Quicken and QuickBooks are two accounting platforms for small businesses, but they have distinct differences. Quicken is more affordable and simpler to use, making it better suited for beginners and simple operations. However, it requires a dedicated desktop computer. On the other hand, QuickBooks Online is more advanced, suitable for businesses at any stage of growth, and accessible from any device because it is cloud-based. However, it is more expensive and has a steeper learning curve. To determine which accounting software is right for your business, let’s compare Quicken and QuickBooks Online.
Comparison Table: Quicken vs. QuickBooks Online
Quicken:
– Starting price for business plan (monthly): $10.99
– Not cloud-based
– More user-friendly
– Does not support multiple users
QuickBooks Online:
– Starting price for business plan (monthly): $30
– Cloud-based
– Less user-friendly
– Supports multiple users via cloud-based access
Pricing:
If cost-saving is a concern, Quicken is the better choice with its more budget-friendly pricing and simpler subscription scheme. However, if you are willing to pay more for richer features, QuickBooks Online is the winner.
Quicken’s Pricing:
– Simplifi: $3.99 per month ($47.88 per year)
– Classic Deluxe: $5.99 per month ($71.88 per year)
– Classic Premier: $7.99 per month ($95.88 per year)
– Classic Business & Personal: $10.99 per month ($131.88 per year)
QuickBooks Online’s Pricing:
– Simple Start: $30 per month
– Essentials: $60 per month
– Plus: $90 per month
– Advanced: $200 per month
Features Comparison:
1. Scalable Setup: QuickBooks Online is the clear winner, offering tiered subscription plans for tailored solutions at all stages of growth.
2. Personal Finance Integration: Quicken excels in integrating personal financial management with business accounting, ideal for sole proprietors and freelancers.
3. Invoicing: QuickBooks Online stands out with its advanced invoicing features, including custom invoices, recurring billing, and online payment acceptance.
4. Investment Tracking: Quicken is the go-to for comprehensive investment tracking, offering tools for monitoring stocks, certificates of deposit, and real estate, among others.
5. User-Friendly Interface: Quicken wins in terms of user-friendliness, designed for individuals without accounting backgrounds.
6. Analytics: QuickBooks Online provides deep financial insights through customizable reports, making it invaluable for data-driven decision-making.
7. Multiple Users: QuickBooks Online allows multiple users with different permissions, facilitating collaboration and ensuring data security.
8. Financial Analysis: Quicken specializes in merging personal and business finances, while QuickBooks Online offers a more detailed business financial perspective.
Pros and Cons:
– Quicken Pros: Seamless integration of personal and business finances, investment tracking tools, beginner-friendly.
– Quicken Cons: Limited scalability, Windows-centric, less customizability, limited analytics.
– QuickBooks Online Pros: Scalability, broad features, integrations with Intuit and third-party software, advanced analytics.
– QuickBooks Online Cons: Steeper learning curve, higher price, no desktop option.
Which to Choose?
Choose Quicken if you manage personal and business finances together, need detailed investment tracking, prioritize ease of use, and have a tighter budget.
Choose QuickBooks Online if your business is growing, rely heavily on invoicing and billing, need comprehensive reporting and analytics, require integration with other software, and collaboration is key.
Methodology:
We evaluated each platform’s features, pricing, analytics, and suitability for different business sizes. We considered financial tracking, invoicing, reporting, scalability, customer feedback, and overall long-term value for both platforms.
