QuickBooks vs Quicken: Knowing the Difference

A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. Bookkeeping focuses on recording and organizing financial data, including tasks such as invoicing, billing, payroll and reconciling transactions. Accounting is the interpretation and presentation of that financial data, including aspects such as tax returns, auditing and analyzing performance. If you find that you have a talent for and enjoy the process, you may consider starting your own bookkeeping business providing this service to others. There’s always a demand for experienced, efficient bookkeepers in nearly every industry.

• Includes project tracking tools in higher tier plans; has transaction tracking tags; lacks industry-specific reports; users with multiple businesses must pay for separate subscriptions.
• Note that you must first enter your bills in QuickBooks Online and then pay them online by clicking the + New button and then selecting Pay bills online.
• For additional help with your business’s accounting needs, enlist the services of a certified QuickBooks ProAdvisor.
• Those completely unfamiliar with accounting may find using QuickBooks has a steep learning curve.

You can also track investments using cost basis to best understand the tax implications of buying, selling, and how you are building your portfolio. It can also plug into many additional software tools for added features. Essentially, QuickBooks is the Swiss Army knife of business financial tools—it can do horizontal and vertical analysis just about anything you might need for your business. But there are some features that many businesses will never need, and the high price tag for QuickBooks Professional may be a reason to look elsewhere. The free QuickBooks mobile app allows you to access your business’s accounting reports from anywhere.

Best QuickBooks Alternatives (Free & Paid)

Generate profit and loss reports through the “Report Center” to get a snapshot of your accounts receivable, budgets, cash flow, etc. An income statement, showing your profit margin, allows you to see how well your business is doing and if costs need to be cut in certain areas. Like Xerox is to copies, and BandAid is to bandages—QuickBooks has been synonymous with business accounting software since the 1990s.

You can ensure that you pay your bills on time by creating an accounts payable (A/P) report. This report will provide you with the details of your current and past-due bills. The ability to pay bills and track unpaid bills is available in QuickBooks Essentials and higher plans. While there are many options available, you do not need to sign up for all of the QuickBooks services all at once. You can start with a single app, such as the accounting or payroll software, and add others as you expand.

With the ability to customize an invoice, you can include your company logo, contact information, and more. This invoicing tool can be sent to customers from QuickBooks and returned to be stored and organized. You’ll even have the ability to review unpaid invoices so you’ll never lose out on revenue. Learning QuickBooks can give you a competitive advantage against other small businesses. Like most accounting software, the platform requires at least some understanding of bookkeeping and accounting to get the most out of it. QuickBooks always recommends enlisting the expertise of a business accountant to review your work.

• Learn about the advantages of using QuickBooks and find valuable tips for optimising its usage.
• QuickBooks offers a lot of tools, but one of its greatest features is that it automates your bills and tracks expenses by seamlessly connecting to your bank accounts and credit cards.
• Some of the most popular Quicken alternatives include You Need a Budget (YNAB), Personal Capital, Mint, and Tiller.
• You can get a 30-day free trial to use the software (if you do so, you won’t receive any time-limited promotional pricing for new users).
• QuickBooks even goes as far as automating payroll, with same-day direct deposits and an easy timesheet approval process.

QuickBooks is an accounting software package created by Intuit, which offers solutions for managing personal, business, and tax finances. QuickBooks Online is a good option for many small businesses that are looking to make invoicing customers easy and integrate invoicing and payments into the general ledger. Small businesses can customize how they use the platform so that they only use the features they need. While QuickBooks is the favorite of many small businesses, it may not have all the tools and industry-specific features you need to grow your business. If you are looking for a more robust accounting solution, check out our list of the top accounting software products.

Intuit QuickBooks Simple Start

Add-on services — including QuickBooks Payroll and QuickBooks Payments — will incur separate costs. QuickBooks’ ability to streamline financial processes and save time is one of its most significant advantages. Automating tasks like invoicing, expense tracking, and payroll management frees up valuable resources that can be directed towards core business activities. This time efficiency translates into increased productivity and a more focused approach to achieving business goals.

Access your QuickBooks account at any time, and run your small business through multiple devices like smartphones, tablets, laptops, etc. You can upload an unlimited number of receipts to QuickBooks Online as the receipts are stored in the cloud along with your data. Our review of QuickBooks Payroll provides pricing details and more insight into its features and use cases. While you can’t compare actual and estimated costs, QuickBooks Online allows you to monitor the profitability of each project you’re working on by creating a project profitability summary report. Note that you must first enter your bills in QuickBooks Online and then pay them online by clicking the + New button and then selecting Pay bills online.

QuickBooks Online vs. QuickBooks Desktop

Though QuickBooks Online has a handful of convenient features that can speed up your workflow and even automate some of it, the software can be complex. You’ll get the most out of it if you have some knowledge of basic accounting concepts. Whereas you might be able to use some software alternatives without explanation, it may take some time to get the hang of QuickBooks.

General Ledger and Accounts Receivable and Payable

Any business looking for long-term support and growth should consider Online plans over Desktop. Quickbooks Online offers integration with other third-party software and financial services, such as banks, payroll companies, and expense management software. It’ll make tax time easier if your Chart of Accounts includes all the line items required on your tax return.

This review will detail the features, pricing, plans, and even how to do payroll in QuickBooks. We’ll dive in to free options and low-cost options and their features, just in case you’re not satisfied. You’ll be relieved to know that QuickBooks offers flexible payment solutions. These include TurboTax (for preparation of personal income tax returns) and ProConnect (tax software for accounting professionals). To help determine which of these two widely used financial management tools is best for you, we conducted a comprehensive review process of both.

A Case Study: How Using ProConnect™ Tax Online and Qu…

QuickBooks Premier best serves businesses with industry-specific requirements or high-volume inventory. In other words, industries such as retail, manufacturing, healthcare, and construction. Premier features consist of industry-specific information, job cost estimates, forecasting reports, and budgeting tools.

Includes audit trails and easy accountant access; has millions of users so your accountant will likely be familiar with it. Offers four plans to accommodate a range of businesses with different needs; each plan limits the number of users, though. Users will be prompted to enter essential company information, such as business name, address, and contact details, during the setup. This information ensures the financial records are accurate and reflect the company’s details. Get to know “What is QuickBooks” and gain insights into its various types and powerful features.