Difference Between Quicken and QuickBooks

Quicken and Quickbooks are two of the most widely used financial management and accounting tools throughout the world.

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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, availability, etc.

Key Takeaways

  1. Quicken is primarily designed for personal finance management, while QuickBooks is geared towards small and medium-sized businesses.
  2. QuickBooks offers advanced features such as payroll processing and inventory management, whereas Quicken focuses on budgeting, bill management, and investment tracking.
  3. Quicken is best suited for individual users, while QuickBooks caters to the needs of businesses and entrepreneurs.

Quicken vs QuickBooks

The 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

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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 a mobile app compatible with Android, iPhones, iPads, 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

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, iPod Touch, etc.

Quicken includes financial planning capabilities that people would otherwise be doing on paper. Tracking investments, loans, budget planning, incomes, etc., are some of the common features of the software.

Quicken Incorporative provides three years of technical support for the labelled 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 ensure that the data transaction is safe.

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

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. Like Quicken Incorporative, Intuit provides QuickBooks technical support for three years after the version’s release.

QuickBooks offers many more features than Quicken, such as cloud computing, e-commerce on Shopify and Square, and payroll features.

Furthermore, QuickBooks is a VeriSign SecuredTM product, which 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.

Based on a user’s requirement, QuickBooks Simple Start, QuickBooks Essentials, QuickBooks Plus, and QuickBooks Advanced is available in four subscriptions.

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.
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
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