Accounting is hard sometimes, especially when starting the business from scratch ~ that’s why there is a high demand for accounting software, two major brands are Quickbooks vs Quicken. That’s exactly why the QuickBooks vs Quicken comparison is a promising battle between two accounting tools. It’s often confusing to decide which one will be the appropriate fit for your business needs because both are well established popular financial management software with high accounting standards. Stop worrying we will figure what’s best for you and at the end of this article, you will definitely have a clearer and brighter picture of both the accounting software giants.
We’ll see a broader comparison of Quicken vs Quickbooks, we will cover each subtle detail about both the software and make an intelligent decision about which one you should choose. So first of all let’s see a brief introduction of Quickbooks vs Quicken.
What is Quickbooks?
Quickbooks is a perfectly packaged accounting software that has everything required for financial management. It has consolidated several tools into a single user-friendly interface to make accounting cloud-based. Also, QB has every single tool from accounting, invoicing, bank account management, payroll functioning to inventory. What more can one ask for?
Quickbooks is software designed and developed by Intuit. Quickbooks also has additional tools like tax management, budgeting, processing of a payment, and management of payable & receivable accounts. The tools that have been listed here are just a glimpse of what Quickbooks can do, there are certainly numerous more characteristics. Quickbooks also gives the option of additional plugins that can be used to get added features besides what is originally available. Quickbooks is a complete arsenal with loaded weapons that have the potential to carry out any accounting tasks easily.
While running a small to medium-sized business, the user definitely needs a constant companion who can help in cherishing the accounting sides of the business. If you have Quickbooks by your side, you would not have to take these accounting heaps because it will provide monthly and weekly graphs, statistics, and organized payroll functions through which anyone can establish a smart rated business.
You can also create reports related to your finance using the user-friendly interface of QuickBooks. Though everything is not that easy, it may take you a little time to understand every tab but you will surely catch up easily. One bonus thing about Quickbooks is the diverse range of versions that it provides, Quickbooks has Desktop, mobile, and tablet, friendly user interfaces which makes it handier and hassle-free. Even though it is such a magnificent software, the question of it being a little unmitigable is what leads some users to look for other viable options.
What is Quicken?
Like the famous godfather phrase, Quicken offers a deal that you can’t refuse. Quickbooks targets its tools majorly for small and medium-sized businesses while Quicken has it for individuals and families. Quicken is software that concentrates on bank accounts, bank balances, transactions, different types of investments, family-sized budgeting, EMI, etc. Basically, it is software that takes total care of family financial management. It is also useful in building and tracking your investment portfolios, The highest version of the quicken software also keeps track of rental management and small level businesses.
These tools will allow users to transfer all their family-based financial information from notepads to a software-based data center. You can also keep an account of your assets and liabilities while tracking down your monthly expenses. This is a great way to secure your family’s income and expense data. Another specialty of Quicken is that it also deals with tax data, it provides you alerts and keeps track of your tax information from time to time.
The tools related to the business are not as broad as Quickbooks but they are great enough to function out your family’s financial data. Also, it is sufficient for solo businesses and proprietorship. You may not need a bunch of tools for businesses like that because then there would be too much hustle that you would have to grind every day.
Major Differences in Quickbooks vs Quicken
As you might have figured out by now, the major difference between Quickbooks and Quicken is that Quicken is software that has been developed for personal financial management while Quickbooks is software whose major concern is small and medium-sized businesses. Albeit Quicken has the potential to deal with small-scale solo businesses but it is nothing as compared to what Quickbooks offers. This means Quicken is more about side hustle level businesses and Quickbooks is a major brand that organizes bigger businesses. Quickbooks provides features like bookkeeping, accounting, and other financial management whereas Quicken does not have any of these features.
Even though Quicken has many versions that are designed for Homes and Businesses they still are not into the game of medium-sized businesses. Now, let’s have a wider look at what both this software has in their treasure chests. Now, it’s time for a detailed section-wise comparison of both the software.
Quicken is a software that specializes in rental and property owners whereas Quickbooks majorly concentrates on small and medium-sized business owners.
Quickbooks is a cloud-based software whereas Quicken is a non-cloud based software.
Both the software gives the facility of managing payable accounts.
Both the software provide the facility of managing receivable accounts.
It’s no surprise that both the software have the option for generating financial statements because every accounting software has that.
Both the software support creation of invoices.
Although both the software provides the function of online payments, Quicken has the transaction mode only through PayPal whereas QuickBooks has many other modes as well.
Quickbooks has the feature of mileage tracking while Quicken does not.
Quicken has the option of Rental property administration whereas Quickbooks does not.
Quickbooks does have a payroll management tab whereas Quicken does not.
Quickbooks has the option of managing 1099 contractors while Quicken does not.
Access to the accountant:
Quickbooks gives accountant access whereas Quicken does not.
Both the software have their application available on mobile phones.
Quicken provides a yearly plan of about USD 100 while Quickbooks lowest plan starts at USD 25 per month.
Features of Quickbooks vs Quicken
Now that we have a general idea about the major differences now let’s take a look at the feature differences that both these software has to offer.
Quicken is a locally hosted software, this means that it has to be downloaded and installed on a device directly and does not have a cloud-based storage facility. To sync your data with the other devices you will have to opt for this new feature. Also, it has to be vitally highlighted that the Quicken software is designed for Windows only and does not have a MAC or iOS version.
Quickbooks on the other side is a total web and online-based software that is accessible on any device that has a steady internet connection. It is important to note that Quicken only has one version while Quickbooks has 4 different plans for users to choose from. Quickbooks takes care of its software regularly and comes up with updates to improve itself on a constant level.
Features of Quicken:
Quicken Home & Business includes most of the vital features like transaction, payment of the bill, budget-cutting, investment, tax management, etc. It also offers some important tasks like:
- Accessibility to email rental and business reports.
- Reports on Profit and loss
- Categorizing personal, business, and family transactions
- Tax deduction management tools
- There is also the ability to create invoices
- A separate dashboard for reminders of upcoming or pending bills
- It also provides the feature of rental reminders using Paypal
- Tracking of all the side income streams
- Customer care through phone and email
Features of Quickbooks:
We have already talked about how quicken is different from Quickbooks, the major difference is obviously that Quickbooks is major accounting software that deals with small businesses. That’s why Quickbooks have different features according to different plans. Users have the choice of selecting the tools and features that they require to run their business. Each plan is unique and can be customized according to the accounting needs.
The name of the plans that Quickbooks offers are Simple Start, Essentials, Plus, and Advanced. Albeit there are different plans and different features but there are certain things that are common in every plan that Quickbooks offer. Let’s have a look at them:
- In Quickbooks, you can keep account of the income and expenses in multiple workplaces.
- Arrangement of transactions to the different tax categories.
- Organizing the order of receipts.
- Customization of the invoices.
- Online payments can be accepted.
- Mileage tracking is another cool feature of Quickbooks.
- Reports can be customized according to different needs.
- Reports like statements of profit and loss, the balance sheet can be exported.
- In the dashboard cash flow and other reports can be kept track of.
- Estimate reports can be customized.
- 1099 contractors can be tracked.
- Different business accounts can be connected.
- Printing of checks can be done.
- The mobile app is available.
- Different plugins are available.
- Customer support and chat are available.
Additionally in Quickbooks vs Quicken
By using the bigger plans you will get more features and performance will be more enhanced. The plan called essentials to have features like Multi-user,
Management of bills, and tracking of time. The plus plan has inventory access and tracking of project profit. The advanced plan offers almighty level accounting tools like batch invoicing, customizable roles, advanced reports, management of workflow, etc.
Long story short, Quickbooks can manage a wide variety and range of business with ease and class. It is a perfect software for small businesses, it surely can help these types of businesses to cherish in a small amount of time.
Price Difference of Quickbooks vs Quicken
Honestly, it is not a fair game to compare both the software according to their price range because both are designed differently and both have a different set of tools and features. Still, as you are very intrigued to know it let’s discuss that too. So, there are no surprises here both vary a lot in price because obviously, Quickbooks is software for business needs while Quicken is software for family needs, it is fair enough that Quickbooks is a little bit expensive as compared to Quicken. Anyway, let’s give an in-depth perspective on the pricing situation.
Quicken is a desktop-based software with just one version, so its pricing range is also a justified one. It costs around USD 100 annually for Quicken Software. You have to pay USD 99.99 every year to secure your accounting using this software.
By paying this fee you can make use of all the tools and features available on Quicken Home & Business along with the mobile application. Interestingly, Quicken Home & Business is the most expensive product sold by Quicken. They also provide a 30 days money-back guarantee for their software, in case you don’t like the software within 30 days you have the option to get a refund to your bank account.
When it comes to the pricing of Quickbooks, things are not that easy as Quicken. Quickbooks have four different plans, it all depends on the user to select which plan is the best fit for them. The costs of each plan increase with the increase in the number of features and tools.
Simple start: USD 25 per month
Essentials: USD 40 per month
Plus: USD 70 per month
Advanced: USD 150 per month
These are the plans that Quickbooks provide to each user, each plan comes with something new and has more caliber than the previous one. The most expensive plan is the advanced plan, it has almost everything that a medium-sized business may ever require. Also, you can pick from the various plugins and supplements of QuickBooks for additional features – each of them costs differently.
If you take closer observation you will notice that even the cheapest plan of Quickbooks is almost 3 times more costly than the annual plan of the Quicken Home & Business. Well, it is a universal thing in the tech world that additional features cost additional money. So it is you who have to figure out what is the best first for you.
Customer Satisfaction in Quickbooks vs Quicken :
The next metric that we are going to use the customer satisfaction level that both of these software provides. They are the ones who exactly know how this software works and they have experience with this software. The customer really is the god, they know what they want and they never hesitate to point out any flaw, they also demand more features and that lets other people know better about a product especially SAAS based products.
Now, let’s see what the audience of this software has to say about the software itself.
Quicken customer satisfaction:
Quicken truly is amazing! That’s what the customer reviews have to say about this magnificent software. People have reviewed it as user friendly and easy to use the software. It is vital to note that it is always great to have an accounting software companion that is easy to use because accounting is hard for people that are from a different background. The easier it is the more satisfied the customer would be ~ no matter how good the software is if people are not being able to understand it and use it without much of a hassle then what’s the whole point of creating it. Quicken is smooth, elegant, and poised so people are willing to put in their penny on it.
Coming to the negative reviews, people have reported that while connecting Quicken to third-party apps their systems get changed and the software often gets glitchy. This is not a good sign as it brings out the connectivity issue in the software.
Quickbooks customer satisfaction:
Obviously, it is no wonder if we tell you that Quickbooks has a high audience rating. People literally praise this piece of software as it has made their lives so much easier. The most loved thing is the volume of features that it provides even for small to medium-sized enterprises. They say this much level of sophistication allows them to tackle down the complex leveled accounting issues. Quickbook also allows numerous third-party apps to get connected with it and it also has several plugins that can be installed into it.
Though it takes a while to understand every subtle detail about the software, it is justified because there’s no other way to make it easier. Also, Quickbooks has separate sections for every task. Besides that, if the user is facing any issue with the software then there is a resolving software called the Quickbooks tool hub that allows the user to resolve their issues. This software is free and comes in handy, which means users do not have to pay any additional money to make full use of this software.
Coming to the negative side of the Quickbooks software, users say that it is a little unmitigated price for them especially when they are starting as a business owner, also it takes them time to learn the software completely.
Advantages of Quickbooks and Quicken
Both these software are unique in their own way, so they have unique benefits. Both of them target different communities and a different set of audiences, which makes them great applications. Now, let’s wander around the advantages or benefits that this software has to provide to us, that’s how you can decide which one is the better software for you in Quickbooks vs Quicken.
Quicken is very different from Quickbooks, that’s why it has its own uniqueness. Typically there are two ways in which Quicken stands out from Quickbooks.
Initially, Quicken is a software that has the capability to manage both personal and business levels of financial accounting. It can handle both but only if it’s a very small-scale business otherwise it would be a little messy because it does not have sufficient tools to carry out that level of tasks. You can fly out with brilliant colors if you have a small business while taking care of your personal and your family’s financial status. Quicken will be the right choice if that’s what you are looking for.
It is important to keep a separation between your personal and business finances because keeping an account of both at the same time is not easy. Especially if you are a beginner level business person it can get messed up because you are just starting and you do not know much about the changing business scenarios.
Another advantage that Quicken has is its price range, it gives enough features for USD 99.99 annually. That is sufficient for dealing with your personal finances. If you are a person who requires more than just that then definitely you would want to take a look at the advantages of Quickbooks.
QB takes the high road and plays a stronger game. Quickbooks has targeted small business owners and thus provides a wider range of accounting tools that can manifest all the accounting needs of a small business owner. Quicken, on the other hand, has lesser tools and features making it vulnerable for small and medium-sized businesses.
Quickbooks have an automated payroll function and are capable of carrying out online payment through different modes. Also, one of the most vital features of Quickbooks is that it is a cloud-based accounting. Quicken still has to come up with. Quickbooks gives a feeling of a better and elegant user experience than Quicken.
Quickbooks focuses more on developing and growing the business and that’s why it has established this much level of sophistication. In the simple start plan itself, business owners get the option of bookkeeping, invoicing, payments, and many more such things. As the plan keeps increasing, the better it gets, just like some old wine, right?
Quickbooks can be used to make statistical reports and graphs while Quicken lacks in that department. The interface of Quickbooks is far better and exactly what small business owners are demanding. Quicken sometimes gets hard to navigate. So, if we compare the drift towards the business level data has given Quickbooks an upper hand and helps the business to get progress. Also at each level of progress, you can keep track of your mistakes.
Finally, like accounting software, Quickbooks is more accessible to the user.
What is the other software that you can make use of?
There can be times when you want to separate your personal and business financial data. You might be just a person who is starting with your business, then you wouldn’t want to get into software like Quickbooks because it can be quite expensive for you. Are there better options for a person like you? Yes, there are. Let’s have a look at them.
Wave accounting is business-centric accounting software that can cut down your budget to a very large margin. This is going to be the right choice for you. You can actually sign up for free with ease online and sync your bank details quickly.
Wave is great in tracking income and other expenses, It can create and customize invoices, It is brilliant at scanning and managing receipts, It also has an option of customizing your sales taxes. You can connect many payment modes to it. Wave is also great at sending out bills and reminders of invoices. In the dashboard itself, it shows cash balances and other invoice details.
Wave is worth considering if you are just starting as a business person.
If you are a business person who is considering doing it as a self-employed professional. Like being a freelancer, this will be the best option. You won’t have to worry about keeping track of your financial growth. With the help of this tool, you can easily keep an eye on everything. Even if you do not know much about the financial tasks. Also, it would help you in saving a lot of time. It shows almost everything to you in its dashboard itself.
Additionally, it also gives you tax assistance that you might need for paying your taxes. Through this software, you can separate your personal and business information avoiding all the hectic conditions. The price of this software is just USD 15 per month. It is a great deal that is worth giving a shot.
Hopefully, now you are familiar with every inch of this software. At least now you can decide what is the best software for you according to the budget and requirement. You should be having a better perspective of the accounting solutions that are actually available in the market.
If you are someone who is not very familiar with accounting and do not have a business that you want to keep track of then it is highly suggested that you go for Quicken. If you are a small or medium-sized business owner then you should definitely go for this tool. You will want to have a better experience as a user and that only comes if you have numerous tools.
Remember this in Quickbooks vs Quicken
Also, it is important not to regret after purchasing a product because then you will definitely be annoyed by the fact that you are not getting the most out of the software. It’s not even about the money. if you make a wrong choice and go for software that is not suitable for you then there are other issues that you would have to face. There could be data exchange problems. Both Quicken and Quickbooks have different specifications when it comes to filing size and storage. It would be hard for you to transfer these data from one software to another – this will cost you time. So, you have to choose wisely each time you decide on Quickbooks vs Quicken.
Quicken is for personal accounting. It is not a viable option to use it for your business and other financial purposes. So it is up to you. You have to decide where to spend the money. We hope we have shed light on your perspective and helped you out in making this decision. The hardest part is finding the correct harmony among costs and highlights, as QuickBooks offers more for business. However, it likewise costs more. In uncommon cases, QuickBooks may offer more than needed. Yet in many, QuickBooks is preferable for business monetary administration over Quicken.
If you are searching exclusively for your business, QuickBooks is obviously the most ideal alternative of the two. Also read, How to Troubleshoot Quickbooks Error H202.