Financial management tools such as Quicken or QuickBooks for accounting are two of the most widely recognized names across the globe.
In fact, both programs were part of Intuit (INTU) and each one has different features and use cases. Today, QuickBooks is owned by Intuit while Quicken is owned by H.I.G. Capital.
If you’re exploring these two options for your business, it’s important to understand the details about each to confidently make your decision about which is best.
What is QuickBooks for accounting?
QuickBooks offers business and financial management tools that include payroll, tax filing, accounting, invoicing, bank account tracking and reconciliation, expense management, accounts receivable and account payable management, budgeting, and payment processing. Keep in mind this is only a small sampling of what QuickBooks can do; think of it as the jack of all trades when it comes to a business financial tool. Another positive is that it’s accessible from nearly any device and pairs well with many other software tools businesses likely already have set up.
Many small or medium-sized businesses use QuickBooks for accounting, expense management, and more.
Cons of QuickBooks
While there are plenty of tools included in QuickBooks, many businesses don’t scratch the surface of different ways to leverage the software. Understanding how to use certain features isn’t always straightforward and there are some features that require additional learning.
What is Quicken?
Quicken is more geared toward individuals or families. It’s a way to track account balances, transactions, investments, personal budgeting, loans and other personal financial transactions. There is a Home & Business Quicken version that has features to track rental properties and small businesses alongside personal information. It comes in a range of affordable subscription options and works to keep all of your financial information up to date.
Cons of Quicken
One downside of Quicken is that there isn’t an online version, only a desktop version. Compared to QuickBooks, it has a much more limited feature set and not nearly as many business tools.
Making your decision
The use case and your budget will be the two largest driving factors in making your decision. If you’re a small business owner looking to streamline your financial efforts and you have the budget to do so, QuickBooks is the better option. If you are on a more limited budget and you only want to manage your personal finances, Quicken is likely the better route.
Partner with Founder’s CPA
At Founder’s CPA, our team is passionate about providing modern accounting services for businesses of all sizes. We can show you how to use QuickBooks for accounting and financial efforts to improve your operations. To work with us, get started with a free 15-minute consultation.
