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If you're like the majority of users, you probably have around two or three finance apps on your smartphone. As a business owner, you might have even more, given the wide range of tools available.
Two highly popular choices are Quicken and Intuit QuickBooks. In this article, we will compare their key features and highlight the differences between the two products to help you decide which one is right for you.
Quicken and QuickBooks are both well-known accounting software programs, with Quicken designed for personal finance and QuickBooks tailored for small businesses. Both applications can monitor income and expenses, establish budgets, and generate reports.
However, there are some notable distinctions between the two. Quicken is more affordable and user-friendly than QuickBooks, offering more personal finance features such as investment tracking, rental property management, and debt reduction planning.
QuickBooks, on the other hand, provides more small business-focused features like inventory tracking and invoice creation. Ultimately, the best accounting software for you depends on your specific needs and budget. Choose Quicken for managing personal finances and QuickBooks for handling your small business finances.
Starting Price: $35.93 per year
Mobile App: Yes
Rental Property Features: Yes
Quicken is an impressive money management tool designed to help you gain control over your personal finances. With Quicken, you can track your income and expenses, set budgets, and establish financial goals. It also provides user-friendly tools for managing investments and loans. Quicken enables you to see where your money goes and make informed decisions about how to best allocate your resources. It's an indispensable tool for anyone looking to take control of their personal finances.
Quicken offers several plans:
Starting Price: $15 per month
Mobile App: Yes
Rental Property Features: No
QuickBooks is an accounting software program offering a wide range of features to assist small businesses in managing their finances. The software enables users to track income and expenses, generate invoices and receipts, and produce financial reports.
Additionally, QuickBooks provides online banking and payment processing features, inventory tracking capabilities, and the ability to create purchase orders. While suitable for businesses of all sizes, QuickBooks is particularly well-suited for small businesses that don't have the resources for a full-time accounting staff.
QuickBooks is available as a desktop program or as part of an online service. Starting at $15 per month, QuickBooks Online includes features such as a more advanced mobile app, real-time collaboration, and on-the-go access. The Desktop version starts at $349.99 per year, offering unlimited expert access and support, the ability to pay 1099 contractors, and inventory tracking.
The most expensive plan for the Online option costs $180 per month, accommodating up to 25 users, batch invoices, role-based customized access, automated processes, and exclusive app integrations. The Desktop version has an Enterprise plan for $1,340 per year, allowing up to 40 users. Regardless of the Desktop plan you choose, you can install the software on multiple computers—limited to the number of users permitted by your plan.
Quicken QuickBooksStarting Price: $35.93 per year $15 per monthBest For: Personal finances Small business financesPayroll: No YesCloud Access: Yes YesNumber of Users: One Up to 40Rental Property Features: Yes No
For under $3 per month, Quicken's lowest-priced plan can help manage your personal finances. However, it doesn't offer a monthly payment option. Although there's no free trial, a 30-day money-back guarantee is available, so you're not locked into a full year if you're unsatisfied with the service.
QuickBooks allows for monthly or annual payments. Its Desktop software features a 60-day money-back guarantee, while its Online version offers a 30-day free trial or 50% off your first three months. Both the QuickBooks Desktop and QuickBooks Online plans are ideal for small business finances, except for landlords, who can benefit from Quicken's Home & Business plan with rental property features.
This plan enables you to track business and rental income and expenses, generate tax schedules for your accountant, monitor tenants and rent (even across multiple properties), email custom invoices with payment links, and maintain control over your cash flow.
For an additional fee, QuickBooks supports payroll, while Quicken's Home & Business version does not. Both products, however, offer cloud access via mobile apps. QuickBooks Desktop's mobile app isn't as feature-rich as the Online version and primarily serves as a tool for uploading and organizing receipts for easier tax preparation.
A significant difference between the two is the number of users allowed to access the same account. Quicken permits only one user, while QuickBooks allows up to 40 users. It's crucial to note that QuickBooks has multiple plans, with some only permitting one user or requiring separate access payments. Higher-tier plans offer multiple user access.
Both Quicken and QuickBooks are powerful tools for managing finances, but their suitability depends on the type of finances you need to handle. Quicken is ideal for personal finance management, while QuickBooks is perfect for small business management unless you are a landlord, in which case Quicken is the better option. Quicken provides more value for personal finance, but QuickBooks is more intuitive and user-friendly.
While both QuickBooks and Quicken are accounting software products developed by Intuit, they cater to different segments of the market. QuickBooks primarily targets small to medium-sized businesses, offering a comprehensive suite of tools for managing expenses, invoicing, payroll, and other financial tasks.
On the other hand, Quicken is more focused on personal finance management and is designed for individual users or families. It also offers a version called Quicken Home and Business, which caters to self-employed individuals and small businesses with basic financial needs.
In 2016, Intuit sold Quicken to H.I.G. Capital, a private equity firm. This decision was mainly driven by Intuit's strategic focus on cloud-based financial solutions like QuickBooks Online and its desire to streamline its product offerings. Quicken remained a popular choice for personal finance management even after the sale, and its development and support have continued under the new ownership.
Quicken is a reliable and easy-to-use personal finance software. It provides users with a comprehensive set of tools to manage their expenses, investments, and budgeting. For individuals and families who need a robust personal finance management solution, Quicken is an excellent choice.
However, for small businesses looking for more advanced features like payroll, invoicing, and inventory management, QuickBooks is a more suitable option. QuickBooks offers a broader range of tools and features designed specifically for small to medium-sized businesses.
Quicken and QuickBooks are separate software solutions, and their file formats are not directly compatible. However, there are options for transferring data between the two programs, such as exporting and importing reports or financial data using the CSV file format. This process can be time-consuming and may require manual adjustments, but it is a feasible option for users who need to switch between the two applications.
Quicken offers various pricing plans depending on the features and level of support needed by the user. As of 2021, the pricing tiers for Quicken are as follows:
Please note that these prices are subject to change, and users should consult the Quicken website for the most up-to-date pricing information.
Converting from QuickBooks to Quicken can be a complex process, as the two programs have different file formats and structures. Some third-party tools can help with the conversion, but manual adjustments might still be necessary to ensure accurate data transfer.
If you're considering switching from QuickBooks to Quicken, it's essential to evaluate the features and functionality you need for your personal or business accounting. In some cases, it may be more practical to continue using QuickBooks or explore other alternatives tailored to your specific requirements.
As a medium-sized business owner, do you struggle with manually inputting financial data from QuickBooks into Google Sheets for financial reporting? Introducing LiveFlow - an automated accounting solution that transfers real-time financial information from QuickBooks to interactive Google Sheets reports. With LiveFlow, you can create custom financial dashboards that display current data without manual intervention.
Are you ready to streamline your financial reporting process and save valuable time? Schedule a demo with LiveFlow today and discover how it simplifies your reporting experience.
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