QuickBook vs Quicken

Both QuickBook and Quicken are extremely popular financial management tools. They are used by many different people for various purposes, from personal accounting to business financial planning. Interestingly, both QuickBook and Quicken actually came from the same company, which is Intuit. It is the same software company that developed the web-based personal finance management tool Mint.com and the tax filing tool TurboTax. So, why did the company release two different tools for more-or-less the same purposes? Well, there are several differences that make QuickBook and Quicken more suitable for different users and needs. Continue reading below for the comparisons between QuickBook vs Quicken!

Intended Users

The very first difference between QuickBook vs Quicken is their intended users. They both work to serve more-or-less the same goals, but they are equipped with different features and functions that will benefit different users. QuickBook is more for business, whereas Quicken is more for personal finance.

QuickBook is a full-featured financial management suite that is geared towards business users. It is suitable for small, medium, and large businesses. It comes with business tools for accounting, inventory, budgeting, tax filing, invoicing, payroll, bank account tracking, as well as accounts receivable and accounts payable. Furthermore, it can also plug into various software tools to enlarge the capabilities.

On the other hand, Quicken is a financial management tool for individuals and families. You will not find advanced business-related capabilities in its feature set. Instead, it comes with tracking features for account balances, investments, transactions, loans, and any other part of your personal finance. It also has personal budgeting features, and the highest version includes the feature for tracking rental properties. It will turn your personal computer into your financial command center.

User Interface

QuickBook is specifically designed business, hence the interface is made much simpler. However, the simple interface is not entirely a good thing. You may need some time to learn where to find things and where to access the features. Still, once you get the general idea, the simple, uncluttered interface feels very neat and convenient.

On the other hand, the interface of Quicken is a little bit more difficult to navigate, at least for the first few times. But the interface is quite intuitive and easy to understand.

When choosing between QuickBook vs Quicken, you need to know that QuickBook is available in a desktop version and an online version. The desktop version has a fixed one-time fee, but it will be installed only on a single computer, which means that you won’t be able to access it from another device. The online version requires a monthly subscription fee, and is accessible via a web browser of any computer and mobile device.

On the other hand, Quicken is a desktop application. You install it on a single computer. There are mobile apps that can be synced with the desktop application. Note that the desktop application needs to be connected to the Internet in order to sync your financial data.

Personal Finance Features

Both QuickBook vs Quicken comes with various personal finance features. Both have the features for bill payments, budgeting, check printing, and expense tracking. Obviously, you can add your bank accounts and credit cards to both of these two programs so that they can import and sync your financial data. Both programs also allow you to export your data and reports into Microsoft Excel files.

However, Quicken does a better job in the personal finance sector. Its budgeting wizard, savings plans, and expense categories are all designed for individuals and entrepreneurs that don’t need to manage employee payroll. Hence, it keeps things simple by not displaying the functions and features that you don’t need. It is also useful for sole proprietors who don’t separate their personal and business accounts.

Business Features

Although Quicken is mainly designed for personal and family finance, it is also suitable for one-person businesses, since it already includes single-entry accounting, expense tracking, profit/loss statements, rental property management, tax deduction tools, and even Schedule C report generation and invoice generation.

Of course, QuickBook also comes with all those features. But it also comes with many more capabilities that are very useful for business users, such as double-entry accounting, payroll management functions, inventory control, batch invoicing, accounts receivable, account payable, and third-party add-on support.

There are fantastic automation options in QuickBook. For example, with QuickBook Payments, you can send invoices online and get paid online. You can also create recurring sales receipts to allow you to charge automatically the customers’ credit cards with appropriate authorization from the involved parties. You can use the Bank Feed Rules to specify how to manage bank feed transactions, so that QuickBook can automatically enter the ones that meet certain criteria. These automation features can save you a lot of time.

Editions and Prices

Quicken is available in four editions, which are Deluxe ($70), Premier ($100), Home & Business ($110), and Rental Property Manager ($160). The Deluxe and Premier editions come with the standard personal finance functions and features, whereas the Home & Business edition adds some small business tools. The Rental Property Manager edition further adds the tools for rental property income and expense.

On the other hand, QuickBook is available in five editions, which are Plus, Mac, Pro, Premier, and Enterprise. The Plus edition is the web-based version with a monthly fee, allowing up to five simultaneous users. Meanwhile, the Enterprise edition has the complete features including inventory management through bar code scanning, multiple-location inventory tracking, and third-party integrations.

QuickBook’s Plus edition costs $40 per month. Meanwhile, the prices of the desktop editions range from $180 to $600 per user.

QuickBookQuicken
- Designed for small to large business users- Designed for personal/family finance and one-person business
- Complete financial tools- Basic and simplified financial tools
- Automation options and third-party integrations- No automation, limited integration
- Relatively more expensive- Cheaper

Conclusion

If you only need a simple financial management tool for personal/family finance or one-person business operation, Quicken makes the best way to go. It is relatively more affordable and budget-friendly, but it already comes with all the features needed. However, for a real business financial tool with advanced features and automation options, QuickBook is the way to go. This product comes with additional capabilities such as double-entry accounting, payroll management functions, and inventory control. The automation options can save you a lot of time.

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