Quicken or Quickbooks for online home business?
My husband and I run our own online marketing business at home and are still getting started. All of our transactions are through paypal, but for tax purposes and record keeping, we need a bookkeeping program. Quicken is much cheaper than Quickbooks, but is Quickbooks really that much better?? Thanks in advance for any help with this!!
Deciding whether to use Quicken or QuickBooks is a matter of your accounting needs and abilities. Some accountants suggest clients use QuickBooks; however, not everyone is comfortable with accounting terminology or procedures. The following paragraphs highlight some of the differences in Quicken Deluxe compared to QuickBooks Pro (these versions offer the most features and flexibility).
First, consider your computer and accounting skills. If you can navigate through basic computer programs, know what a file is, can operate a mouse, know the X in the corner of a window closes it, and know how to write a check, then you can learn to use Quicken. QuickBooks is also user-friendly if you understand accounting terminology. However, with QuickBooks, it is important to get the set-up right from the beginning. Quicken is a little more flexible and can grow as you learn to use it.
Consider your accounting needs. What do you expect from the program? If you need to track simple income and expense records on a cash basis then Quicken is easier to set up, simpler to use, and less expensive. QuickBooks can be used for single-entry cash accounting, but it is intended to function as a double-entry system for business.
Some important Quicken features that are not available in QuickBooks:
1. The ability to record and track investments (including the capability to download investment information from the Internet). QuickBooks allows for no investment record-keeping.
2. The capability to create an amortized loan that records principal and interest components of loan payments. This feature makes tracking loan amounts and splitting payments into the correct categories more precise.
3. The ability to easily generate cash flow reports as well as budgets based on past transactions.
QuickBooks has the following features that Quicken does not:
1. The ability to create invoices and track payments received. (If you only need simple and infrequent invoicing features, then you may want to look at the Quicken Home and Business program.)
2. The ability to create accounts payable and track the payments as they are made. Payroll features are provided as a for-fee service, ranging from downloadable payroll table updates to complete payroll services. Other payroll features include the ability to track time for employees and link the time spent with specific projects.
3. Inventory features. However, this feature is of limited value to most farmers and ranchers as it is designed for a retail business. It can be helpful to producers selling certified seed, for instance.
4. The ability to accept credit card payments (with the use of QuickBooks Account Manager).
What Quicken and QuickBooks both offer:
1. The programs are affordable. Quicken Deluxe is about $60 with a $20 rebate for previous users; QuickBooks Pro can be purchased for about $220.
2. Both have class features which allow you to track income and expense information by enterprise for better financial analysis.
3. Both include a variety of reports for tracking income and expenses and tax information. However, the QuickBooks reports are more business oriented and tend to resemble standard accounting statements.
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