QuickBooks Online Vs. Quicken – Key Differences
Have you ever heard the phrase, “That’s like comparing apples with oranges?”
Well, when comparing QuickBooks Online vs. Quicken that’s exactly what you’re doing.
Sure, like apples and oranges, QuickBooks Online and Quicken are both from the same category (fruits, accounting technology programs), but that’s about as far as you’ll get with comparisons.
The nice thing about the two platforms being completely different is that you’ll know exactly which one to utilize!
So let’s dive in and discuss the differences between QuickBooks Online vs. Quicken!
Form & Function
To first learn the distinction between the two platforms, we must know what each platform does and how it functions.
QuickBooks Online
QuickBooks Online is a robust cloud-based accounting platform that assists small businesses with their everyday accounting tasks.
This includes bookkeeping, invoicing, payroll, time tracking, inventory management, accounts payables, accounts receivables, and much more.
With their advanced plans, you can even manage employee expenses, take care of payroll, handle revenue recognition, engage in financial planning and get access to 24/7 support and training.
QuickBooks Online routinely updates their features to empower business owners to better manage their finances. From bill tracking to online payments and data insights, QuickBooks can help you stay on top of things and make smarter business decisions.
Plus, their new AI-powered features can help generate invoices, schedule payments and even categorize your expenses automatically to save you even more time.
If you need extra help, QuickBooks has you covered. As a member, you can connect with their experts to help ensure you stay compliant or get help interpreting data on their reports to make improvements.
It’s no wonder QuickBooks Online is the leading accounting software on the market today and is used by over 5.3 million businesses worldwide.
Here at Redmond Accounting, we use QuickBooks Online internally and use it to help our clients as well.
Because of how widely used this platform is, QuickBooks allows a lot of integrations with other top-tier accounting platforms like Gusto, Bill.com, and Expensify to create a streamlined accounting system perfectly fit to your business needs.
Quicken
Quicken generally focuses more on personal finances rather than business accounting. However, they now offer a Classic Business & Personal plan that helps users manage their business, rental and personal finances from one platform.
You can keep track of things like:
- Investments
- Savings
- Financial Portfolios
- Income
- Expenses
- Debt
- Property
- Budgets
You can even generate reports, including tax schedules, profit and loss statements, cash flow statements and more.
It can also be set up to pay bills and categorize where your money is going.
One big drawback with Quicken’s Classic Business & Personal plan is that it’s not cloud-based. It’s a traditional software program, although it’s compatible with Windows and Mac systems.
While Quicken markets this plan as an option for businesses, it’s nowhere near as robust and comprehensive as QuickBooks Online. It seems to be more aimed towards rental property owners and individuals wanting to improve their finances.
Key Differences Between QuickBooks Online Vs. Quicken
Both financial platforms are beneficial to the end-user but for completely different reasons.
Quicken is a good option for personal finance, while QuickBooks Online is great for managing your business finances.
Quicken doesn’t offer the features you need to run a business the way QuickBooks Online does. In the end, it’s the features, integration ability, and ease of use that make QuickBooks our accounting platform of choice.
Plus, QuickBooks Online offers numerous plan options to meet the needs and budgets of businesses of all sizes.
Want To Setup QuickBooks Online For Your Business? See Redmond Accounting Today!
If you’re ready to simplify your accounting tasks and streamline your business to save time, save money, and reduce costly errors, it’s time to invest in QuickBooks Online today!
Here at Redmond Accounting, we offer setup services, training, and support for all the platforms we recommend. This gives you the knowledge, insight, and confidence to use QuickBooks Online without fear or stress.
To learn more about what we do here at Redmond Accounting, we encourage you to schedule a consultation to see how we can help take the stress of accounting off your hands and free up time for you to spend growing your business!
You can also find helpful resources and tips on our blog page by reading articles about accounting platforms, the benefits of a virtual payroll specialist, and more.
