Quicken vs. Quickbooks: Which Is Better For Managing Your Money?

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Whether you run a restaurant, company or even bake for a living, you often need some help to manage your finances. This wont only help you balance your books but also keep your company afloat. Today, many businesses are using financial management tools to simplify this task. Using a financial management tool can result in:

  • Accurate and accessible financial data
  • Better Strategic Planning and Analysis
  • Streamlined Accounting and Finance Processes

With so many financial management software available, selecting a suitable one get overwhelming. From understanding the features and functionalities of a tool, to setting a budget, there are various aspects you need to consider.

To simplify this process for you, we have narrowed down your list of options to two: Quicken and Quickbooks. These tools are quite often found in the list of “best financial management tools” worldwide. Although these tools are the industry favourites, which one wins the battle between Quicken vs. Quickbooks?

Let’s dive into the key features and pricing plans of Quicken and Quickbooks, and help you decide which one is the best for your business. Keep reading to find out.

What is Quicken all about?

Starting with the first tool, Quicken is suitable for managing personal expenses. Common users of this tool are small individuals, families and small businesses. Keep track of your account balances, investments, personal budgeting, loans, etc with Quicken.

These are some of the features offered by the basic version of this tool. If you opt for the higher end version, you can track your rental properties. Along with this, you can this version to look after your small business.

So to sum it up:

Who is Quicken best for?

  1. Those who have a rental property business
  2. Those who want to manage personal finances
  3. Those who have a small business (1-50 employees)

How much do you need to pay for Quicken?

1. Start taking control of your money with Starter: $34.99/year

Opt for this plan and see all your accounts in one place. Here, you can Create a budget and manage your bills.

2. Manage your money and save with Deluxe: $49.99/year

This plan covers everything offered in the first plan. Along with this, you can create a customised budget, manage and track your debt, and start saving by creating goals. This is one of the most preferred Quicken plans.

3. Expand your investments with Premier: $74.99/year

This plan covers everything offered in Deluxe. Additionally, you can simplify your taxes and investment; get priority access to customer support, and much more.

4. Manage personal and business transactions in one place with Home & Business: $99.99/year

You can avail all the features offered in the previous plans here. In addition, categorize business and personal expenses and simplify and track your business tax deductions and your profit & loss.

To know more about its pricing plans, click here.

What is Quickbooks all about?

Coming to second tool tool, Quickbooks is full-featured finance management software. This tool offers features such as accounting, budgeting, reconciliation, etc. This feature set is the top of the iceberg of what Quickbooks can offer its customers.

With over 2.55 million subscribers all around the globe, you can consider Quickbooks as the Swiss Army Knife of business financial tools. Just like this knife, use this tool to do about anything to manage your business finances better. From tracking to analysing, create reports summarising any aspect of your business.

This tool offers almost everything your business might need at your fingertips; you need to understand it before rushing. Take some time to get your hands on this tool. This is because not all the features are intuitive when you start the program for the first time.

While choosing this tool, you need to note that it offers different versions for desktop and online. You can use the second version through your web browser, tablet, or smart phone. Also, you need to pay additionally for some of the features such as payroll management and payment processing.

So to sum it up:

Who is Quickbooks best for?

  1. Those who are looking to expand their business Proprietors
  2. Those who have a medium-sized business
  3. Those who are running start-ups
  4. Those are looking after financial activities in big corporations

How much do you need to pay for Quickbooks Online?

1. Start keeping a basic track of your accounts with Simple Start at $6/mo

With Simple Start, you can track income and expenses, capture and organise receipts, run basic reports, and much more. Click here to know more about this plan and buy it!

2. Track sales and reduce tax deductions for your business with Essentials at $10/mo

This plan covers everything offered in the first plan. Along with this, you can manage bills, add multiple users, track time, maximise tax deductions, send estimates, and others. To buy this plan for your company and know more about it, click here!

3. Track inventory, projects and much more with Plus at $18/mo

Most of the users prefer this plan across the globe. It offers everything in the first two plans. In addition, you can manage 1099 contractors; run advanced reports, and your projects. This allows you to analyse how your business is doing and understand how it can perform better. Know more about this plan and use it for your business here!

4. Run basic reports and track miles with Self-Employed at $5/mo

This plan is slightly different from the ones mentioned above. As the name suggests, it is suitable for self-employed individuals. Here, you can capture and organise receipts, estimate quarterly taxes, work on invoices and accept payments. If you think this plan is suitable for you, click here now!

Analyzing Quicken vs. Quickbooks

 
So we have now seen what each of these tools can offer at different prices. With the various features offered at such an affordable price, Quickbooks might seem like the clear winner here. But, is it really so? Keep reading to find out if any tool wins in Quicken vs. Quickbooks and if yes, how?

Features that decide who dominates the Quicken vs. Quickbooks comparison

  1. Managing personal finances

The way we earn and spend has changed drastically. This includes income from different sources, investments, loans and so much more. At times, you might often forget how much interest is due for which loan. In times like these, Quicken can quickly come to your rescue. Here, you can create a monthly budget, keep a track of your savings, and manage your debt. To understand how Quicken can help you manage your personal finances, read its latest blog post here!

Unfortunately, Quickbooks do not have functionality for your personal finances yet. Hence, Quicken is the clear winner for managing your personal finances in Quicken vs. Quickbooks.

Who do we recommend: Quicken

  1. Tracking accounts receivable and accounts payable

If you are running a business, you would know that cash flow management is an essential. To make sure you are on top of this, you need to keep a track of the money that you owe (accounts payable) and others owe to you (accounts payable). And the finance management tool that lets you seamlessly keep a track of these details is Quickbooks.

This tool tracks all of these details automatically. Quicken also offers this feature. However, here you will have to manually track everything. Who would not select automatic tracking over manual? Hence, Quickbooks is the clear winner for tracking accounts payable and receivables in Quicken vs. Quickbooks.

Who do we recommend: Quickbooks

3. Tracking rental property business

Individuals often earn from their various rental sources. In order to see if the tenants are paying, what is the interest, when is the amount due, and other such details, you need  a management tool too. And to help you with this, you can turn towards Quicken. This tool lets you keep a track of everything related to your rental property business. So Quicken gets a clear thumbs-up for keeping a track of rental property business in Quicken vs. Quickbooks.

Who do we recommend: Quickbooks

4. Integrations

Before choosing any tool to simplify your work processes, you need to check its integrations. And when it comes to such integrations with software products, Quickbooks  wins Quicken vs. Quickbooks without a doubt.

This is because this tool can be integrated with over 400 other products. On the other hand, Quicken allows you to integrate it with just three products.

Who do we recommend: Quickbooks

Analysis of Quicken vs. Quickbooks

The features mentioned above are a must-have for any finance management tool out there. And based on the availability of these features in each of these tools, we can see that Quickbooks is definitely the tool that can help you save money and help you stay on top of your finances. However, if you still prefer a tool for to manage your own finances and rental property, you can opt for the former finance management tool. Stay tuned with iTMunch for more such