Quickbooks vs Quicken Home and Business: A Comparison Guide
Unveiling the Best: QuickBooks vs. Quicken for Business Finances
Are you a small business owner or an individual looking for the best accounting software to use? Either Quickbooks or Quicken Business Software to manage your finances? Quickbooks vs Quicken Home and Business are two popular options in the market. While both are designed to help you track income and expenses, there are significant differences between the two.
In this article, we will compare Quicken and QuickBooks in terms of features, ease of use, mobile apps, integrations, user reviews, and more. By the end, you’ll have a clear understanding of which software is the best fit for your specific needs. If you are a self-employed individual, you might consider using QuickBooks Self-Employed, which is both simpler and more affordable than QuickBooks Online.
QuickBooks
QuickBooks, owned by Intuit, is a full-featured business and financial management suite designed to meet the needs of small and medium-sized businesses. It provides various tools for accounting, inventory management, payroll, tax filing, invoicing, bank account tracking, budgeting, payment processing, expense management, and accounts receivable and payable management.
With its extensive feature set, QuickBooks Desktop is like a Swiss Army knife for business financial tools. It can handle almost any business need and provides the flexibility to customize and integrate with additional software tools. Whether you need to track income and expenses, manage inventory, generate financial reports, or analyze cash flow, QuickBooks Desktop has you covered.
One of the key advantages of QuickBooks is its accessibility. It can be accessed from anywhere, whether it’s through the desktop version or the online version, accessible via web browsers, tablets, or smartphones. This flexibility allows business owners to stay connected and manage their finances on the go.
However, it’s important to note that QuickBooks does come with a higher cost tag than other financial management tools. While it provides a wide range of features, some businesses may find that they don’t need all of them, making the cost harder to justify. Additionally, certain features may require additional fees, such as sales tax tracking, so it’s important to consider the overall cost before making a decision.
Quicken
Quicken Home and Business is geared toward small businesses as a way to track their financial information, including capital gains. While it was also part of Intuit, it was sold to H.I.G. Capital in 2016. Quicken offers a range of features that allow users to track account balances, transactions, investments, personal budgeting, loans, and more.
With Quicken, you can turn your computer into a financial command center, keeping all your financial information up to date. It allows you to download information from your banks, investments, and credit accounts directly into the software, making it simple and easy to track and manage your finances in one place.
Additionally, Quicken ensures that everything is automatically updated by connecting your membership with various financial institutions, such as bank accounts, credit cards, and investments. Quicken’s Home & Business version includes features for tracking rental properties and small businesses, such as lease terms and tenant information. This makes it a valuable tool for managing rental rates and staying on top of your rental property finances.
An Advantage
One of the advantages of Quicken Premier is its affordability and the guarantee of data access it provides. It offers a wide array of subscription options at different cost points, making it accessible for individuals and families on various budgets. However, it’s worth noting that Quicken is a desktop product and does not have an online version, unlike QuickBooks. If you prefer an online option, you may want to consider Mint.com, which is also owned by Intuit.
While Quicken Home and Business is a great choice for small business financial management, it does have some limitations compared to QuickBooks. Its feature set is more limited, especially when it comes to business-related tasks. QuickBooks is a little harder to use than Quicken but would be the better option if you need more robust accounting tools. Depending on how your business needs to use the software will depend on which version is best for you.
Quicken vs QuickBooks: Features
ComparingQuickBooks vs Quicken. Quicken and QuickBooks Online offer different sets of features to cater to their respective target audiences.
To help you better understand the differences between QuickBooks and Quicken, let’s compare their features side by side:
Features | QuickBooks vs Quicken
Accounting | Full-featured accounting tools for businesses, including inventory management, payroll, tax filing, invoicing, expense tracking, and accounts receivable/payable management. | Basic accounting tools for personal finances, including tracking account balances, transactions, investments, and personal budgeting.
Accessibility | Accessible from desktop or online via any device, allowing users to manage their finances from anywhere. | Limited to desktop version only, with no online option.
Integration | Compatible with a multitude of additional software tools, allowing for customization and seamless integration with other business systems. | Limited integration options compared to QuickBooks.
Pricing | Higher price point, with additional fees for certain features. | Affordable subscription options at different price points.
Business Tools | Comprehensive suite of business tools tailored to small and medium-sized businesses. | Limited business tools, suitable for individuals with small businesses or rental properties.
Learning Curve | Steeper learning curve, especially for users new to accounting software. | User-friendly interface, with simpler navigation and setup.
Data Transfer | Seamless data transfer to other software tools, allowing for easy collaboration and integration with other systems. | Limited data transfer capabilities, making it more challenging to transition to other software options.
Quicken vs QuickBooks: Ease of Use
When it comes to ease of use, QuickBooks Online has an advantage over Quicken due to its web-based nature. Here’s a comparison of their ease of use:
Quicken
Quicken offers a desktop application with a companion web app called Quicken for Web. To use the web version, you still need to purchase Quicken for the desktop. The desktop application is compatible with Windows operating systems only. The user interface of Quicken is generally intuitive and easy to navigate, but it may feel overwhelming for individuals who are not familiar with finance software. For Quicken on the Web requirements, check out the Quicken System Requirements.
Quicken’s dashboard provides easy access to different areas of the program. The menu bar enables you to navigate to sections like Bills & Income, Rental Property, and Tips & Tutorials. You can keep track of your spending through graphs that show the amount spent by category. Quicken also offers budgeting tools to help you manage your finances effectively and analyze your net worth. One of the key features of Quicken is its account aggregation and syncing functionality, which allows users to link their bank accounts, credit cards, and investments for a consolidated view of their financial health.
QuickBooks Online
QuickBooks Online is a purely web-based software that can be accessed from any browser. This makes it easier to set up and use compared to Quicken. The left menu bar provides quick access to various tasks such as creating invoices, managing bank accounts, and generating reports.
QuickBooks Online’s dashboard is designed to give you an overview of your business finances on a monthly basis. It allows you to add services and products, create estimates, manage customers, send invoices, receive payments, and apply for funding. You can also pay bills, track time, manage employee payroll, and review transactions and reports. If you need help, you can access the QuickBooks online help portal to get articles and video tutorials that answer just about any question you may have. You can also invite your accountant to access your file or seek expert assistance using QuickBooks Online. This offer can’t be combined with any other QuickBooks offers. Offer only available for a limited time and to new QuickBooks customers.
Overall, QuickBooks Online offers a more user-friendly experience, especially for small business owners who may not have prior experience with accounting software.
Quicken vs QuickBooks: Mobile Apps
Both Quicken and QuickBooks Online offer mobile apps that allow you to access your financial data on the go. However, there are differences in functionality between the two.
Quicken Mobile App
Quicken has a mobile app available for both iOS and Android users. The app allows you to view transactions and account balances, attach receipts to transactions, and view budgets. However, it lacks some features available in the desktop version, like the ability to create invoices and enter vendors. Organization made easy means less stress—and less work—at tax time. While the Quicken mobile app provides basic functionality, it may not be as robust as the web and desktop versions. Accept payments using various methods such as cards, ACH payments, and Apple Pay®.
QuickBooks Online Mobile App
QuickBooks Online also offers a mobile app for iOS and Android users called the QuickBooks Online Mobile Companion. The app provides a more comprehensive set of features compared to the Quicken mobile app. In addition to viewing transactions and account balances, you can create and send invoices, enter vendors, and track expenses on your Android phones.
The QuickBooks Time Mobile app works with iPhone, iPad, and Android phones and tablets, allowing you to manage your business finances on the go. The QuickBooks Online Mobile Companion app enables you to stay linked to your business finances from anywhere you are. Mileage tracking is only available to the master administrator of the QuickBooks Online account. The QuickBooks Online mobile app works with iPhone, iPad, and Android phones and tablets. Devices sold separately; data plan required. Not all features are available on the mobile apps and mobile browser.
QuickBooks Online mobile access is included with your QuickBooks Online Payroll Premium and Elite subscription at no additional cost. Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control. Product registration is required. QuickBooks Online subscription is required for accessing the mobile app.
If having a top-notch mobile accounting app is essential to you, consider exploring Zoho Books. Zoho Books offers advanced features like assigning time worked and expenses to customers or projects, making it a powerful tool for mobile accounting.
Quicken vs QuickBooks: Integrations
Integrations are an essential aspect of accounting software, as they allow you to connect with other tools and streamline your workflow. Let’s compare the integrations offered by Quicken and QuickBooks Online:
Quicken Integrations
Quicken has limited integrations compared to QuickBooks Online. Some of the integrations available in Quicken include:
- PayPal: Quicken integrates with PayPal, allowing you to accept online credit card payments from customers.
- Dropbox: You can integrate Quicken with Dropbox to store important documents like rental agreements and contracts.
- Zillow Zestimate: Quicken accounting software offers integration with Zillow Zestimate, a tool that helps you calculate the value of your home.
Quicken also provides a built-in bill payment tool, allowing you to pay bills online directly from the software.
QuickBooks Online Integrations
QuickBooks Online offers a wide range of integrations, making it the clear winner in terms of integrations. With over 750 integrations available, QuickBooks Online allows you to connect with various tools to enhance your business operations. Some of the built-in integrations include QuickBooks Payroll, QuickBooks Time, QuickBooks Payments (subject to eligibility criteria), Intuit Merchant Services, and QuickBooks Online Advanced for advanced reporting and analytics, customizable access by role, workflow management, and batch invoicing.
In addition to the built-in integrations, QuickBooks Online provides an extensive list of third-party apps available in the QuickBooks App Store. These apps include popular services like Shopify and Square, allowing you to manage your e-commerce business seamlessly.
If integrations are a crucial factor for your business, QuickBooks Online provides a broader range of options compared to Quicken.
Quicken vs QuickBooks: Pricing
Pricing is a vital factor to consider when choosing accounting software. Let’s compare the pricing of Quicken and QuickBooks Online:
Quicken Pricing
Quicken offers several pricing plans to cater to different needs. The prices range from $4.99 to $9.99 per month, billed annually. The specific features included in each plan may vary, so it’s essential to review the plans carefully to select the one that suits your requirements.
QuickBooks Online Pricing
QuickBooks Online offers different pricing plans designed for small businesses. The plans include:
- Simple Start: This plan starts at $30 per month and is suitable for businesses that need basic features like invoicing and expense tracking.
- Essentials: The Essentials plan starts at $40 per month and includes additional features like bill management and time tracking.
- Plus: The Plus plan starts at $70 per month and offers advanced features like inventory tracking and 1099 contractor management.
- Advanced: The Advanced plan starts at $150 per month and provides enhanced features like custom user permissions and premium customer support.
The pricing of QuickBooks Online varies depending on the specific plan and any add-ons you may require.
Making the Right Choice
Now that we’ve explored the features of QuickBooks vs Quicken, how do you decide which one is right for you? It ultimately comes down to your specific needs and priorities.
If you’re a small or medium-sized business owner looking for a comprehensive suite of tools to manage your finances, QuickBooks LLC accounting software is the clear winner. It offers several features and the flexibility to customize and integrate with other software tools. Just keep in mind that the cost may be higher, so it’s important to assess whether the additional features justify the investment.
On the other hand, if you’re a small business and need basic accounting and tracking, Quicken is a great option. It provides all the necessary tools to track and manage your accounts, investments, and budgeting. Plus, it offers flexible subscription options at different price points.
It’s worth mentioning that there are alternative options available for both QuickBooks and Quicken. For personal finance management, popular alternatives include You Need a Budget (YNAB), Personal Capital, Mint, and Tiller. For small business accounting, alternatives to QuickBooks accounting software include Quicken Home and Business, Xero, FreshBooks, Sage, Zoho, and Wave. It’s crucial to investigate these options and evaluate their features and pricing before reaching a final conclusion.
Conclusion: Quickbooks vs Quicken which is the Best Accounting Software for You?
Choosing the right financial management tool is crucial for effectively managing your finances, whether it’s for personal or business purposes. QuickBooks and Quicken are both powerful options, each with its own strengths and limitations.
If you’re a business owner looking for a comprehensive suite of tools, QuickBooks is the clear choice. However, if you’re a small business owner needing basic accounting tracking of income and expenses, Quicken Home and Business offers a user-friendly and affordable solution.
Take the time to evaluate your specific needs, consider the features and pricing, and explore alternative options. Using either version to assist you in getting your information into a reportable format for completing your Small business taxes is really the key. By making a well-informed decision, you can ensure that you have the right financial management tool to support your goals and streamline your financial processes.
Simplify
Simplify how you manage your small business or rental property by incorporating profit and loss reports. This will allow you to see how your business is doing and make tax time a breeze with custom reports. Additionally, you can create your own invoices and email rent reminders and custom invoices with logo and payment links. Plus, you will always be able to see where your business stands with dozens of financial reports available. Manage all your personal & business savings goals by including them in your financial reports for a comprehensive view of your financial future.
Track mileage automatically. Mileage tracking automatically works using your phone’s GPS, without draining your phone’s battery. Mileage data is saved and categorized to maximize mileage tax deductions. Not sure what you need? Let’s find out. Everything available: workflow automations, batch transactions, and much more. This is a good fit if: You need to run a large, complex business efficiently with our most customizable tools. Get deeper insights, send multiple invoices at once, back up data automatically, and much more—all with 24/7 premium support when you need it.
QuickBooks accounting software is designed to meet the accounting needs of small and medium-sized businesses. It offers a range of features including accounting firms collaboration. You can connect up to 2 accounting firms for QuickBooks Online Simple Start, 2 accounting firms for QuickBooks Online Essentials, 2 accounting firms for QuickBooks Online Plus, and 3 accounting firms for QuickBooks Online Advanced. This feature allows accounting firms to work closely with their clients using the same software, making it easier to manage financials and provide timely advice. Additionally, QuickBooks offers different pricing plans based on the number of users required by your business.
FAQs
What are the features of QuickBooks Accounting Software that make it a popular choice for small businesses?
QuickBooks offers a range of features that make it a popular choice for small businesses. These include easy invoicing, expense tracking, bank reconciliation, financial reporting, and payroll management. Its user-friendly interface and scalability also make it suitable for businesses of all sizes.
Is QuickBooks user-friendly for those without an accounting background?
Yes, QuickBooks is designed to be user-friendly for individuals without an accounting background. The software offers a user-friendly interface, intuitive navigation, and step-by-step guides to help users easily manage their finances and track their expenses, even if they don’t have accounting expertise.
What are the drawbacks of Quickbook Accounting Software?
Yes, some drawbacks of Quickbooks Accounting Software include a steep learning curve for new users, limited customization options, support options, and occasional software glitches. Additionally, the software’s pricing plans can be expensive for small businesses with limited budgets.
QuickBooks Home and Business includes features such as expense tracking, invoicing and payment tracking, tax preparation and filing, inventory tracking, and financial reporting. It is designed to meet the needs of small business owners who manage both personal and business finances in one software.
What is Quicken Home and Business and what does it do?
Quicken Home and Business is accounting software that helps individuals and small business owners manage their personal and business finances in one place. It allows users to track income and expenses, create invoices, and manage business and personal budgets, all in an easy-to-use interface.
Is Quicken Home and Business easy to set up and use?
Yes, Quicken Home and Business is designed to be user-friendly and easy to set up and use. It offers step-by-step guidance and intuitive features that simplify the process of managing finances and tracking business expenses, making it ideal for small business owners and self-employed individuals.
How much does Quicken Home and Business cost, and how often are updates released?
Quicken Home and Business costs $99.99 and updates are typically released annually. However, it’s important to note that prices and release schedules may vary, so it’s always best to check the official Quicken website for the most up-to-date information.
Are there any drawbacks to using Quicken Home and Business?
Yes, there are some drawbacks to using Quicken Home and Business. It may lack some advanced features and customization options compared to other accounting software. Additionally, customer support can be slow and the software may not be suitable for larger businesses with complex financial needs.