Quicken and QuickBooks are two popular software in the world of accounting software. The difference between QuickBooks or Quicken is they both are meant for different types of finances. In this blog, we will differentiate Quicken vs QuickBooks on the different parameters.
Quicken is an accounting software that mainly focuses on personal finance. On the other hand, QuickBooks is also an accounting software that is used for business finances.
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When to use QuickBooks?
In the comparison of Quicken vs QuickBooks, QuickBooks will be the best option because QuickBooks focuses on business finance and widely used software for accounting purposes all over the world. As your business expands, QuickBooks will grow according to the expansion of the business.
When to use Quicken?
Quicken is mainly a personal finance accounting software and is not that much compatible for business finance. However, if you are working on the rental property business then, it is suggested you go for Quicken. Since Quicken Home & Business has a feature of rental property center. This software helps you to keep track of lease terms, tenants, rental rates.
Note: If you need a software for the business finance, then you have to go with QuickBooks.
When should you consider Quicken over QuickBooks?
You can go through the following points to know when you have to select Quicken as your accounting software:
- If you are operating a rental property business.
- When you need accounting software that can fulfill the needs of rental property business.
- If you want to maintain your own books and your own taxes.
- When you don’t want anyone else to access your data.
When should you consider QuickBooks over Quicken?
Following are the benefits of QuickBooks that will give you a clear picture of “Why you should select QuickBooks instead of Quicken”:
Provide Multi-User Access
The feature of Multi-User Access is available on QuickBooks Online which is cloud-based accounting software. If anyone has the User ID and Password then, he/she can access your data anywhere at any time. This feature benefits you to provide your bookkeeper and tax professional access to the data. So, they can easily do their work without interrupting you.
To know the status of Accounts Receivable and Accounts Payable
It is important for any accounting software you are working with to track the money that is owed to you as well as the money that you owe to vendor supplies. In QuickBooks Online, your accounts receivable balances are updated automatically in customer invoices and payments and Accounts payable balances get updated in bills any pay them. While in Quicken, you have to track accounts receivable and accounts payable manually.
Fulfill the needs of the business as it raises
First of all, you need to turn on the Payroll feature in QuickBooks. For this, you have to pay the additional fees and you need to hire a contractor. Since QuickBooks records 1099 contractors at a time and you should turn on the credit card so that, your online transactions or payments will get accepted. Now, you are able to track the inventory products in QuickBooks.
Disadvantages of QuickBooks
You also need to be aware of the limitations of QuickBooks that are given below:
- QuickBooks is more expensive than Quicken. The cost of Quicken is $99.99 per year while you have to pay $60 per month for the two-month subscription to QuickBooks online plus.
- The data from Quicken to Schedule C can be easily shared in TurboTax if you are working on rental property business. While QuickBooks doesn’t contain this feature. If you want to share the data from QuickBooks into TurboTax then, you have to do it manually or by maintaining Profit and loss statements reports.
Similar features of Quicken vs QuickBooks
Both QuickBooks Online Plus or Quicken Home & Business consist of the following features:
- Online bill payments.
- The credit card payments are acceptable in both the software.
- You are able to email invoices and receipts in both.
- Profit and loss and Balance reports are easily accessible in both of the software.
- You are able to know the status of Income and Expenses.
- They both create estimates.
- The feature of Customer Invoicing is available in both the software.
The Additional Features of QuickBooks Online
- Tracks Account Receivable and Accounts Payable automatically.
- Tracks the payments made to 1099 contractors.
- Tracks the inventory.
The Additional Features of Quicken
- Quicken helps in separating and categorizing personal expenses.
- It has an inbuilt feature “Schedule C & E Reports”.
- Quicken maintains Rental property.
Price of Quicken vs QuickBooks
The prices of Quicken Verses QuickBooks Online is very dissimilar. Quicken is a Desktop software that is installed on the computer and its subscription is for 12 months. Quicken will update automatically after 12 months whether you decide to do so or not. It includes four pricing plans.
- For Starter: $34.99 per year
- For Deluxe: $49.99 per year
- For Premier: $74.99 per year
- For Home & Business: $99.99 per year
On the other hand, the price of QuickBooks continues till you cancel the subscription and it is based on a monthly basis. The pricing plans of QuickBooks are given as follows:
- For Simple Start: $20/month.
- For Essentials: $35/month.
- For Plus: $60 per/month.
Conclusion
It’s time to make a decision. We have provided you all the probable information about Quicken or QuickBooks. However, if you are still looking for accounting software that is compatible for business purpose with some limitations then, we will suggest you go for QuickBooks and if you have your rental property business then, you have to go with Quicken.
In case, if you have still any queries in your mind regarding Quicken vs QuickBooks then, instantly talk to our Certified Experts at 1-877-263-2742 (Toll-Free). Our Technicians are available for you 24/7.
Reference Source: https://medium.com/@johntrump524/comparison-between-quicken-vs-quickbooks-4d3a0438cfc
