Difference Between Quicken and QuickBooks

Quicken and Quickbooks are two of the most widely used financial management and accounting tools throughout the world. Even though both of them offer excellent value for money experiences, they are meant to serve completely different purposes. Quicken and QuickBooks differ in features, experiences, and availability, etc.

Quicken vs QuickBooks

The main difference between Quicken and QuickBooks is that Quicken is specifically designed for personal or family financial management whereas QuickBooks is designed for professional financial management on a larger scale such as businesses and firms. QuickBooks provides more advanced features than Quicken to manage complex data.

Quicken vs QuickBooks

Quicken is a finance management tool that was developed by Quicken Incorporative in 2016. This tool is mostly preferred for personal use. Quicken is compatible with both Windows and macOS. Additionally, Quicken is available as a mobile app and is compatible with Android, iPhones, iPads, and iPod Touch, etc.

QuickBooks is a finance management and accounting software package that was developed by Intuit in 1983. This tool is mostly preferred for small and medium-scale businesses. QuickBooks is compatible with both Windows and macOS. Additionally, Quicken is available as a mobile app for Android, Blackberry, and iOS operating systems.

Comparison Table Between Quicken and QuickBooks

Parameters of ComparisonQuickenQuickBooks
DevelopersIt was developed by Quicken Incorporative.It was developed by Intuit.
PurposePersonal financial management.Professional accounting operations.
File FormatIt supports only .QDF file format.It supports .QBM, .QBA, .QBW file formats.
UsersIt supports only one user at a time.It can support a maximum of 25 users at one time.
Customer SupportOnline Community.Help Website and knowledge.

What is Quicken?

Quicken is a finance management tool that was developed by Quicken Incorporative in 2016. This tool is mostly preferred for personal use. Quicken is compatible with both Windows and macOS. Additionally, Quicken is available as a mobile app and is compatible with Android, iPhones, iPads, and iPod Touch, etc.

Quicken includes financial planning capabilities that people would otherwise be doing on paper. Tracking investments, loans, budget planning, and incomes, etc., are some of the common features of the software. Quicken Incorporative provides three years of technical support for the labeled version of the product. For example, Quicken 2019 will be supported till 2022.

There are various limitations to business tools in Quicken, however, Quicken is more than enough for personal or family finances. One area where Quicken stands is that it is very easy to set up and use. There are little to no complications in the software and is suitable for non-technical people. Furthermore, Quicken uses bank-level security to protect the user’s financial data. Along with 256-encryption technology, the software uses multiple firewalls and scans to make sure that the transaction of data is safe.

Quicken is available in four subscriptions namely Quicken Starter, Quicken Deluxe, Quicken Premier, and Quicken Home and Business based on a user’s requirement.

What is QuickBooks?

QuickBooks is a finance management and accounting software package that was developed by Intuit in 1983. This tool is mostly preferred for small and medium-scale businesses, professional accounting, payroll functions, etc. QuickBooks is compatible with both Windows and macOS. Additionally, Quicken is available as a mobile app for Android, Blackberry, and iOS operating systems.

The major selling point of QuickBooks is that it replaces the retailer’s cash register, keeps account of sales, and recommends reports for business management. Since the finances of businesses are mostly complex, QuickBooks comes in handy. Just like Quicken Incorporative, Intuit also provides QuickBooks technical support for three years after the version’s release.

QuickBooks offers much more features than Quicken such as cloud computing, e-commerce on Shopify and Square, and payroll feature. Furthermore, QuickBooks is a VeriSign SecuredTM product which means that it relies on advanced security safeguards to protect the user’s financial data. On top of that, The data backups are secured with 256-bit AES encryption technology.

QuickBooks is available in four subscriptions namely QuickBooks Simple Start, QuickBooks Essentials, QuickBooks Plus, and QuickBooks Advanced based on a user’s requirement. The advanced version offers to report up to a maximum of 25 users, which is an excellent facility.

Main Differences Between Quicken and QuickBooks

  1. Quicken is designed for personal use whereas QuickBooks is designed for professional use.
  2. Quicken doesn’t have cloud-computing capabilities whereas QuickBooks has these features.
  3. Quicken can host only one user at a time whereas QuickBooks advanced can host 25 users at a time.
  4. Quicken has a broader reach than QuickBooks as it is available in more countries than QuickBooks.
  5. Quicken does not offer payroll processing whereas QuickBooks does.

Conclusion

With digitalization, many things are now done with the help of technology. Financial management and accounting are practical examples of this digitalization. Quicken and QuickBooks serve this purpose in an easy, manageable and safe way. Therefore, it is only wiser for people to invest in such financial management tools.

While the purpose of Quicken and QuickBooks is fundamentally similar, they are meant for two different groups of people. Even though QuickBooks has more features than Quicken, those features are not at all needed for personal use. What makes Quicken a better pick for personal finances is its ease to use. On top of that, data security is also excellent.

Nevertheless, Quicken is not enough for professional purposes. QuickBooks manages to fill these gaps. With more advanced features and support for cloud computing, QuickBooks is far better at managing complex tasks. Furthermore, QuickBooks allows multiple users at the same time with QuickBooks Advanced subscription. Just like Quicken, QuickBooks also prioritizes data security.

Quicken and QuickBooks are two of the most excellent choices for financial management. The right one to pick solely depends on the user’s preference and needs but Quicken should be more than enough for regular people with no professional needs. Nevertheless, the extra investment in QuickBooks has its perks.

References

  1. https://search.proquest.com/openview/ae4d26e69a847f90e250cd0a56cb1662/1?pq-origsite=gscholar&cbl=28211
  2. http://images.iowaworkforcedevelopment.gov/ffd8/34-sheila-reinger/using-quickbooks-pro-2003-for-accounting-d5ZbaaqnN.pdf
Search for "Ask Any Difference" on Google. Rate this post!(Total: 0 votes,average: 0 votes)