The software programs Quicken and QuickBooks have a couple things in common, including being founded by Intuit and beginning with the word “Quick.” However, the similarities end there. Let’s discuss the differences.
Quicken was released in 1983 as a personal management tool for individual users. It uses the single-entry accounting method and assists with your personal accounting needs, like recording your transactions. It categorizes your expenses to show where your money goes, and has budgeting features to help you take control of your finances. There are a variety of Quicken software programs available: Starter, Deluxe, Premier, and Home & Business.
Although Quicken has features that allow you to track investments, do your taxes, create invoices, and manage your properties, it is not equipped to handle the day-to-day operations of small to mid-size businesses. However, that’s not to say businesses should not use this software - those without employees would benefit from using Quicken since they won’t need payroll or tax features, neither of which are offered by the program, because their finances aren’t as complex.
QuickBooks was released years after Quicken, in 1998. It acts as an accounting software for small to mid-size businesses and utilizes the double-entry method of accounting. There are a variety of QuickBooks packages available to cater to startups, small to mid-size, and enterprises. QB streamlines the accounting process and all of its operations so you can have smooth sailing.
A cloud-based version, QuickBooks Online, is offered to users to access their accounting from any device connected to wifi. You no longer need to install the QB Desktop software to your device if you’d rather save your information in the cloud.
QuickBooks Desktop or Online is best for small to mid-size businesses that have employees and need to utilize the payroll, invoice, and tax features available. They need the day-to-day operations of their business recorded and processed.
Skynar Bookkeeping Services recommends QuickBooks for business accounting. If you need help purchasing or deciding which package to buy, give us a call. We can also help you set up, clean up, or keep up your books.