How to Handle Your Business Finances: Quickbooks vs?Quicken

The two biggest names in personal finance management are Quickbooks and Quicken. While many people believe that the two programs are more alike than not, there are significant differences when it comes to using the two programs.

The main difference between Quickbooks and Quicken is their core functionality. Quickbooks is designed for business use while Quicken is technically for personal use. There is a version of Quicken that is for business use, so we will be talking about Quicken Home and Business for the sake of this comparison. For example, our favorite people in the whole world, the gig workers, seem to gravitate towards keeping track of their business finances with Quicken Home and Business. Most likely the ease of use is the primary factor behind the adoption of QH&B — although its low monthly cost probably plays a part as well.

Both the business version of Quicken and Quickbooks allow for basic accounting to be performed. You can draw up invoices, manage both accounts payable and receivable, and create financial statements whenever necessary. Both are also available in app form for iOS and Android.

More differences come with how each program deals with the prospect of employees or contract workers. Quickbooks is much better prepared to handle extra workers while Quicken generally handles your work solo as a gig worker.

Another difference between the two services comes with their pricing methods. Quicken charges one set price for their Home and Business software, normally selling for $99.99 per year (barring any sales). Quickbooks breaks their application into tiered subscriptions, offering a base level, $25/month option, a $50/month increase, an $80 increase, and a $180 increase to accommodate for the size of your business.