Quicken vs QuickBooks: An Overview

quicken vs quickbooks

Are you in confusion to choose between Quicken vs QuickBooks Online accounting software that can help you in managing your transactions and tracking your finances? If so, you are stuck in the right place. We are going to describe both accounting software in detail through this blog. You just need to read this blog carefully in order to know “Which accounting software will be best for your business?”

So, let’s start with the introduction of QuickBooks Online and Quicken.

Introduction of Quicken

Quicken is a personal financial accounting and budgeting software that has been designed and developed by Quicken Inc. (Part of Intuit Inc.) on March 3, 2016. First, this accounting software has been released for Apple 2 and MS-DOS in 1983. Quicken was published and developed by Intuit till 2016.

Additionally, Quicken helps its users with keeping a track of their transactional activities. The user can also create budgets, send reminders, record expenses, and sales, etc. by using this software. Quicken has an additional feature in it i.e. Quicken Bill Pay which permits its users to pay their bills directly.

After defining about Quicken accounting software, now we are introducing about QuickBooks Online as follows:

Introduction of QuickBooks

QuickBooks is a well-known accounting software which is available for both the QuickBooks Desktop users and the QuickBooks Online users. This software helps you in managing any type of banking transaction or other business finances. With the help of this accounting software, you can drive QuickBooks software instead of using manual work for your business.

Now, we will discuss the difference between Quicken and QuickBooks.

What is the difference between Quicken and QuickBooks?

Both QuickBooks vs Quicken are popular accounting software and widely used by many users. The main objective of both software is to track real-time payments effortlessly. We are going to compare both of them on the basis of following points:

  • Pricing Plans.
  • Budgeting
  • Billing
  • Invoicing
  • Tax Capabilities.
  • Expense Management.
  • Look and Feel.
  • Downloading transactions.
  • Inventory Management.
  • Accounts Reconciliation.
  • Planning of Retirement.

The following table describes the comparison of Quicken vs QuickBooks:

Basis of Differences

Quicken

QuickBooks

Pricing Plans

Quicken has four pricing plans:

Starter: $34.99 per year.

Deluxe: $49.99 per year.

Premier: $74.99 per year.

Home & Business: $99.99 per year.

This accounting software is an on-premises solution. You require to pay an upfront, perpetual license fee.

QuickBooks Online has three pricing plans:

Simple Start: $20 per month.

Essentials: $35 per month.

Plus: $60 per month.

This accounting software is a cloud-based solution. You require to pay a monthly subscription fee.

Budgeting

A visual dashboard has been used for budgeting by Quicken Home and Business. The user can perceive repeating installments and expenditures through this accounting software and uses those in addition to any manual sections to customize your expenses needs. Regardless of the fact that they’re overseen inside a similar interface, you are able to separate your home and business budgeting plans. This improves the planning system, makes it simple for you to pay yourself toward the finish of every month, and speeds quarterly or end of year charge filings

QuickBooks utilizes a dashboard to give an overview of accounting including current costs, pay, and upcoming bills. Apart from this, it compares and connects profitability across projects in order to assist organizations in improving their pay after some time. QuickBooks Payroll and TSheets, organizations can include payroll expenses in budgeting.

 

Billing

Quicken Home and Business offers free bill pay once you have activated the software. You can buy bill pay for under $10 every month or avail this feature through your bank for the Quicken plans like Starter and Deluxe.

 

QuickBooks users can use the feature of bill pay with a Bill.com mix. In addition, you can easily pay bills through QuickBooks. However, you pay extra for the Bill.com membership. You need to remember that no need to pay for them, you should approve ACH payments.

Invoicing

Quicken has comparable invoicing software to QuickBooks. You can highlight your invoices with a logo and interfaces and add a payment link to PayPal. All you need to do is, go to the custom and vendor list feature and select recipients. After that, you need to save custom invoices as templates. This will help you in increasing the speed of the invoicing process. Quicken consequently perceives during making new invoices inside the device and adds the exceptional payments to your budgeting, so that you remember to pay a pending installment again.

You will get advanced invoicing and payment options in QuickBooks online that can be used to get paid quicker, including on the web payments inside electronic invoices. Browse a few layouts to give professional look to your invoices and brand them with your logo or organization shading palette.

 

Tax Capabilities

There are lots of tax reports in Quicken Home and Business plan including Schedules A-E and custom reports. Every one of these will assist you with documenting quicker and plan your costs better. Quicken additionally gives an immediate fare to TurboTax, so you can spare time during tax. Furthermore, on the grounds that Quicken gives you a software to deal with your business accounts, it will naturally recognize installments that fit the bill for business deductions.

 

QuickBooks isolates its feature of tax into two unique software: Deduction and Sale tax. The user can easily calculate the sales taxes based on date, category of sale and location by using sales tax feature. Utilize the QuickBooks mobile application to follow your conclusions consequently and transfer receipts. The Sales Tax Liability report gives you a reasonable review of the amount you’ll owe toward the finish of every period, so check this as you assemble your budget.

 

Expense Management

In Quicken, the user is able to track the expenses and easily accessed in one place. Additionally, the expenses will also be categorized through Quicken as travel, utilities, home, food, entertainment and gifts, and shopping. Quicken shows the percentage of total expenses for each category. Through this, you will be able to compare expenses from month to month.QuickBooks users can also manage their expenses in QuickBooks online in one place. To use this feature of tracking expenses, you need to use “Enter Bills” feature that will help you in recording all business expenses and categorize all of them as travel costs, utilities, or marketing.

Look and Feel

Quicken has a complicated interface due to which the user finds it complicated to navigate as compared to QuickBooks online. But, it is a great accounting software and provides you lots of features after installing.

QuickBooks online has a simple interface and easy to operate. The user can easily access QuickBooks online.

Downloading transactions

In Quicken, the user can easily download the transactions from his bank, credit card and investment accounts.QuickBooks users can also download their transactions related to bank in the same way as in Quicken.

Inventory Management

The feature of business inventory is not offered in Quicken Home and Business. But through Quicken you can track the rental property which they operate in homes for insurance purposes.

Through QuickBooks online, inventory can be easily managed. Along with this, the user gets advanced inventory in QuickBooks which helps you in tracking inventory stored at different locations or sites.

Accounts Reconciliation

The process of accounts reconciliation in Quicken home and business starts from accounts register in which the user can add and change transactions. In Quicken, the reconciliation process also depends on the version that has been used by the user.

In QuickBooks online, the process of accounts reconciliation is different as compare to Quicken. This process utilizes two sets of records to make sure that all the figures are correct and match the amount that has been spent by the user.

Planning of retirement

The retirement planning of Quicken: 401k-vs-Roth-401k which is built into its software.

In QuickBooks Online, users will be restricted to plan for retirement as QuickBooks small business finance program.

Quicken vs QuickBooks– What will be the right choice for your business?

Regardless of whether you pick Quicken versus QuickBooks relies upon a few factors and your business requirements. In our opinion, you should choose QuickBooks online. Since it is an expert accounting software worked for organizations that plan on developing essentially. Furthermore, with QuickBooks, organizations can expand their membership plans dependent on their development and necessities. You will get advanced features and functionalities in QuickBooks online as compare to Quicken.

On the other hand, Quicken is best for those who have a rental property business and who don’t include loads of staff in the next few years. This software can deal with complicated business situations, but you are unable to do payroll management in Quicken.

In conclusion, Quicken is a great accounting software but this software provides fewer features in comparison to QuickBooks Online. As a result, we recommend you to go with QuickBooks online for your business.

If you still have any queries related to Quicken vs QuickBooks and want more guidance regarding the same, then we advised you to get in touch with our QuickBooks Support team at +1-805-257-5030.