Why is there a confusion between Quicken and QuickBooks?
Apart from the similarity with initial half in the name as ‘Quick’, both the accounting software were introduced in the market by Intuit Inc. Quicken made it to the market and gained popularity much before QuickBooks.
Both of them are accounting solutions and managed to gain substantial success in their respective segments. Being commonly known, owned by same company, pretty similar name and fairly similar in operation, Quicken and QuickBooks cause confusion. Making a choice with the software for your need between the two is not as confusing if you can understand the difference between them.
Quicken, released in 1983, is a personal finance management tool. Consider the choice of word with that – ‘personal finance management tool’, which implies Quicken targets to help with the finances of individual users. The software follows a single-entry accounting capability with its processes and is able to serve personal accounting needs, such as – tracking and listing financial transactions, for users with comfortable ease.
Later in 2016, Intuit sold Quicken to H.I.G. Capital.
QuickBooks was launched by Intuit Inc. in 1998, more than a decade after Quicken. QuickBooks is an accounting software targeted to serve the complex accounting requirements of the small and mid-size businesses. Available in the various versions, QuickBooks comes with versatile features and options to streamline the entire accounting operations, such as – preparing taxes, maintaining payrolls, etc.
QuickBooks commands an impressive 85-90% business accounting market in the USA.
Comparing Quicken Vs. QuickBooks
|Current Owner||H.I.G. Capital||Intuit Inc.|
|Supported OS||Windows & Mac||Windows & Mac|
|Current Versions||Quicken Starter, Quicken Deluxe, Quicken Rental Property Manager, Quicken Premier, and Quicken Home & Business||QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, QuickBooks Accountant|
|Recommended For||Personal Finance Management||Small & Mid-size Business Accounting Operations|
|Accounting Capability||Single Entry||Double Entry|
|Cloud Version||No||Available as QuickBooks Online|
|Invoice and Tax Feature||No||Yes|
|File Format||*.QDF||*.QBM, *.QBA, *.QBW|
Are Quicken and QuickBooks the Same Thing?
Quicken and QuickBooks are different software programs with a completely different set of features and operations. Quicken is more focused on maintaining personal finances for the user on the other hand QuickBooks is aimed to support the complex accounting needs of SMBs.
That said, just because you are a business does not mean that you must go for QuickBooks over Quicken. For certain businesses, Quicken can serve as a right solution. For businesses that do not require a software to maintain payroll or to file taxes, Quicken can be an able candidate for managing finances. For businesses that have to prepare and send a number of invoices, Quicken will not go well and QuickBooks will make a better choice.