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QuickBooks vs. Quicken: An Overview.
QuickBooks and Quicken are two of the most widely used financial management tools in the world. Both programs were part of Intuit (INTU), but Quicken was sold to HIG Capital in 2016. Both QuickBooks and Quicken have unique feature sets designed for different applications. Read on to discover what each tool has to offer a user and find out which tool is right for you.
QuickBooks is a complete business and financial management suite, complete with tools for accounting, inventory, payroll, tax reporting, invoicing, bank account tracking and reconciliation, expense management, budgeting, payment processing, and accounts receivable and accounts payable management.
That feature set is not a complete list of what QuickBooks can do. It can also be connected to many additional software tools for additional features. Essentially, QuickBooks is the Swiss army knife of business finance tools: it can do just about anything you need for your business. But there are some features that many businesses will never need, and the high price tag for QuickBooks Professional may be a reason to look elsewhere.
If you run a small to medium-sized business and want to be sure you can keep track of all the financial information and create reports that summarize every aspect of your business, QuickBooks won't let you down. Keep in mind that there is a learning curve when you get started, and not all features will be intuitive when you first start using the program.
QuickBooks also offers both a desktop version for a flat fee and an online version that can be accessed through your web browser, tablet or smartphone for a monthly or annual subscription. Some features, such as payroll management and payment processing, will incur additional charges regardless of which version you choose.
What QuickBooks offers for the small business, Quicken offers for individuals and families. Quicken tracks your account balances, transactions, investments, personal budgeting, loans, and every other part of your personal financial life. The first version offers the option to track rental properties and small businesses in addition to your personal data.
These features let you turn your computer into your financial command center, with updated information from every banking, investment, and credit account downloaded directly to Quicken. You can also track investments on a cost basis basis to best understand the tax implications of buying and selling, and how to build your portfolio.
The business tools are much more limited than those in QuickBooks, but work fine for a family with a few rental properties, or for an individual who owns a side hustle or sole proprietorship. Quicken is a desktop product. If you want an online version, check out Mint.com.
If you just want to keep track of your personal financial information, Quicken has all the features you could want. You can keep track of everything related to your family's finances in one place, without a lot of extra hassle.
If you have a small business, you have a more difficult decision to make. If you're an independent online freelancer, Quicken's features may be enough for your business, but if you need something more robust, QuickBooks is the clear winner in terms of business features.
Make a decision you can stick to, since you can't easily convert Quicken data to QuickBooks, or vice versa. Each tool has its own download and data storage specifications and the two are not compatible.
The hardest part is finding the right balance between cost and features, as QuickBooks offers more for businesses, but also costs more. In some cases, QuickBooks may offer more than is necessary, but in most cases, QuickBooks is better for business financial management than Quicken.
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