Quicken vs. QuickBooks: Which is Best for Small Business? (2023)

Managing personal and business finances can be challenging for a small business owner. Fortunately, many financial management tools are available to help streamline the process. Accounting software programs like Quicken and QuickBooks are popular for small business owners, rental property owners, and anyone looking to manage their personal finances.

Choosing the right software is essential to manage your finances effectively. In this article, we’ll take a closer look at Quicken and QuickBooks, two of the most popular accounting software options on the market. We’ll examine their features, pricing, ease of use, customization, and customer support. By the end of the article, you’ll have a better understanding of which software is the best fit for your needs.

Quicken vs. QuickBooks

Features and Capabilities

Quicken is primarily designed for personal finance management, with features like tracking income and expenses, managing cash flow, and monitoring investments. It also includes rental property management tools, sales tax tracking, and tax deduction tracking.

On the other hand, QuickBooks is designed for small businesses, with features like inventory management, online banking, and business accounting. QuickBooks also offers payroll processing services and is more customizable to fit specific business needs.

Pricing and Plans Quicken vs. QuickBooks

One of the most important factors to consider when choosing between Quicken and QuickBooks is pricing and plans. Both software programs offer various pricing options depending on your needs and budget.

Quicken offers four different pricing plans: Quicken Starter, Quicken Deluxe, Quicken Premier, and Quicken Home & Business.

The Starter plan costs $41.88 annually and offers essential personal finance features such as budgeting, bill tracking, and investment tracking.

The Deluxe plan costs $44.88 per year and includes all the features of the Starter plan plus debt reduction tools and customized budgeting.

The Premier plan costs $71.88 per year and includes all the features of the Deluxe plan plus investment performance analysis and tax deductions.

The Home & Business plan costs $107.88 per year and includes all the features of the Premier plan plus business accounting tools for small business owners and rental property owners.

QuickBooks offers three pricing plans: Simple Start, Essentials, and Plus.

The Simple Start plan costs $8 monthly and includes essential features such as invoicing, expense tracking, and sales tax management.

The Essentials plan costs $13 per month and includes all the features of the Simple Start plan, plus bill management and time tracking.

The Plus plan costs $18 per month and includes all the features of the Essentials plan, plus inventory management and 1099 contractor management.

QuickBooks also offers add-ons such as payroll services and online payments for an additional fee.

When comparing the pricing and plans of Quicken and QuickBooks, it’s essential to consider your specific needs and budget. Quicken may be better if you only need personal finance features and don’t require business accounting tools. On the other hand, QuickBooks may be a better option if you need more advanced business accounting tools and inventory management features. QuickBooks offers more flexibility with add-ons such as payroll services and online payments, but these come with additional fees. Overall, it’s essential to evaluate the pricing and plans of each software program and choose the one that best fits your financial management needs.

Ease of Use and Accessibility

Quicken is generally easier to use than QuickBooks. It has a simple, intuitive interface and requires minimal setup. QuickBooks has a steeper learning curve and may require more time and effort.

Quicken and QuickBooks are accessible online, with mobile apps available for iOS and Android devices. QuickBooks also offers a desktop version for those who prefer to work offline.

Customization and Flexibility

QuickBooks offers more customization options than Quicken, making it better suited for small businesses with specific needs. QuickBooks allows users to create custom invoices, estimates, and purchase orders. It also offers more advanced reporting features and integrates with various third-party applications.

Quicken offers some customization options but is more limited than QuickBooks. It’s better suited for those who want to manage their finances and rental properties without needing advanced customization.

Customer Support and Resources

Quicken and QuickBooks offer extensive customer support and resources, including online tutorials, user forums, and live customer support. QuickBooks also offers a wide range of training and certification programs for users who want to become more proficient with the software.

Advantages and Disadvantages

Quicken

Pros: Quicken offers robust personal finance features, including rental property management and tax deduction tracking. It’s also less expensive than QuickBooks and easier to use.

Cons: Quicken is not as customizable as QuickBooks and is not designed for small businesses with more complex financial needs.

QuickBooks

Pros: QuickBooks offers advanced business tools and features, including inventory management, payroll processing, and customizable invoices. It’s also highly customizable and integrates with various third-party applications.

Cons: QuickBooks is more expensive than Quicken and has a steeper learning curve. There may be better choices for those with more specific financial needs.

Alternatives to Quicken

Quicken is a popular personal finance management tool, but there may be better fits for some. Fortunately, there are several alternatives available that offer similar features and capabilities. Here are some of the top options to Quicken:

Mint: Mint is a free personal finance management tool that allows you to track your income and expenses, create budgets, and set financial goals. It’s easy to use and offers a variety of helpful features, such as bill tracking, credit score monitoring, and investment tracking.

Personal Capital: Personal Capital is a free financial management tool that offers investment tracking, retirement planning, and wealth management services. It’s ideal for those with more complex financial needs who want a comprehensive financial view.

YNAB: You Need A Budget (YNAB) is a popular budgeting tool that helps you track your spending and create a budget that works for you. It’s designed to help you break the paycheck-to-paycheck cycle and gain control over your finances.

CountAbout: CountAbout is a personal finance management tool with bank syncing, transaction tracking, and budgeting features. It’s a good option for those who want a simple, no-frills tool to manage their finances.

Moneydance: Moneydance is a personal finance management tool with bank syncing, investment tracking, and budgeting features. It’s a good option for those who want a comprehensive tool to manage their finances but prefer to store the data locally on their computer.

Each of these alternatives offers unique features and capabilities, so evaluating your financial needs and goals is essential before choosing one. Ultimately, the best personal finance management tool helps you achieve your financial goals and gives you the tools you need to manage your money effectively.

Alternatives to QuickBooks

QuickBooks is a robust accounting software program designed for small businesses, but there may be better fits for some. Fortunately, there are several alternatives available that offer similar features and capabilities. Here are some of the top alternatives to QuickBooks:

Xero: Xero is a cloud-based accounting software ideal for small businesses. It offers invoicing, payroll, bank reconciliation, and inventory management features. It’s easy to use and offers excellent customer support.

Wave: Wave is a free accounting software offering invoicing, accounting, and receipt scanning features. It’s ideal for small businesses and freelancers who need basic accounting features.

FreshBooks: FreshBooks is a cloud-based accounting software that offers features such as invoicing, expense tracking, time tracking, and project management. It’s ideal for small businesses and freelancers who need a simple accounting solution.

Zoho Books: Zoho Books is a cloud-based accounting software that offers features such as invoicing, expense tracking, bank reconciliation, and inventory management. It’s ideal for small businesses that need a comprehensive accounting solution.

Sage 50cloud: Sage 50cloud is a desktop accounting software that offers features such as invoicing, inventory management, job costing, and payroll. It’s ideal for small businesses that prefer a desktop-based accounting solution.

Each of these alternatives offers unique features and capabilities, so evaluating your business needs and goals is essential before choosing one. Ultimately, the best accounting software helps you manage your business finances effectively and gives you the tools to make informed financial decisions.

Conclusion

Choosing the right accounting software program is essential for effectively managing your personal and business finances. Quicken and QuickBooks are two of the most popular options on the market, each with advantages and disadvantages. By comparing their features, pricing, ease of use, customization, and customer support, you can determine which software best fits your needs. Whether you’re a small business owner or simply looking to manage your finances, there’s an accounting software program out there that can help you achieve your financial goals.

Faq’s

What is QuickBooks?

QuickBooks is an accounting software program designed for small businesses. It offers invoicing, payroll, bank reconciliation, and inventory management features. It’s easy to use and offers excellent customer support.

What are the alternatives to QuickBooks?

The top alternatives to QuickBooks are Xero, Wave, FreshBooks, Zoho Books, and Sage 50cloud. Each of these alternatives offers unique features and capabilities, so evaluating your business needs and goals is essential before choosing one.

How do I choose the best personal finance management tool?

The best personal finance management tool is one that helps you achieve your financial goals and gives you the tools you need to manage your money effectively. Evaluate your needs and goals, then compare the features and pricing of different software programs to find the best fit for you.

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