Quicken vs QuickBooks: Which Is Best for Your Business?

Choosing the right financial software is crucial for managing your business effectively. With countless tools available, two names frequently stand out in the small business and personal finance ecosystems: Quicken and QuickBooks. While both come from the same lineage under Intuit (with Quicken later sold to H.I.G. Capital), they have distinct use cases and target audiences.

If you’re unsure which one best meets your needs, you’re in the right place. Below, we’ll break down the features, pricing, integrations, and more to help you decide between Quicken and QuickBooks.

The Importance of Choosing the Right Financial Software for Business Finances

Choosing the right financial software for your business is crucial for effectively managing and organizing your finances. The right tool can help you streamline your processes, save time, and make informed financial decisions. With the rapid rise of technology, numerous options are now available in the market, ranging from simple tools designed for small businesses to robust software tailored for larger enterprises. 

However, not all financial software may be suitable for every type of business, as different industries and company sizes have varying needs.

It’s important to carefully assess your business requirements and goals before deciding which financial software to adopt. Factors such as the software’s features, pricing, ease of use, level of customer support, and integration with other tools you already use should all be considered.

Additionally, think about the size of your business, the complexity of your financial operations, and whether you require specialized features like inventory tracking or payroll management. Taking the time to evaluate these aspects will ensure that the software you choose aligns with your business needs and helps you achieve long-term success.

What Is Quicken?

Quicken is a financial management tool originally created for individuals managing personal finances. However, its Home & Business plan also extends support for certain small business needs.

Here’s what you should know about Quicken:

Key Features

• Expense tracking helps users categorize and monitor their spending.
• Budget management lets users create and stick to financial plans.
• Invoice & payment tracking in the Home & Business plan allows small side-business owners to manage basic client billing.
• Investment tracking for monitoring portfolios, stocks, bonds, and other assets.
• Tax preparation with helpful reports for simplifying tax filing.

Pricing

Quicken pricing depends on the plan:

• Quicken Simplifi ($71.88/year): Ideal for tracking personal finances.
• Quicken Business & Personal ($95.88/year): Manage business and personal finances in one app. Track cash flow with reports, use invoicing tools to get paid faster, and simplify taxes with built-in Schedules C & E.
• Classic ($95.88/year): Track and pay bills seamlessly with Quicken, alongside best-in-class investing tools, built-in tax reports, precise reconciliation, budgeting, debt management, and retirement planning.

Best Suited For

Quicken is a perfect fit for:

• Individuals managing personal finances or investments.
• Solopreneurs running side hustles or rental properties who don’t need advanced accounting tools.

What Is QuickBooks?

QuickBooks Online is an accounting-focused powerhouse built specifically for businesses. Whether you’re running a small startup, a growing business, or working as a freelancer, QuickBooks offers comprehensive features for managing business finances.

Key Features

• Accounting and bookkeeping tools for managing income, expenses, and payroll.
• Invoice creation enables businesses to customize and schedule recurring invoices.
• Advanced financial reporting, including profit and loss statements, cash flow reports, and balance sheets.
• Time tracking for managing employee or project hours.
• Tax support with pre-filled tax deduction categories and automatic calculation of sales tax.

Pricing

QuickBooks’ pricing is subscription-based, and it varies depending on the plan:

• Self-Employed ($20/month): For freelancers and independent contractors to manage tax deductions and simple finances.
• Simple Start ($35/month): For solopreneurs needing accounting and invoicing.
• Essentials ($65/month): Includes multi-user access and bill management.
• Plus ($99/month): Adds inventory tracking and more advanced reporting.
• Advanced ($235/month): Ideal for growing businesses needing in-depth analytics and dedicated support.

Best Suited For

QuickBooks is great for:

• Small to medium-sized companies that require advanced accounting tools.
• Startups scaling quickly and needing robust software.
• Self-employed individuals handling slightly more complex finances than Quicken supports.

Detailed Comparison of Quicken vs QuickBooks

Here’s how the two stack up when compared feature by feature:

Accounting Tools

QuickBooks excels in accounting. It can manage balance sheets, profit and loss statements, and automated bookkeeping tasks. Quicken offers basic accounting but is primarily focused on simpler tasks, such as tracking income and expenses.

Winner: QuickBooks.

Invoices and Billing

QuickBooks offers customizable, professional invoices with features like recurring billing and payment reminders. Quicken, while capable of creating invoices, lacks some of the advanced customization and tracking features.

Winner: QuickBooks.

Reporting

QuickBooks offers robust reporting, allowing businesses to stay on top of cash flows, project profitability, and tax details. Quicken provides basic reports suited for individuals and smaller operations, but it doesn’t match the level of detail offered by QuickBooks.

Winner: QuickBooks.

User Interface & Experience

When it comes to ease of use, both software solutions have distinct appeals:

• Quicken is beginner-friendly and easier for those used to personal finance tracking tools. It has a straightforward dashboard that simplifies money management.
• QuickBooks, while powerful, has a steeper learning curve due to its extensive features.

Winner: It depends. Beginners may prefer Quicken, while experienced business professionals may appreciate QuickBooks.

Pricing Comparison

Pricing is another key difference between these two tools:

• Quicken’s plans max out at $95.88 per year, making it a budget-friendly option for solopreneurs managing simpler needs.
• QuickBooks, with plans starting at $20 per month, is pricier but worth the investment for businesses that need comprehensive tools.

Winner: For affordability, Quicken. For the value delivered, QuickBooks.

Scalability

QuickBooks is the clear choice for scaling businesses. Its tiered plans offer increasingly powerful features to support growing operations. Quicken’s focus on personal finance and minimal business features means it’s not ideal for scaling.

Winner: QuickBooks.

Integration Options

QuickBooks outshines Quicken with its wide range of integrations. From payroll platforms to CRM tools, QuickBooks offers over 650 integration options. Quicken, on the other hand, has limited integration capabilities.

Winner: QuickBooks.

Training and Learning Resources

When it comes to learning how to use the software, QuickBooks offers a more extensive selection of resources. They offer online tutorials, webinars, and in-person training options. Quicken primarily relies on its user forums for support.

Winner: QuickBooks.

Pricing

Both QuickBooks and Quicken offer various pricing options, including subscription plans and one-time purchases. However, QuickBooks tends to have higher prices due to its more robust features and capabilities.

Winner: Quicken for affordability, but QuickBooks for value.

Customer Support

When it comes to customer support, both software have dedicated teams available via phone, email, or chat. However, QuickBooks offers 24/7 support.

Pros and Cons of Each Tool

Quicken Pros

• Affordable pricing: Quicken offers budget-friendly plans that are suitable for individuals and families, making it accessible to most users.
• Perfect for tracking personal and household finances: Whether you’re managing monthly bills, creating a budget, or monitoring spending habits, Quicken provides tools to help you stay on top of your finances.
• Simple to use, especially for beginners: With an intuitive interface and step-by-step guidance, Quicken is an excellent choice for those new to financial management software.

Quicken Cons

• Limited scalability for businesses: While great for personal use, Quicken’s features don’t expand well to meet the needs of growing or larger businesses.
• Basic invoicing and reporting features: The invoicing and reporting tools are simple and may not offer the level of customization or detail that some users require.
• Minimal integrations: Quicken doesn’t integrate widely with other apps or services, which can limit its functionality for those who rely on multiple tools to manage their finances.

QuickBooks Pros

• Comprehensive accounting and bookkeeping features: QuickBooks offers a wide range of tools for managing finances, including expense tracking, payroll management, and tax preparation, making it a one-stop solution for businesses.
• Advanced invoicing and reporting: With customizable templates and detailed reports, QuickBooks helps businesses maintain professional communication and gain valuable insights into their financial performance.
• Excellent for scalability: Whether you’re a small business or rapidly expanding, QuickBooks has the flexibility to grow with you, offering various plans and integrations to meet your needs.

QuickBooks Cons

• Higher price point: Compared to other accounting software, QuickBooks can be expensive, especially for small businesses or startups operating on limited budgets.
• Steeper learning curve for beginners: While powerful, the platform’s many features can be overwhelming for first-time users, requiring time and effort to fully master.

QuickBooks Training with ONLC

If you decide to go with QuickBooks, we highly suggest taking advantage of ONLC’s QuickBooks training courses. These courses can help you gain a deeper understanding of the software and learn how to utilize its features effectively. Whether you’re a beginner or an experienced professional, ONLC provides flexible, in-depth courses for both QuickBooks Online and Desktop Enterprise versions.

Choose the learning style that suits you best—live, instructor-led classes available online or in-person, or self-paced, On-Demand courses with 24/7 access to tutorials and hands-on labs.

Upon completing your training, you’ll have the opportunity to earn the highly regarded QuickBooks Certified User (QBCU) certification for QuickBooks Online, demonstrating your expertise in the latest cloud-based software. (Please note: Certification for the desktop version was discontinued by Intuit as of December 15, 2022.)

Visit our QuickBooks Training & Certification page to learn more and enroll today!

FAQs

What is the primary difference between Quicken and QuickBooks?

Quicken is primarily designed for personal finance management, making it an ideal choice for individuals who want to track both personal and business finances in one place. On the other hand, QuickBooks is more robust accounting software tailored specifically for small business owners, providing tools to manage accounts payable, track business income, and generate detailed financial statements.

Can Quicken or QuickBooks be used for managing rental properties?

Yes, both tools have features for rental property management. Quicken allows you to manage rental properties by tracking income and expenses related to them. QuickBooks, however, offers more advanced options for rental property owners, such as integrated inventory management and detailed financial reporting tailored to the complexities of managing multiple properties.

Which software is better for managing inventory?

QuickBooks is the clear choice when it comes to inventory management. It offers advanced features to track and update inventory levels, making it an ideal solution for small business owners who manage product sales. Quicken, on the other hand, is more focused on personal finance and does not offer comprehensive inventory tools.

How do I decide which software is suitable for personal and business finances?

If your primary goal is to manage personal finances, account balances, and simple rental property income, Quicken is a suitable and affordable option. However, if you are a small business owner or require tools to track accounts payable, generate financial statements, or handle more complex business needs, QuickBooks is a better alternative.

Can these tools be used together?

While both Quicken and QuickBooks serve different purposes, some small business owners may choose to use both. Quicken handles personal finance management, while QuickBooks focuses on tracking business income and expense-related operations. However, most users find it more efficient to use one software that aligns with their primary needs.

Which Is Right for Your Business?

The right financial software depends on your needs:

• Choose Quicken if you’re a solopreneur managing personal and minor business finances, or if you’re interested in tracking your household budget.
• Opt for QuickBooks if you’re running a small or growing business requiring advanced accounting, invoicing, and reporting tools.

No matter which software you choose, investing in tools to streamline your financial management will undoubtedly pay off in the long run.