Compare Quicken vs. QuickBooks. See pros and cons of Quicken vs. QuickBooks and easily decide which accounting software is right for you.
The Quicken vs. QuickBooks battle isn’t exactly a new one. There have been plenty of debates across various quarters. However, this is the first time an attempt has been made to end the debate once and for all and also help prospective customers make the right decision.
Now, both Quicken and QuickBooks, as you already know, are fantastic programs. They are both from the same developer as well – Intuit. However, they are as different as they are awesome and they both boast unique individual strengths.
But, in order to make the right choice, you need information and guidance. Well, we’re here to provide that. So, let’s begin the battle.
Also, on a side note, for the sake of relevance, we will be comparing Quicken Home & Business with QuickBooks Online.
Quicken Vs. QuickBooks Accounting Software Comparison
From the perspective of businesses
Now, it definitely matters what kind of business you have if you’re looking to invest in either of these solutions. QuickBooks Online is primarily meant to track business transactions. It’s what the application has solely been developed for.
Quicken Home & Business, on the other hand, is, as the name indicates, for home and businesses. This might sound great, but that’s not necessarily the case. There can be problems when you’re tracking two very different types of transactions using the same application.
It’s always smarter to keep transactions separate, especially when they belong to different categories. For instance, your business banking account must be tracked separately from your personal banking account. It’s smart because decisions are easier to make when you’re focusing on one thing.
You also end up making life easier for your tax preparers and bookkeepers.
But, all said and done, if you still do prefer having everything in one place, then Quicken Home & Business is quite an effective solution. It actually manages investment accounts better than QuickBooks does.
As for our personal idea of who wins the first round of Quicken Vs. QuickBooks, we think Quicken takes the cake because it does provide you with tracking for home and business. QuickBooks only focuses on business and that might seem like a limitation.
At the end of the day, two legs are better than one, right?
Both QuickBooks Business Online and Quicken Home & Business are capable of tracking money coming and money going out. You can use both applications to reconcile or balance your bank/credit card accounts, enter bills, track sales tax, and create invoices.
You can also connect financial institutions with both applications to download your transactions and feed them into the program.
QuickBooks Business Online comes with a “Bank Feed Rules” feature that lets you determine how such transactions are managed. You can even ask the application to automate the entries based on set criteria.
Quicken Home & Business, as stated earlier, does a great job of managing mutual funds and investment accounts. It can even help you estimate returns/gains. You also have a retirement planning feature that can be very helpful in personal financial management planning.
QuickBooks Business Online is ideal for businesses. It offers benefits such as multiple users, payroll, time tracking, purchase orders, inventory, and true double-sided accounting. There are top-notch automation options as well.
For example, you have QuickBooks Payments that allows you to send invoices and receive online payments. It also allows you to create Sales Receipts that automatically charge credit cards with the right authorization.
On the whole, if you’re a business user, you should go for QuickBooks Business Online. In fact, we think QuickBooks wins this round of Quicken Vs. QuickBooks because it definitely is better for accounting.
Access & interface
Now, we’ve already made it clear that QuickBooks is clearly meant for businesses, which is why it has a very simple interface. Quicken Home & Business, on the other hand, is known for having complex navigation. This is because it is meant for tracking business and personal finances.
However, you can easily learn to use both.
But, when it comes to access, Quicken Home & Business lags behind QuickBooks because it is a desktop product. Though it syncs with a mobile app, it is still dependent on specific devices. Also, those devices need to be connected to the Internet. Plus, you always run the risk of improper syncing.
QuickBooks, on the other hand, is a proper online product. It’s 100% cloud-based, which means, you don’t have to limit yourself to a single device. As long as you have user permissions and the right credentials, you can log on from any device and from anywhere. You don’t have to worry about installation or syncing.
You also don’t have to deal with upgrades and your access to features depends on the subscription plan you’re currently signed to.
Data can be viewed from multiple devices in real time. Also, it is compatible with Android, iOS, Apple Watch, Chromebook, and Windows.
So, in this round of Quicken Vs. QuickBooks, the victory clearly goes to QuickBooks.
Though QuickBooks has won two of the three rounds in the Quicken vs. QuickBooks battle, we can’t really call either one a winner. Both programs have a specific purpose. Quicken is great for personal financial management, while QuickBooks is ideal for business financial management. Quicken offers a ton of features that can help you track a range of transactions related to household finances. Plus, it helps you do it with the utmost ease.
However, if you’re a business, Quicken just might be able to do the job, but QuickBooks is just way more effective. It’s a robust program that can also offer scalability, in case your business does expand unexpectedly.
Now, you might think you can start with Quicken and switch to QuickBooks when needed, but life isn’t that easy. It is difficult to convert data from Quicken to QuickBooks and you’ll be piling on more work by doing so.
So, if you’re a business, just go with QuickBooks. It might cost more, but that’s the price of running a business. Most business-oriented solutions do cost more.