Are QuickBooks and Quicken the Same?
The short answer: No, QuickBooks and Quicken have significant differences. Although both software programs help users manage finances, they offer different functionality and cater to different audiences.
QuickBooks is a financial management application that offers a comprehensive set of advanced features for accountants, finance professionals, and business owners. QuickBooks offers several versions, including QuickBooks Pro, QuickBooks Premier, QuickBooks Accountant and QuickBooks Enterprise.
The different versions of QuickBooks provide a variety of in-depth functions that benefit accountants and business managers. QuickBooks Enterprise, intended for larger businesses, allows an unlimited number of users, along with remote accessibility and options for integrating third-party applications.
QuickBooks provides tools for a wide range of business needs, including tax filing, tracking, and reconciling bank accounts, invoicing, payables and receivables tracking, inventory, accounting and payroll, among other functions. By using QuickBooks cloud hosting, users can access the full functionality of the software from any location.
For small and medium-sized businesses, QuickBooks provides an easy method for tracking financial transactions, viewing reports, and sharing information with accountants and other finance professionals.
Along with QuickBooks, Quicken is one of the most widely used financial management software packages. Quicken is a personal financial management tool, designed for individuals and for some small business users. The program helps individuals and families track their financial accounts, create and track budgets and expenses, and track their investments, such as retirement accounts.
Quicken provides toolsets for watching over many aspects of personal finances, including:
- Transactions from multiple accounts
- Loans and credit card accounts
- Various types of investments
- Personal budgets
Quicken displays current information for a variety of accounts, saving users the trouble of visiting multiple websites to see the latest account balances and transactions. In addition, the software allows users to track investments using a cost basis, which can add to understanding of tax implications of buying or selling assets in a personal portfolio.
Quicken is offered online, with several subscription models available, depending on needed functionality. The Starter plan provides basic functionality, while Deluxe and Premier offer advanced options, including online bill payment, tax and investment management, and customized budgeting.
What Is QuickBooks Used For?
QuickBooks is used for accounting by financial professionals and owners of small and medium-sized businesses. With QuickBooks, users can manage bill payment, accept and tracking payments from customers, manage various financial accounts, send invoices, and manage payroll, among other uses.
In addition, QuickBooks can connect to other applications, providing additional functions to benefit business owners and accounting professionals. For instance, PayPal and Shopify can interface with QuickBooks, and the software syncs with a variety of financial institutions to display up-to-date transactions and fees.
Users can complete a range of tasks in QuickBooks, including:
- Creating and sending customized invoices
- Tracking mileage
- Running a variety of reports, including balance sheets
- Creating and sending customized estimates
- Calculating and tracking sales tax
- Printing checks
- Paying bills online
- Capturing and tracking receipts
- Sorting transactions for tax purposes
- Providing data to accountants
- Accepting payments online
- Managing vendors
- Paying employees
What Is Quicken Used For?
Quicken offers individual users the opportunity to see their complete financial picture within one application. It provides functionality for investing, banking, and managing debt.
The software is used for a variety of personal finance tasks, including:
- Tracking and managing spending
- Creating and tracking budgets
- Viewing and paying bills
- Retirement planning
- Investment tracking
In addition, the Quicken software provides some functionality for managing a small business, as well as managing rental properties.
Quicken is a subscription-based, online software service with three different plans available. The Starter plan allows users to view all banking, credit, and investment accounts in one place, along with automatically categorizing expenses and managing money on desktop computers as well as on mobile devices.
The Deluxe plan offers all functionality of the Starter plan, plus the ability to track and manage debt, simplify investments and taxes, and create custom budgets. The Premier plan provides all functions of the Starter and Deluxe plans, and it offers priority access to support, along with online bill payment.
For individuals running a small business or managing property, Quicken offers the ability to create custom invoices, create reminders for bills, send out rent reminders, and track leasing information and rental income and deposits.
Who Uses QuickBooks?
QuickBooks is used by a variety of accounting and business professionals. Independent contractors, freelancers, and managers and owners of small and medium-sized businesses, as well as non-profit organizations, all can benefit from the advanced functionality that QuickBooks offers.
Millions of loyal users around the world rely on QuickBooks for their business accounting needs, and in recent years the software has held approximately 80 percent of the U.S. accounting software market. The QuickBooks product has dominated the financial software sector for a number of years, and it appears poised to continue as the market leader.
Who Uses Quicken?
For decades, individuals, couples, and families have turned to Quicken software to manage their personal finances. From tracking checking accounts to managing debt, analyzing investments, and preparing records at tax time, Quicken continues to be the leading software solution for personal finance management. With its recent move to online services and a tiered pricing program, Quicken offers a range of tools that users can customize according to their individual needs and budget.
On the business side, most users of the Quicken software manage a one-person, freelance, independent contractor, sole proprietor, or other small organization. Alternatively, they may be individuals who own rental properties and need to manage leases, invoicing, and rent collection.
What’s the Difference Between QuickBooks and Quicken?
The Quicken and QuickBooks names represent two of the best-known software packages for financial management. However, reviewing the nuts and bolts of the two programs reveals key differences.
The major difference between the two applications is that Quicken caters primarily to individuals and families who need assistance with personal finance management, while QuickBooks appeals to accountants, along with owners and managers of small and medium-sized businesses.
For individuals who work as independent contractors or freelancers, or those who run a small business as a sole proprietorship, the choice is less clear. QuickBooks provides a variety of tools to meet the needs of these individuals, but it typically costs more than Quicken. For entrepreneurs on a tight budget with minimal financial management needs, Quicken can fit the bill. It also provides tools specialized for individuals who manage rental properties.
As growing businesses uncover increasingly sophisticated accounting needs, such as managing inventory or frequently sending out customized invoices, QuickBooks may be a better fit for its robust toolset and flexibility.
QuickBooks vs Quicken: Which Is Better?
So, you may find yourself now wondering: Which is better – QuickBooks or Quicken? Well, QuickBooks and Quicken both have advantages, and the one that is best for you depends on your financial management needs. For individuals, couples, and families who need to manage their personal finances, Quicken clearly stands out. With its tools for managing banking and credit accounts, personal investments, budgets, and personal taxes, Quicken offers a full-featured subscription software product for personal money oversight.
In addition, Quicken can be a good choice for people who work for themselves — such as freelancers, sole proprietors, and independent contractors — and those who manage a few rental properties. For small business owners who need their software to create and manage invoices, Quicken may not be enough; QuickBooks is a better choice for invoicing needs.
For accountants and other finance professionals, along with owners and managers of small and medium-sized businesses, QuickBooks provides the comprehensive software functionality needed for invoicing, managing payables and receivables, managing payroll, creating in-depth reports, and categorizing expenses effectively for business tax returns.
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