Difference Between Quicken & QuickBooks
Financial software is a great way to track your spending. Whether you are an individual or a small business, you can benefit from seeing where your money goes. The two most popular choices in finance software are Quicken and QuickBooks.
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Similarities
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Quicken and QuickBooks can both complete basic accounting functions. The programs can be used as a checkbook register. Both integrate with your online bank accounts, making for easy entry of data. Each can categorize your spending to make for easy tax filing and record-keeping. The programs also make generating reports and graphs as simple as the click of a button.
Usability
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Quicken is easier to use than QuickBooks. It has fewer features, which means fewer things to learn. This makes it ideal for personal finance or very small businesses. While QuickBooks is more difficult to learn, it has an extensive Help library and customer service available to help ease any concerns.
Quicken's price, between $40 and $60 in 2010, makes it more accessible to the home user. QuickBooks, on the other hand, can cost several hundred dollars, depending on the version selected.
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Personal Finances
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Quicken has features specifically customized for individual users, such as keeping track of household assets or saving for retirement. It can also track stocks and other investments. QuickBooks does not have these features because it is geared toward business owners.
Forms
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Stephen Nelson, author of "QuickBooks for Dummies" and "Quicken for Dummies," says, "If you need more forms--customer receipts, purchase orders, customer statements that show finance charges, and so on--you need QuickBooks." Quicken only has standard checks and invoices.
Payroll and Taxes
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QuickBooks is ready to do your company's payroll right out of the box. With Quicken, you must purchase a separate software add-on to have payroll capabilities. Besides calculating the necessary amounts, QuickBooks helps you record and file all the necessary payroll tax form.
Tracking sales tax for your business is a standard QuickBooks feature. Quicken, on the other hand, does not track sales tax.
Users
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Quicken comes only in single-user interfaces. QuickBooks allows for multiple licenses, which means several users in the office can have access to the software. Security features in QuickBooks also allow you control over who sees what information, so you don't have to let the data entry person, for example, see your overall financial picture. You can also grant access to QuickBooks to your accountant, giving him the information necessary to complete your taxes.
Inventory
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Quicken cannot track inventory. QuickBooks, on the other hand, has built-in inventory capabilities, making it a necessity for any business that carries physical stock.
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References
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