Which Is Best for You – Quickbooks Vs Quicken?

Published by david on Last Updated On :Jan 17, 2023

QuickBooks and Quicken are two top-rated financial management tools. However, if you compare QuickBooks vs Quicken, many differences can be seen. QuickBooks is a feature-packed financial management suite with tools for accounting, payroll, invoicing, account tracking, budgeting, and payment processing. Quicken is more for small businesses as it tracks account balances, investments, loans, and personal budgeting. If you are looking to invest in accounting software but are confused between Quicken and QuickBooks, this article will put you at ease. Keep reading to know the key differences between both to make a better decision.

QuickBooks vs Quicken – Differences in Features

Quicken’s features are more to help people manage personal expenses and investments. Its Home & Business Edition includes business income and expense tracking with various rental management tools. On the other hand, QuickBooks helps track a business’s assets, liabilities, earnings, and expenditures. Here is how both the software compare with regards to features.

• Quicken Home & Business is available as a desktop app, while you can access QuickBooks Online in the web browser.
• QuickBooks Online allows users to track and categorize spending, while Quicken doesn’t.
• The double-entry bookkeeping functionality is available in both software.
• Users can track bills due in both Quicken and QuickBooks.
• A difference between QuickBooks vs Quicken for small businesses is that you can connect bank accounts in Quicken but not in QuickBooks Online.
• Quicken provides features to manage rental rates, lease terms, and security deposits. QuickBooks Online also has this feature, but it is not as advanced as Quicken.
• Quicken provides many investment reporting features. But these are present in a limited manner in QuickBooks Online.
• Another key QuickBooks vs Quicken difference is that QuickBooks Online is scalable. You can upgrade from a basic version like Simple Start to an advanced one like Essentials by changing your subscription. Quicken only offers one option with no add-ons or apps.
• QuickBooks Online provides advanced accounting features such as inventory management, time tracking, and sales tax calculation. In contrast, Quicken only gives basic accounting features such as cash flow projections, profit, and loss reports, and accounts receivable and payable.
• Another visible difference between Quicken Business vs QuickBooks is the massive integrations offered by QuickBooks. You can pick from over 650 apps to customize the software. Contrarily, Quicken only allows PayPal integration.

Read about:- QuickBooks Multi User Mode

Intuit Quicken vs Quickbooks – Which Is Easier to Use?

QuickBooks Online is simpler to set up than Quicken. You don’t need to install anything for tracking business income and expenses. Quicken has many features that confuse users when they track business income. QuickBooks Online offers the following features that make it easier to use than Quicken.

• Extremely easy setup and use.
• Live chat support.
• QuickBooks phone support is available at all times.
• Extensive third-party support.
• The dashboard allows you to view profit and loss, total expenses, income, sales, bank account, payroll cost, and time tracking.
• In contrast, Quicken’s dashboard only has tabs for total spending, bills, to pay, budget, and tips and tutorials.

Read about:- QuickBooks Workforce

Comparison of Budgeting Feature between Quickbooks and Quicken

With QuickBooks, you can create a budget as per your accounting data. You can review, edit, and run financial reports through a custom budget. It’s also possible to match predicted sales and expenditures against real ones. However, Quicken is more geared toward budgeting than QuickBooks. Quicken’s dashboard lets you view every account at once and prepare and visualize the budget. Various budget management tools are there on every plan, with deluxe and higher editions giving excellent budget customization options. There are debt-tracking features and savings goals. Users can separate their spending into categories and see the amount used in every category over a period. So, if budgeting is your goal, consider using Quicken and not QuickBooks.

Quicken Business Vs QuickBooks – Mobile App

Both QuickBooks Online and Quicken share many features when it comes to mobile apps.

• iOS and Android users can access QuickBooks and Quicken mobile apps.
• Attach receipts in the app of both software.
• Quicken mobile app offers the feature to see transactions and account balances. The mobile app of QuickBooks Online doesn’t offer these features.
• Quicken’s mobile app lets you view budgets and attach receipts. While you can attach receipts in the QuickBooks Online app, you cannot see budgets.
• The mobile app of both software does not have the feature to add customers and vendors.
• QuickBooks Online mobile app allows you to create invoices, but Quicken does not.
• You can enter vendor bills in the QuickBooks Online app but cannot do so in Quicken.

Read about:- QuickBooks POS Hardware

Quicken vs Quickbooks for Small Business – Invoicing

QuickBooks gives a host of customizable invoice templates. They include recurring invoices that are automatically issued at certain intervals. The billable hours are automatically folded into the existing invoice after payment. The automatic matching function of QuickBooks identifies the invoice and pairs it with the payment. So, users know the outstanding and paid invoices. Quicken also has good invoicing capabilities. But they aren’t as efficient as QuickBooks. You can make email custom invoices from different templates in it with your business logo and color scheme. You can also send invoices with PDFs with a clickable PayPal link.

Which Is Better for Expense Tracking – QuickBooks Vs Quicken?

QuickBooks has plans with expense tracking features, with the best ones present in the Plus and Advanced editions. They have project management functionality that collects projects at a central place and lists the expenses related to each. So, you can sort your expenditures and link receipts pictures to specific expenses. However, for expense tracking, Quicken is way better than QuickBooks. It scans users’ transactions, remembering recurring expenses for simplified budgeting. Users can choose if this needs to be done automatically or manually. It’s also possible to separate expenses into various categories.

Pricing Differences Between Quicken vs Quickbooks for Business

Pricing is one of the crucial determinants when choosing between Quicken vs Quickbooks for Mac or Windows. Quicken is available at $103.99 per year. The cost is significantly less compared to even the most basic QuickBooks Online version. So, if you are a freelancer or a startup, Quicken Home & Business can be the right choice. At this affordable cost, you can produce estimates and send invoices, monitor profit, and loss, accept payments and monitor deductible business expenses. QuickBooks Simple Start version begins from $30 per month. If your business scales, you can change your subscription to QuickBooks Essentials ($55 per month), Plus ($85 per month), and Advanced ($200 per month).

Read about:- QuickBooks Web Connector

Quicken vs Quickbooks Which Is Best?

Quicken is ideal for managing personal finances, while QuickBooks is best for managing small business finances. You can also rely on the different editions of QuickBooks Online as your business scales, and accounting needs become more complex. However, if your small business entails being a landlord, you must leverage the rental property features of Quicken. QuickBooks mainly focuses on accounting processes for businesses, whereas Quicken is more geared toward individuals tracking their personal finances. Also, advanced financial reporting, sales, and profitability reports in QuickBooks make it the best for rapidly scaling businesses.

Final Thoughts

Both Quicken and QuickBooks Online are feature-rich finance management solutions. But after closely examining QuickBooks vs Quicken, you must find one that fits your specific needs. If you are a landlord, try Quicken. But if you are managing a small or medium business, go for QuickBooks Online.