announcement

Give tips to succeed in business or brilliant business ideas.

Quicken Vs. QuickBooks: Which is a Better Personal Finance Software?

Quicken Vs. QuickBooks: Which is a Better Personal Finance Software?

Quicken and QuickBooks are both finance software tools used in different business applications. This Buzzle article will focus on the Quicken vs. QuickBooks comparison with regards to which is a better personal finance software.
Buzzle Staff
Quick Snippet
Quicken 2014 is the latest innovation by Intuit, and includes exclusive software programs to attract users back to the fold of banking websites. Intuit has also announced its sponsors for the event of QuickBooks Connect (to be held in the third week of October 2014) to be Facebook, LinkedIn, Visa, Method, etc.
Quicken and QuickBooks are both finance support software tools. They both have innovative features that help in easy understanding and solving of accounting problems and the other financial know-how of business. They are very efficient for small entrepreneurship ventures, bookkeeping, independent accountancy and consultancy firms, etc. Though they both considerably ease the humongous financial management process, they function in different ways. They have their own pros and cons and are available in different versions, which are of course upgraded periodically. Read on to find the difference between Quicken and QuickBooks and know which one is better.
Quicken
  • It is developed by Intuit Inc.
  • While its initial version was functioned to run on DOS, the current versions run for Macintosh computers.
  • It efficiently manages finances, helps pay bills online, creates invoices, helps balance checkbooks, etc.
  • Some of its currently running versions include Rental Property Manager 2013, Home & Business 2014, Premier 2014, Deluxe 2014, and many more.
  • Some of its currently supported versions include Deluxe 2011, Premier 2011, Home & Business 2012, Starter Edition 2012, etc.

QuickBooks
  • It is also developed by Intuit Inc.
  • It is more of an accounting tool than a core finance software package.
  • It has several integrated features, like payroll assistance, marketing options, e-mail functionality, outsourcing, electronic payment options, etc.
  • It has several international releases as well as other market releases.
  • One of its notable products is QuickBooks Online, which runs on the BlackBerry, iPhone, and Android applications, and is a hit with small business needs.

Factors for Comparison

Quicken QuickBooks
Learning
It has simple, effective features, and therefore, it is much faster and easier to learn. It has a lot more features, and hence its learning process is comparatively slower and slightly complicated.
User Compatibility
It allows only single-user versions. It contains multi-user versions.
Inventory
It does not have any embedded inventory system in any of its versions, and therefore will not be of much use in businesses wherein you need to keep track of the incoming and outgoing inventories. It has a very efficient, in-built inventory system with the help of which inventories and sales orders can be tracked.
Transaction Space
Some reviews say that there isn't much transaction space available. This creates a problem in data calculations and storage. It has features that allow detailed transactions.
Reporting Capability
It mostly has convenient reporting capabilities. However, it has limited options while exporting to Microsoft Excel. It has excellent reporting capabilities. In fact, the standard of reporting is much higher and can be used beyond simple accounting documents. Contrary to its counterpart, it can be used for convenient export to Microsoft Excel as well.
Investments
It has good features for stock, tax, and investment tracking. Unfortunately, it is devoid of an investment tracking system, and cannot assist in taxes, stocks, or other investments.
Payroll Systems
It does not have a payroll system. It has a simple and effective payroll system.
Invoices
It does not have extensive support or forms for invoices and the like. It has a professional, in-built feature that helps with receivables, remote access, invoices, consumer statements, and other estimates.
Interface
It does not have a proper programming interface. QuickBooks 2002 was the first product launched with a good programming interface. Since then, all the versions have had the interface. The efficiency keeps increasing with every upgrade. Recently, it has also included third party add-ons.
Applications
It can be used for small businesses, restaurants, consultancies, accrual-based entrepreneurship, service ventures, checkbook-based incomes, etc. Off late, it has also been extended to household and health care. It can be used for small as well as large business ventures, bookkeeping, accounting firms, finance agencies, liability and asset records, etc.
Price
It is inexpensive, and this is one of its great advantages. Depending on the version, the market price ranges from USD 50 to USD 80. It is much more expensive due to its different features. The market price ranges between USD 160 and USD 420.
Products
Quicken Medical Expense manager, Quicken Health Expense Tracker, etc., are some important products. QuickBooks Point of Sale, QuickBooks Online, QuickBooks Pro, etc., are some important products.
Integration
It cannot be integrated with Microsoft applications like Word, Excel, Outlook, etc. It integrates easily with Microsoft Word, Outlook, Excel, ACT, etc.
Class Inclusion Feature
Classes can be used to associate finance and transaction details with a particular firm. Classes are used here too, but the flexibility is much higher, because it allows multi-level enterprise codes. Parent and child nodes can be used for efficient classification and transactions.

Which is Better?
  • Both the above tools are efficient in their own way.
  • Customer reviews say that Quicken is more suitable for home businesses and the like, while QuickBooks can be used for bigger ventures.
  • Remember that Quicken is more of a finance package while QuickBooks relates more as an accounting tool. Therefore, if you require double-entry bookkeeping methods, go in for the latter.
  • QuickBooks certainly has a lot of features, but it is up to you to use them efficiently. If your venture does not require some of the features, you might as well be using Quicken.
  • If you need to track assets, liabilities, taxes, etc., go in for QuickBooks. If you need checkbook maintenance, tax deductions, etc., go in for Quicken.
  • Ultimately, you have to take a call. Choosing one of the two depends on your business and its requirements.
Before purchasing any software package, you must conduct sufficient research regarding the same. Do not hurry up and take a decision; these matters involve a careful thought process. Do not zero in on one product due to less price or more features. Make a list of your requirements, compare it with the available features, consult friends and experienced users, and then take a call.