Quickbooks vs Quicken: Comprehensive Comparison( Which is Better? )

Quickbooks vs Quicken: Comprehensive Comparison( Which is Better? )

QuickBooks and Quicken are two essential tools that are used for financial accounting and management. Both these applications are developed and introduced by Intuit (INTU). However, in 2016, the software was later sold to H.I.G Capital. The software has many similarities yet they are quite different from each other. QuickBooks and Quicken have different features that are designed for different uses.

Read the whole article to know more about these two software. We will discuss how they are similar and also compare QuickBooks and Quicken from different aspects. We will also try to understand them separately.

QuickBooks

QuickBooks

QuickBooks is a financial and business management software used for tax filing, payroll, inventory, accounting, invoicing, reconciliation, budgeting, payment processing, bank account tracking, account payable management mapping features through integration with Google Maps, and marketing options via Google.

This application software is very useful and assists the users with almost anything they need for their business operations. If the user has a small or medium-scale business then QuickBooks has some fantastic features. This software is available on desktop, tablet, and smartphones for a fixed monthly or yearly subscription. However, to use some of its features like payment processing and payroll management, the users need to pay an extra amount.

Features of QuickBooks

The following are some important features of the software.

Inventory

It allows managing your inventory and to keep a close track of it.

  • Track the Quantity:

When the user sells or buys a product, the application automatically updates the record of the quantity purchased or sold. It provides an easy way to track the stock which is required to reorder or sell.

  • Real-time Inventory Valuation:

The software helps to update the inventory which is automatically adjusted in the balance sheet on a daily basis.

  • Track Your Purchase Order:

QuickBooks helps to keep track of the order you place from each vendor. It also organizes the contact details of all the vendors and prepared a list to make it easy to access.

Bill Management

The feature helps the users to keep a record of their recurring bills, direct deposits, and automate purchase orders. It allows the users to synchronize with any third-party application for effortless payments and invoicing.

Comprehensive Reporting

QuickBooks allows you to track down the balance sheet, and the profit and loss data. Users can also prepare custom reports according to the latest trends so that they keep themselves updated. Investors can get the financial information and revise their investment into the business.

Target Market

The primary customer of QuickBooks is the medium and small businesses. However, large enterprises can also consider the software as a useful hand to manage their finances. Some of the prominent customers of QuickBooks are the University of Phoenix, Express Services, Inc., Academy of Self Defense, Skyline Clean, Dang Foods, Beyond Beaute Day Spa, Greenbelt Land Trust, Dental Solutions, etc.

Quicken

Quicken

Quicken offers similar features and services as QuickBooks but to individuals and families. It provides personal financial management software. The software includes financial planning and management operations that users might have done on pen and paper.

Quickens help to track the account balances, investments, transactions, investments, loans, and other parts of the users’ financial life. The advanced version of the application helps you to track the rental properties in addition to all the personal information and data.

The software also allows the users to redeem different transactions from different providers including credit card companies and banks. However, the software has only a desktop version of it.

Features of Quicken

The following are some important features of the software.

Features

Budgeting and Investment-

Quicken helps the users to manage and track their income and expenses. The software also allows you to convert the data into pie charts and graphs, which provides to understand the transactions and other financial records more efficiently. The tool allows small businesses to predict the investment and growth of the firm.

Documentation, Taxes, and Loan Applications-

This feature helps the users to track the deductible expenses and taxable income. Quicken also makes it easy for the users to estimate their tax refund or burden.

Plan Personal Finances-

The tool allows the users to do advanced calculations effortlessly. It helps to do accurate calculations related to investments and savings. You can have a better understanding of your financial goals and other required modifications to achieve future targets.

Similarities Between QuickBooks and Quickens

  • Both the software QuickBooks and Quickens are developed by Intuit.
  • They both are applications that provide useful features to manage financials.
  • Both the software track transactions, investments, personal budgeting, loans, account balances, and other financial information.

QuickBooks vs Quicken: When to Use?

QuickBooks is a far better option than Quicken when it comes to income and expenses tracking of any business. It is majorly established for small business and finance accounting. Though Quicken is more inclined towards personal finances yet it can assist in tracking rental houses’ expenses and income and other inventory management of very simple businesses.

Quicken is majorly established for rental property owners. It is more of a personal finance tool that aids in tracking personal investments, retirement accounts, tenants, rental rates, lease terms of rental properties.

QuickBooks vs Quickens for Small Businesses? Which is Better? 

Despite having many similarities, the financial management software, QuickBooks and Quickens are also very different from each other. Let’s find out what are those factors.

Purpose-

QuickBooks is more suitable for small businesses to keep a record of the financial account and online transactions. Whereas Quickens is more suitable for individuals, families, and rental property owners.

Pricing Plans-

Pricing Plans

QuickBooks is much costlier than Quickens. The users of QuickBooks have to buy a monthly subscription of the package from $15 to $150. On the other hand, the users of Quickens are able to use the service by spending $34.99 to $99.99 per year.

Double-entry Bookkeeping System-

The Double-entry Bookkeeping System or Bookkeeping means that every business transaction should be recorded in at least two accounts. The system required that all the dedicated amounts must be equal to the credited amount. QuickBooks provides its users the feature of a Double-entry Bookkeeping System whereas Quicken does not have any such feature.

Payroll Add-on Available-

The feature Payroll Add-on Available is only available on QuickBooks. The feature allows you to handle the customers, orders and also manage the employees. The software makes it easy to calculate payroll taxes, earnings, and deductions. The users can also check and track the employees and contractor time. But the users of Quickens can not use any such tools for their work.

Inventory Tracking-

In general, large companies have an entire department to track their inventory. Whereas the small businesses do not have any separate department for it, that is what QuickBooks is for. It provides various features to manage the inventory most effectively. Some of the important features that QuickBooks allows to small businesses are as follows:

  • Manage the Business-

The software helps to manage the business by accessing the company accounts and organizing them on your computer, mobile, and or tablets.

  • Track the Cost-

It also helps the small business to track the tax time and record the expenses. The user can also photograph or screenshot the QuickBooks screen to save the receipts on the online mobile application.

  • Create and Forward the Business Forms-

The user can prepare the sales receipts, professional invoices, and estimates the cost using the software. The company can also share/send them for business purposes.

  • Track Your Business Performance-

QuickBooks also allows users to track down the overall and time-to-time performance of the company with customizable dashboards and reports.

  • Take Control of the Cash Flow-

The amazing software also helps you to track the company’s cash flow including the due payment, bills from the vendors, and also schedule to recur the payments to save time.

  • Support-

The users of the application can get unlimited support from customer service. The support is available to resolve all your queries regarding your business and the software.

On the other hand, Quickens does not provide any such features that could help the users to track the inventory or stock.

Separate Personal and Business Expenses-

QuickBooks provides only the Self-Employed version to its users. Quickens, in contrast, provides the feature to keep the business and personal accounts separate.

Print Balance Sheet and Income Statement-

QuickBooks allows its users to get the print of the balance sheet and the payment statement. The feature helps to keep track of the overall expenses. But, the software Quickens does not provide the tool to print your important documents.

Number of Users-

QuickBooks is one step ahead in this feature also. It allows up to 25 users to use one single account at the same time through different devices. This feature is also important because it will help to track the records and update them more efficiently.

On the other hand, Quickens only allows a user to use a particular account. Hence for small businesses, Quickens would be the best choice to go for.

Setup and User Interface-

QuickBooks has an easy setup procedure as compared to that of Quickens. QuickBooks also provides a straightforward interface to users who are not much aware of the technology. Whereas, the interface and the setup procedure of Quickens is a little more complex than the QuickBooks.

Read this, If you wish to know How To Convert Quicken to QuickBooks?

QuickBooks vs Quicken for Mac

QuickBooks is the most preferable software for small businesses, whereas Quicken is best known for tracking personal finance. Both the software are readily available for the Mac version. We tried to explain each of them one by one for your better understanding.

Quicken Essentials for Mac

Quickens Essentials is primarily designed for Mac users. It helps the users to track and organize their financial data. The software is efficient for individual use, and also effective to track complicated financial arrangements of small businesses. The other versions of the application are only available for PC.

Quicken Essentials is a good choice for Mac users. However, the software is not a viable choice to manage the finance of your business.

QuickBooks for Mac

QuickBooks for Mac 2013 is launched for small business owners so that they can easily keep track of their business finances. QuickBooks and Quicken both work in a similar way, but they work in a separate process including how they generate reports and track items. QuickBooks for Mac 2013 helps to make a track sale, professional invoices, create year-end reports, and many more.

However, if the users need an enterprise-level functionality then he/she has to use the PC version of the software.

System Requirements

Users require the OS X version 10.6.6 MacOS or newer to use the Quicken Essentials for Mac with 1 GB of hard drive storage.

And the users of QuickBooks 2013 for Mac need a Mac OS X version 10.7 or newer. The system must have at least 250 MB of hard drive storage with a Core 2 Duo or higher processor.

Mobile Applications

Both the software are available on Android devices and iOS. The mobile version of QuickBooks and Quicken provides the users easy accessibility when they are away from the PC.

Other Software that can be Used

At times, you can be in need of separating your financial and personal information or maybe you are a sole-operator of your business then it will be quite a task to complete your operations via QuickBooks as it is quite an expensive software application. So, you must be wondering about the availability of other similar kinds of software that can be of utmost importance to you. Let us now discuss other accounting software. 

Wave Accounting

Wave Accounting

Wave accounting is business-oriented financial accounting software that is quite cheap and will cut down your money investment by large margins. Considering this to be your right choice as the user can easily sign up online for free and can also connect its bank details instantly.

This Wave software is an asset to track income, expenses, and other inventories can create invoice reports and is an astonishing application software for performing a scan and the management of bills and receipts. Various modes of payment can also be switched in this accounting tool. It also assists you to send bills and reminders of invoices and bills. Its dashboard displays the cash balance and other details of the invoice. It is a personal assistant management software that can be of utmost use in case you are a self-employed business person.  

Quickbooks Self-Employed 

QuickBooks Self Employed

On the off chance that you are a self-employed professional who is thinking about doing it as an independently employed business. Like being a consultant, this will be the most ideal alternative. You will not need to stress over monitoring your monetary management. With the assistance of this tool, you can undoubtedly watch out for everything. Regardless of whether you don’t think a lot about the monetary undertakings. Likewise, it would help you in saving a ton of time. It displays nearly everything in its dashboard for the user. 

Moreover, it additionally gives you the help that you may require for settling your tax reports. Through this software, you can sort out your personal and business data to avoid all the hustle-bustle. The cost of this software is simply USD 15 every month. It is an extraordinary deal that is worth trying out.

Frequently Asked Questions(FAQs)

Q1. How are QuickBooks & Quicken different from each other?

Ans. Quicken deals with the finances of individual owners and families while QuickBooks deals with the accounting of small-scale businesses. QuickBooks also provides an online software version online for business firms whereas Quicken provides local software that can be accessed by individual computers. 

Q2.What are the alternatives to Quicken?

Ans. There are many alternatives that function similarly to Quicken. Personal Capital, You Need a Budget (YNAB), Mint, and Tiller is a few of its alternatives that any user can download and will be ready to use in the same way as Quicken. 

Q3. What are the alternatives to QuickBooks?

Ans.  FreshBooks, Zero, Wave, Sage, and Zoho, etc. are the alternatives to QuickBooks that help in the management of accounts, payments, invoices billing, and other financial budgets. 

Bottom Line

QuickBooks and Quicken, both have their own credibility in different fields. The financial goal and kind of usage are required to be understood before choosing between them. In this article, we tried to explain all the aspects that the users should consider while buying the subscription. Hopefully, you found it informative and helpful. In case, you are still stuck somewhere you can read our other articles to make your aspects better and clearer.

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