Accounting Software: What is the difference between QuickBooks and Quicken?

Technology has made things much simpler and easier for everyone. From everyday, mundane tasks to highly intensive professional jobs, it has redefined everything. Thanks to technology, life has become comparatively more advanced, time-efficient, and effortless.

While there is no facet of human life that has not been transformed by technology, there are some fields it has made massive differences in. Accounting and finance is one such field. Things that the current accounting professionals are able to do with technology were unimaginable just a couple of decades ago.

Today, you have sophisticated accounting software that unlocks the full potential of your accounting practice. The current market has umpteen number of accounting tools for you to choose from. So much so that it becomes confusing for you to decide between various accounting software.

This article aims to clear doubts and confusion surrounding two of such business accounting tools – QuickBooks and Quicken. It will guide you to compare QuickBooks to quicken and enable you to choose what most suits your business or accounting requirements. We will do so by understanding the key differences between the two. So let’s clear the air now, shall we?

What is QuickBooks?

QuickBooks is an all-encompassing business and finance management tool that streamlines all your accounting and financial activities. From inventory and payroll to invoicing and tax filing, it caters to all your business requirements. In fact, the list of what all QuickBooks can do is actually quite long. Basically, it is a comprehensive business finance application.

QuickBooks holds the largest share in the global accounting software market at about 55.77%.

What is Quicken?

Quicken is to individuals and families what QuickBooks is to businesses. It is your personal finance management tool that helps you take control of your finances. It provides you access to all your accounts from banking and investments to credit cards and retirement, all on a single platform.

With Quicken, you get your complete financial picture. It enables you to manage your expenses and make more informed financial decisions. You can also monitor the market performance and review your investment portfolio for making confident buy/sell decisions.

Over the last 30 years, approximately 17 million people have used Quicken to grow their finances.

What are the differences between the two?

Quicken Vs QuickBooks
Quicken QuickBooks
Suitable for Mostly individuals or rental property business owners All types of small businesses
Cloud hosting option No Yes
Generate financial statements Yes Yes
Accounts payable functionality Yes Yes
Accounts receivables functionality Yes Yes
Invoice creation Yes Yes
Online payments option Yes (via PayPal) Yes
Rental property administration Yes No
Mileage tracker No Yes
Payroll administration No Yes
Accountant access No Yes
Mobile application Yes (Android and iOS) Yes (Android and iOS)
Pricing plans Annual Monthly
Prices Starter – $35.99/ yr

Deluxe – $51.99/ yr

Premier – $77.99/ yr

Home and Business – $103.99/ yr

Simple Start – $25/ month

Essentials – $40/ month

Plus – $70/ month

Advanced – $150/ month

The most fundamental difference between QuickBooks and Quicken is that QuickBooks caters to small businesses while Quicken is designed for individuals or families. Though the Home and Business version of Quicken has some business finance capabilities, they are predominantly for individuals having rental properties or similar side businesses.

While this basic difference broadly separates the two accounting software, let’s dive deep to understand the differences in detail:

  • Accounting capabilities

Quicken is largely a personal accounting software that isn’t that great for small businesses. The accounting capabilities it offers cater best to individuals or families. However, it may help you run your rental property business smoothly as it offers customized features to keep a track of rental charges, tenants, and lease terms, etcetera.

On the other hand, QuickBooks provides a superior business accounting platform. It fulfills all the accounting requirements of your small business and helps you manage your business more efficiently. It has a long list of accounting features some of which you may not even use.

  • Hosting options

The Home and Business version of Quicken is a locally hosted application which means you have to download the application and install it on your local machines. However, the latest version of the software has some web and mobile access functionalities. You have to select these features for syncing your data across platforms.

Moreover, an important point about the software is that it is only compatible with Windows operating system and does not run on iOS or macOS.

On the flip side, you have QuickBooks Online which is web-based accounting software. It allows you to run your account from practically any part of the world. You just need a device connected to the internet and you are good to go. Further, the software comes in four different subscription plans which offer an increasing number of functionalities within the platform.

  • Features

When it comes to personal finance features, both Quicken and QuickBooks provide a plethora of features. This includes bill payments, check printing, expense tracking, and budget creation, among others. You can also integrate your credit card and bank accounts in each of the two software and import all your banking data.

Moreover, you get the functionality to export your financial data and reports to Microsoft Excel with both the software. While both the applications have great features for personal finance management, Quicken targets individuals with its expense categories, saving plans, and budget wizard. These features are also great for entrepreneurs having no requirements to manage employee payrolls.

However, when we talk about small business features, QuickBooks offers a lot more robust functionalities compared to its counterpart. Quicken does have features like single-entry accounting, profit and loss statements, tax deduction tools, expense tracking, invoice creation, schedule C report generation, and rental property income management. 

QuickBooks offers all these features and a lot more, including batch invoicing, inventory control, third-party add-on support, accounts receivable, double-entry accounting, and a range of employee payroll management functionalities.

  • Pricing

Due to the difference in the features they offer and the purpose they serve, this whole comparison between Quicken and QuickBooks is more of an apples-to-oranges comparison. The two accounting software differ a lot in pricing as well.

Quicken Home and Business is predominantly a desktop-based solution and hence, comes with only annual subscription plans. On the other hand, QuickBooks Online offers a monthly subscription plan to its users.

The Quicken Starter, Deluxe, and Premier products have annual subscription charges of USD 35.99, USD 51.99, and USD 77.99 respectively, for both Windows and Mac operating systems. The Home and Business is priced at USD 103.99 per year for Windows. It should be noted that it is not available for the macOS. 

QuickBooks Online offers four different pricing plans and is, therefore, a little more complex. Its least expensive plan is the Simple Start which is priced at USD 25 per month. The Essentials, Plus, and Advanced are priced at USD 40, USD 70, and USD 150 per month, respectively. Additionally, you also have the option to integrate other supplemental QuickBooks services including QuickBooks Payroll, point of sale, Tsheets, etcetera by paying the additional costs.

It is evident from the pricing that even the cheapest of the QuickBooks Online subscription is about three times the most expensive Quicken product, the Home and Business. However, the QuickBooks Simple Start offers more specified and functional accounting tools that can cater to most small businesses.

Closing thoughts

Efficient financial management is paramount to healthier growth. Be it personal or business, you need robust accounting software to cater to all your accounting and financial needs. Both Quicken and QuickBooks are great accounting software in their own respective ways. If you want to have software for your personal finance management, Quicken is a great cost-efficient option. It can also take care of your personal finances, though, not simultaneously.

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