
Pricing
Pricing is one of the most primary aspects that can change anyone’s mind about anything. Though Quicken and QuickBooks offer the same services, their charges are different. Below we’ll discuss which is more economical and provide various features.
Quicken
Quicken offers four plans: Starter, Deluxe, Premier, Home & Business.
| Starter | $35.99/ yearly |
| Deluxe | $51.99/ yearly |
| Premier | $77.99/ yearly |
| Home & Business | $103.99/ yearly |
Premium, Home, and business plans offer more features as compared to the starter and deluxe packages. For example, Starter and Deluxe packages don’t categorize your business and personal expenses separately and track your business profit and loss, etc.
In short, if you want to use Quicken for both personal and business account management, then choose Home and Business or Premier only for business. Otherwise, Starter and Deluxe are a good-to-go package for managing personal finance.
QuickBooks
QuickBooks offers three plans; Simple Start, Essential, and the Plus Plan.
| Simple Start | $16 per month |
| Essential | $25 per month |
| Plus | $34 per month |
These are monthly charges of QuickBooks. The Simple start plan only supports one use. It’s a good choice if you’re starting your business and have a low budget. You can connect your bank account, send custom invoices, track income expenses, VAT with it.
Essential Plan supports three users, which means you don’t have to buy more subscription plans if you have a team. It offers additional features like multi-currency, insight, and reports.
Plus Plan supports five users and offers all those features offered by Simple Start and Essential Plan with additional features. They include recurring transactions, track inventory, project, and location.
Features
Here comes the most crucial part, “Which financial management software is best in terms of features?” so, without wasting more time, let’s dive into the details.
Quicken
- You can manage the budget with Quicken.
- You can keep track of your investment with Quicken.
- Quicken is an excellent choice to check the performance of the investment.
- Through a debt reduction planner, you can check dues.
- You can connect a bank account to Quicken.
- Users can make actionable plans to reduce the debt through the debt reduction planner.
- You can transfer money between bank accounts.
- There’s also an app for mobile phone users.
- You can create customized invoices and balance sheet reports.
- It allows the user to transfer the data to excel.
QuickBooks
- You can check your income, expenses and create a budget whenever you want.
- It allows users to create customized invoices.
- It also offers features like Estimate creation and Automated Tax calculation.
- Users can save the contact information in the contact management system.
- Plus, you can add billing, shipping address, payment terms, etc., with customer contact.
- With the Plus plan, you can track inventory items and their description, images, and price.
- Through the Project management feature, you can add project and billable time.
- You can import your customer’s information and export data in excel.
- It supports more than 150 currencies.
- You can automate your task and set reminders for you and your team.
- You can link bank accounts to QuickBooks.
Major Differences between Quicken and QuickBooks
You might be thinking of the difference between Quicken and QuickBooks. After all, you certainly don’t want to buy both financial management software.
We know that both Quicken and QuickBooks are used for financial management. But QuickBooks is built for small businesses since most of the features can help you manage financial situations.
Quicken mainly focuses on personal finance rather than business finance management. You can use it for personal use after buying Starter and Deluxe packages.
So, if you have a tight budget and want to use Quicken for small businesses, you can purchase the Home and Business plan for it.
Which Is Better For Rental Business
Keeping track of business income and expenses is difficult whether you have a big or small rental business. Choosing one software between Quicken vs. QuickBooks for rental property is more challenging since both software work best.
Please take a deep breath because we are going to provide a solution to this problem. You only have to scroll down the page to find the best financial management software for rental businesses.
Quicken
Quicken is the most reliable software for managing personal expenses. Besides, you can use it for rental business. It can track the properties you used for rent, their rates, lease terms, and tenant information.
Note:
You’ve to purchase the Home and Business plan if you want to use Quicken for rental business. Other plans do not work well for business.
QuickBooks
The main focus of QuickBooks is small businesses. It’s good-to-go software even if you own a rental business. You can manage the income and expenses by creating a company file, and then you can add tasks related to the rental business.
So, it’s a tie-up between Quicken and QuickBooks for rental property. Now, it’s your choice whether you want to buy Quicken, a cheap option, or QuickBooks, which is expensive comparatively.
Which Is Better For Small business
Let’s come to the next question, which is best between Quicken vs. QuickBooks for small businesses?
Quicken
Quicken is the most famous software for personal finance management. And it works great if you’re an individual and using it as a personal business accounting tool. But it does not mean you can’t use it for your business. You have to purchase the Home and Business plan for it.
QuickBooks
QuickBooks is always the best software for businesses. You can also use it for personal use, yet the main focus of this tool is small businesses. You can check the Plan above and choose the one that suits your business.
Which Is Easier to Use?
Next, we will answer the next and the last question: Which is easier to use between Quicken and QuickBooks?
Quicken
You have to download software onto your computer. With the desktop application, you can use all features and functions of the software.
Though you can access Quicken through the web, it does not support all features. You can’t generate reports, rules, delete accounts, etc., through it. However, the dashboard of Quicken is complicated if you’re using it the first time.
QuickBooks
QuickBooks dashboard is easy to use as compared to Quicken. You can use the software easily without any difficulty, even the first time. Similar to Quicken, you can download QuickBooks software or use it on the web.
The bottom line is both software are best to work remotely; you can use the web version and can use it anywhere. However, the dashboard of QuickBooks is a little bit more complex than Quicken every time you use it.
Frequently Asked Questions (FAQs)
Can Quicken and QuickBooks be on the same computer?
Yes, you can use Quicken and QuickBooks on the same computer. However, you can’t share data between both software officially, and you’ve to purchase the subscription plan separately for Quicken and QuickBooks.
Is QuickBooks good for home budgeting?
Yes, QuickBooks is a useful software for business and personal financial management. You can easily manage your day-to-day task related to accounts with QuickBooks. Plus, you can check the income and expenses, create a goal, and pay bills with it.
Is QuickBooks worth the money?
QuickBooks is one of the best options for a person looking for account management software to manage their personal and business financial situation. It offers many features that can help you in tasks related to accounts. Plus, it is easy to use the tool.
Do I have to buy QuickBooks every year?
It depends on how you would like to pay the subscription charges of QuickBooks. You can pay it monthly (we’ve mentioned the monthly costs of different plans above), or you can pay annually.
Does QuickBooks have a yearly fee?
Yes, QuickBooks offers an annual fee for all plans. And here’re the yearly charges for different QuickBooks plans.
- Simple Start Plan – $172 per year
- Essential Plan – $270 per year
- Plus Plan – $367 per year
Do I still need an accountant if I use QuickBooks?
QuickBooks offers many features that can make it easy for you to manage business and personal finance management. But it cannot replace an accountant. So yes, you still need an accountant even if you use QuickBooks.
Final Comments: Quicken Vs. QuickBooks
QuickBooks and Quicken both work excellent for different purposes. Now, it’s your time to think about which software offers the features that can help you keep track of income and expenses.
No one can choose the best for your business other than you; only you can do it. However, If you’re looking for cheap finance management software, Quicken is reliable. Aside from that, QuickBooks is best for any business.Hopefully, now that you’ve read the article, you can decide which is best between Quicken vs. QuickBooks? Still, if you encounter any problems or queries in mind, you can ask in the comments section.
