Quickbooks vs Quicken: What’s the Difference?, PERSONAL money management.
QuickBooks vs. Quicken: An Overview.
QuickBooks and Quicken are two of the most widely used economic administration tools in the world. Both programs were part of Intuit (INTU), but Quicken was sold to H.I.G Capital in 2016. Both QuickBooks and Quicken have unique feature sets designed for different uses. Read on to find what each tool offers a user and to figure out which tool may be right for you.
QuickBooks is a full-featured enterprise and economic administration suite complete with tools for accounting, inventory, payroll, levy filing, invoicing, money institution 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 plug into many additional software tools for added features. Essentially, QuickBooks is the Swiss Army Knife of enterprise financial tools—it can do just about anything you might need for your enterprise. 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 enterprise and want to ensure you can track all financial information and create reports summarizing any aspect of your enterprise, QuickBooks will not disappoint. Just be aware that there is a learning curve when starting out, and not all features are intuitive when you get the program up and running for the first time.
QuickBooks also offers both a desktop version for a fixed fee and an online version accessible through your web browser, tablet, or smartphone for a monthly or yearly subscription. Some features, such as payroll management and payment processing, incur an additional fee regardless of which version you choose.
What QuickBooks offers for the small enterprise, Quicken offers for individuals and families. Quicken tracks your account balances, transactions, investments, personal budgeting, loans, and any other part of your personal financial life. The premier version includes the ability to track rental properties and small enterprise in addition to your personal information.
These features allow you to turn your computer into your financial command center with updated information from each money institution, capital, and loan account downloaded right into Quicken. You can also track investments using the cost basis to best understand the levy implications of buying, selling, and how you are building your investment mix.
The enterprise tools are much more limited than those in QuickBooks, but work just fine for a family with a few rental properties, or an individual who owns a side hustle enterprise or sole proprietorship. Quicken is a desktop product. If you want an online version, look to Mint.com.
If you just want to track your personal financial information, Quicken has all of the features you could want. You can track everything related to your family’s finances in one place without a lot of extra hassle.
If you have a small enterprise, you have a tougher decision to make. If you are an independent online freelancer, Quicken’s features may be enough for your enterprise, but if you need something more robust, QuickBooks is the clear winner in terms of enterprise features.
Make a decision that you can stick with, as you cannot easily convert Quicken data for 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 enterprise, but it also costs more. In some cases, QuickBooks may offer more than necessary, but in most, QuickBooks is better for enterprise economic administration than Quicken.
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