When trying to make a decision about Quicken vs. Quickbooks for small business, the only fair way to determine which one of these software packages is right for you is to compare them side by side. Each one of these desktop software options has definite advantages, and you’ll want to consider each one carefully before making a decision. Read what the difference between quicken and quickbooks is before you decide to buy either one.
Quicken vs. Quickbooks: Two Accounting Software Options for Small Business
Before you Decide on Quicken or Quickbooks: Some Background Information
Intuit introduced Quicken, its personal finance software, to the market in 1984. The software became popular and the company started offering different versions, including Quicken Home Business, which integrated personal finance and business records into a single software program. Entry-level Starter, Deluxe, and Premier editions, as well as a Rental Property Manager edition are also available.
Quickbooks software is software geared toward small business owners. Also developed by Intuit, it was launched in 1998. The new program was based on Quicken and was designed for business owners who had limited accounting experience. The software was a success; however a number of accountants felt at the time that it did not have the level of robustness, security and an audit trail required of a small business accounting package.
Intuit responded by improving Quickbooks. In 2000, the software was updated to include features like double entries, audit trials and other features. These changes were meant to be accounting industry compliant for instances where small business owners were using the software for day-to-day record keeping and visiting a professional for quarterly or year-end services.
Quicken pro is also available in Windows versions. You can also access the software online.
Quickbooks is available for Windows and online. The Mac version is available for North American customers only.
Features and Pricing of Quicken Home and Business
Quicken Home and any small Business allows you to manage both your personal and business finances with one software program. If you are the type of person who wants to be able to see everything without having to switch from one accounting program to another, Quicken Home and Business will give you this capability.
Expense Tracking. Quicken will track and categorize your spending into personal and business categories automatically.
Save Time on Payables. Link your bills to Quicken and get notified of due dates and amounts due.
Finds Tax Deductions. You don’t have to be a tax expert to use Quicken; the software identifies business expenses you can deduct at tax time for you, such as home office expenses, business mileage for your vehicle, cost of supplies, and more.
Tracks the Financial Health of your Business. Spend time working on developing your business, not trying to determine whether you are making money. Quicken can provide you with updated profit and loss statements at any time. You’ll be able to tell what your current revenues and expenses are, and whether you are on track to make a profit or take a loss for the month.
Mobile App Makes Checking Balances and Storing Receipts Easy
This feature makes it convenient to get banking information when you are away from home or your office. You can sync information between your computer, smartphone and tablet to always be on top of your financials. The app makes it easy to capture images of important receipts and record them for income tax or warranty purposes.
Benefits of Quicken Home and Business
You can connect all of your personal and business accounts in one place. The software allows you to link your bank accounts, credit cards and loans.
Quicken also allows you to link investment accounts, so that you can track your 401(k) retirement plan and funds held outside of your retirement account easily.
Track the cash flow for your business without having to open a separate software program. Quicken can generate a report for you at any time.
You will be able to see which bills are due and your total available funds without having to log into your personal and business accounts.
Pay your bills directly from within Quicken.
The program will automatically categorize your expenses, which saves you the time required making manual edits.
Quicken can create Schedule C reports for you and export your income tax data to TurboTax, if you decide to use it to prepare your income tax for you.
It will also calculate any capital gains that need to declare at income tax time automatically.
Quicken Home and Business Pricing
Quicken Home and Business for Windows is available at the regular price of $114.99. You can purchase it for immediate download or on a disc. The price does not include taxes or delivery. All products sold by Intuit are sold with a 60-day money back guarantee.
Quicken 2016 for Mac is available; however, it is for personal finances only. If you are looking for financial software for a business this would not be an appropriate choice. It can be downloaded or shipped on a disc for the regular price of $74.99.
Features of Quickbooks
Quickbooks has multiple versions of software. When you sign up, you will be asked questions about your business so that you can get the best fit based whether you are in one of the following categories:
Professional and Field Services
Tracks Expenses. Sync your bank and credit card accounts, along with any other accounts you use to buy products and services for your business into Quickbooks (Paypal, Quickbooks payments, etc.). The software will categorize transactions for you.
Create Estimates and Proposals with Ease. Once accepted, they can be turned into an invoice with just one click.
Send Invoices and Record Payments. Conveniently send your invoices electronically and record sales with receipts or invoices.
Track Billable Hours and Delayed Charges. Record the hours you worked for your customers in Quickbooks so you can bill them later on. The software allows you to track any materials you bought on behalf of a customer and adds them to the invoice automatically.
Generate Customized Reports. Keep track of how your business is doing with reports you can customize, such as profit and loss statements, sales, etc.
Import Products and Services from a Spreadsheet into Quickbooks. Save time by importing your data into the software.
Benefits of Quickbooks
Grows as your Business Grows. When you get to the point where you are ready to hire employees, the Integrated Payroll function will help you pay your employees in a manner that is compliant with relevant federal, state and local tax laws.
Sync Data with Several Apps. Quickbooks allows you to sync data from a number of apps like Paypal, Google Calendar, Receipt Bank, Expensify, Time Tracker and more.
Quickbooks Payments Benefit you and your Customers
Accept Credit Card Payments. Many customers want the convenience of being able to pay by credit card. Quickbooks Payments allows you to accept Visa, MasterCard, American Express and Discover cards.
Customers can Pay by Check or ACH Bank Transfer. This payment option also allows customers to pay by check or bank transfer if they wish.
Receive Payments Faster. With a “Pay Now” button on your online invoice, your customers can pay with a credit card, bank transfer or debit card on receipt.
Accept Payments on your Mobile Devices. A card swiper is available that will connect to your iPhone, iPad or Android device, making it easy and convenient for you to accept payments directly from customers on your phone or tablet.
Try Quickbooks free for 30 days. No credit card is required. Set it up and use it to see whether it is the right option for you.
Independent Contractors use the Self-Employed version of Quickbooks, which is regularly priced at $10.00 per month. This option separates business and personal expenses, tracks business mileage, calculates estimated quarterly taxes and maximizes your deductions with Schedule C categorization.
Simple Start is the choice for new business owners. Priced at $15.00 per month, it syncs bank accounts, creates estimates and invoices and tracks income and expenses. If you want a version to generate reports and pay bills, the next level costs $30.00 per month. Payroll generation is a feature that you will need to pay more to access.
When to Use Quicken vs. Quickbooks
If you are operating a home-based business on the side, Quicken could be the option you are looking for. It’s easy to use and since it integrates your personal finances, you can keep track of both in one handy place.
Quickbooks is the better option if you are running a full-time business or want to keep your business and personal finances separate. You have the flexibility to add on more features as you need them, and you don’t end up paying for features you don’t need. We hope this Quicken review and Quickbooks review will help you gain enough information to choose your next accounting software. Also let us know what you think of our Quicken vs. Quickbooks review and if you use any of them and what your opinion is.