Using the right software to manage the finances of your business can simplify everything from paying taxes to recording inventory. The software you choose for your business should have scalability that allows you to upgrade anytime your business exceeds the capacities of your current software. A primary benefit of using software from one company such as Intuit the developer of both Quicken and QuickBooks is the ability to upgrade from one software to another seamlessly.
Intuit designed Quicken Home and Business for sole proprietors or owner operators of small businesses. This basic business software package is not compatible with businesses that have multiple employees and require a software application with full payroll capacity. Quicken Home and Business also allows you to manage both your personal and business financial separately records with a single software application. Quicken is more effective than QuickBooks at managing your personal investments and finances. Additionally, Quicken is a simpler program to learn and use than QuickBooks.
Quicken Home and Business allows you to control your and manage your business and personal investments with detailed information. The application features the ability to download transactions from your bank, credit card companies and access your investment accounts. This also integrates your ability to determine your tax liabilities for gains and loses. Additionally, Intuit recommends Quicken Home and Business for single users.
Unlike Quicken, QuickBooks features many types of business tools designed to manage varied businesses of different sizes. QuickBooks allows your business to input debits and credits, prepare cash flow statements, track profits and loses, print checks, track sales tax receipts and payments, create balance sheets and sales invoices with reports. Intuit also offers different versions of this software depending on the specific needs of your business.
QuickBooks also has many accounting features that make this software application useful for small and medium businesses. Although QuickBooks is more difficult to use than Quicken, Intuit offers free tutorials when you purchase the software that allow you to quickly learn the basic features of this software application. QuickBooks also allows businesses to use either a single or double entry bookkeeping system. Additionally, QuickBooks has a greater capability to generate reports than quicken and allows up to five simultaneous users. Further, QuickBooks can prepare estimates for bidding projects, track payroll, and export information to other software applications such as Microsoft Excel.