Your business finances are one of the crucial information, indicating the success of your organization. Nowadays, lots of organizations use accounting software to manage the finance-related process. The two most commonly used accounting applications to the organizations are QuickBooks and Quicken. These applications help you in dealing with your accounting books. However, some entrepreneurs feel confusing about choosing QuickBooks or Quicken. Although both of them are accounting applications, we help you to find the difference between them.
Most of the solutions from QuickBooks are best for startups and small businesses. On the other hand, Quicken is useful for dealing with your personal finance. However, this software also acts as the right solution to manage your professional and personal finances from one interface. We have presented you with a detailed guide to help you in knowing the features of the software systems.
The Accessibility Level of the Software Programs
The cloud-based software, QuickBooks Online, is one of the financial management systems. QuickBooks enables you to store data on data on hard drives. The software automatically backs up your data regularly. From any device, you may use QuickBooks account by turning on your internet connection. QuickBooks desktop version is best for big organizations, dealing with different accounting activities.
Quicken works as a desktop program in your Windows OS. However, at any time, you may synchronize Quicken Cloud to your account to deal with the data from a cloud platform. You cannot find the automatic file backup feature with Quicken Cloud.
Accounting Features of the Software
We can categorize QuickBooks Online services in different tiers. These features help you in tracking your finances, organizing your receipts, sending an invoice, and accepting payments from others.
Moreover, you may create your financial report. The best tiers enable you to track inventory, add users, and manage bills. There is no payroll feature, integrated with QuickBooks. However, you may add it with some more investments.
QuickBooks has no special feature to manage personal finances. QuickBooks Self-Employed version separates your personal finance from the business ones. QuickBooks Online helps you with the automatic synchronization of data across different devices.
Now, let us talk about Quicken that makes the business and personal transactions easily identifiable. The software gives you a clear view of transactions, account balances, and budgets of your business. You may also go through the transaction details at any time and check out personal investments. Moreover, Quicken enables you to deal with property-related transactions. You can use the software for storing the tenant deals, sending payment reminders, and managing rent.
When you have synchronized Quicken online data, your desktop version automatically becomes updated. Quicken creates custom invoices and reports on profit and loss. You may also include payment links in these invoices.
The Similarity of Features Of Both The Applications- Quicken and QB
- Estimates creation
- Customer invoicing
- Credit card and bank accounts connections
- Track income
- Online bill payments
- Accept credit card payments online
- Online receipts and email invoices
- Organized balance sheet report
QuickBooks Online presents you with different pricing levels-
Simple Start– Includes the basic features for tracking finances
Essentials– Time tracking, bill management, and other features
Plus– Track inventory and create profitability reports
Advanced– Better reporting, bill payment and faster invoicing
Quicken also has similar pricing structures, and you have to make an annual payment for its service. You have to pay a yearly subscription fee for using Quicken. By paying the amount, you will enjoy all its features. Another notable thing is that there is a 30-day money-back guarantee offered by Quicken.
Features Missing In QuickBooks
Some of us think that QuickBooks Online is better than Quicken. However, you can find a few disadvantages of using QuickBooks Online. One of them is related to the pricing scheme. The annual cost for Quicken is lower than what we have found with QuickBooks Self-Employed.
Quicken users can transfer their data to TurboTax for their rental property businesses. As one of the QuickBooks Self-Employed users, you need to deal with profit and loss statements. Then, you may input your TurboTax data manually.
Who Can Prefer Quicken To QuickBooks?
Those who think of managing personal finance can rely on Quicken. Moreover, Quicken is also the best application to deal with rental property businesses. You can track the details of your tenants, lease terms, rental price, monthly rental, and other information. Thus, when you are looking for an accounting application, intended for your rental property business needs, you can choose Quicken Home & Business application.
Thus, we have compared two accounting programs- QuickBooks and Quicken. You can go through the detailed features of these software systems. Although both of them are functional for businesses, you must take the time to make a decision. Read our comparative study and analyze the features of your chosen software.