QuickBooks vs Quicken: A Full Comparison

Financial Management ToolsKnown as two of the most popular financial management tools, QuickBooks and Quicken both offer excellent options for personal or business finances. They both come from Intuit, which also owns Mint.com, a popular personal finance management website. They are also the maker of TurboTax, which is the most widely used tax filing software on the market.

Comparing QuickBooks and Quicken won’t necessarily show which one is better overall. Instead, it will show which program is best for your specific needs. These two programs are unique and provide the right solutions for different users.

Main Features of QuickBooks

QuickBooks is designed for businesses and comes with a number of features including tools for:

  • accounting
  • tax filing
  • inventory
  • bank account tracking
  • budgeting
  • payment processing
  • accounts payable and receivable management
  • expense management
  • invoicing

It’s a bit like the Swiss Army Knife for business finances.

QuickBooks vs. QuickenQuickBooks can do just about anything you need and you will have the ability to plug into additional tools and features if necessary. However, there are many tools your business may not need. QuickBooks Professional does have a high price tag, which may cause you to look elsewhere, especially if you don’t need all the features it provides.

Along with the high price tag, the program does come with a bit of a steep learning curve. However, small businesses owners will be able to track all financial information and run reports, as necessary.

You can choose from a desktop and an online version of QuickBooks. The desktop version has a fixed fee, while the online version comes at a monthly fee. Some of the features will cost more regardless of the version you choose.

Main Features of Quicken

Quicken is designed more for families and individuals looking to track finances. It will track many different aspects of your personal finances including:

  • account balances
  • investments
  • personal budgeting
  • transactions
  • loans
  • and more!

If you choose the highest version of Quicken, you will even have the ability to track a small business or rental properties.

With Quicken, you can easily track your finances and keep information updated. It’s a very user-friendly took with the ability to track everything you need for your personal financial life.

When it comes to the business tools of Quicken, it’s very limited compared to QuickBooks. However, it will work great for a family with a small sole proprietorship or rental properties.

Quicken provides only a desktop version. However, you can use Mint.com if you want an online tool similar to Quicken.

Which is Right for You?

Money ManagementWhen comparing QuickBooks and Quicken, it’s not hard to figure out which one will fit with your needs. If you just want a good financial tool for your family, Quicken is the right choice. However, if you need a full business accounting program, QuickBooks is a better option.

Those running as small business will have to decide what they really needs, as both programs offer options for small businesses. It really comes down to what you need and how much you are willing to spend.

Take your time and really compare the two before you finalize your decision. It’s not easy to convert Quicken data to QuickBooks or the other way around.

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