Best bookkeeping software for small businesses

For small businesses using Quicken for payroll, we provide payroll processing and tax filing services. At 360 Accounting Pro Inc., we help small businesses integrate Quicken into their accounting system for optimized financial management. If you’re a new bookkeeper for a business that uses Quicken accounting software, you could probably use a bit of help and encouragement. Specifically, I will explain what you should know about your computer, Windows, and Quicken. And I can explain how you should perform some of the standard small business financial recordkeeping.

• Quicken simplifies tax reporting by categorizing business transactions and generating tax summary reports.
• See the information that’s most valuable for your goals & priorities.
• With Quicken, see where your money is going and make informed decisions about how to best use your resources.
• Whether you use Quicken or QuickBooks Online depends largely on what type of finances you need to manage.
• It’s helpful if you know a few things, but, for example, your boss shouldn’t expect you to understand the income tax rules for employee fringe benefits, asset depreciation, or partnership taxation.
• 1According to data from the August 2024 Intuit QuickBooks Quarterly Small Business Insights, a quarterly online survey of ~5,000 small businesses.

Intuit QuickBooks Enables Tap to Pay on iPhone for Small and Mid-Market Businesses to Accept Contactless Payments

It works with PayPal for accepting online credit card payments, Dropbox for storing important documents like rental agreements, and Zillow Zestimate for estimating home values. In my opinion, QuickBooks Online easily edges out Quicken when it comes to integrations. With access to over 750 third-party apps, it offers unmatched flexibility for businesses. QuickBooks wins this category with slightly higher user reviews. QuickBooks Online users frequently mention its ease of setup and use, emphasizing its straightforward and intuitive interface. Many also appreciate the wide range of integrations that enhance its functionality.

How does the 30-day, money-back guarantee work?

Specifically, this more comprehensive competitor is ideal for small-business virtual accountant owners craving more extensive features. In contrast, many competitors, like QuickBooks and Zoho, include an add-on paycheck-cutting option. Quicken also can’t connect to banks outside the U.S. and Canada, among other hindrances to business growth. Due to its focus on personal finance, the platform lacks scalability for businesses.

Quicken vs QuickBooks: Which Is Best for Your Small Business?

The app allows users to track their expenses, view account balances, and receive alerts. If you manage only a few rental properties and need a basic solution for creating invoices and tracking bills and tenant payments, then Quicken Business & Personal may be right for you. While Quicken is generally easy to use, some of its features are not intuitive, and you’ll need to devote time to learning to use them. The platform offers multiple options for customizations, so you can completely personalize it to your needs. Your financial management journey begins on the dashboard or Home tab, which gives you a comprehensive view of your finances. The dashboard allows you to manage and track your budget, spending, and bills.

If you need to keep detailed records of other business assets, such as inventory, you need to use another program. Quicken lets you calculate profits by tagging bank account deposits as income and bank what are retained earnings account withdrawals as expense. If this approach doesn’t work for the small business you’re keeping the books for, you need to use another program. Customize any report to show you any combination of accounts you want to see. Deep dive into your cash flows, profit & loss, investments, debt, asset accounts, and more.

• Although Quicken does have a version of its software for both rental property owners and small businesses, it is not double-entry accounting software and thus is not as advanced as QuickBooks.
• Quicken generates ample financial reports, including cash flow, P&L, account balances, transactions, payee comparisons, budget spending, cash flow comparisons, and banking summaries.
• Some users note there is no client invoicing, which isn’t true in the Classic Business and Personal plan.
• Buy QuickBooks as a desktop program or as part of an online program.
• However, you can use it to organize your tax-related data and export it to tax software like TurboTax.
• On the downside, some point out the restriction on the number of users, which can be a drawback for growing businesses.

Is Quicken Right for You or Your Business?

For example, many accounting firms and lenders require this more complex ledger style. As a result, the software title may not jibe with your long-term growth goals. However, you can use it to organize your tax-related data and export it to tax software like TurboTax. In every Quicken plan, you can use the web companion for more accessibility. However, you still need to buy the desktop version to use the web version.

Comparing Quicken and QuickBooks is a bit like comparing apples and oranges. Both are financial management tools and even share a few features and functions, but the two software programs are built for different uses. While Quicken offers four different subscription packages for users, the Home & Business package is likely to be the one most relevant for entrepreneurs. At 360 Accounting Pro Inc., we help small businesses leverage Quicken for accurate financial management, tax savings, and improved cash flow. While Quicken simplifies financial tracking, managing a small business’s accounting requires expert support to maximize tax deductions, ensure compliance, and generate accurate financial reports. Small businesses can connect their bank accounts, credit cards, and loans to Quicken for real-time transaction tracking, eliminating the need for manual entry.

Quicken Classic Premier

Quicken is a personal finance management application for creating budgets, tracking expenses, and managing investments. Its personal finance tracking solution, Simplifi, is great for managing your finances, investments, and debt; however, it lacks rental property management features. Quicken’s monthly fee ranges from $5.99 to $10.99 (billed annually), whereas Simplifi is priced at $3.99 per month (billed annually). QuickBooks has more features for small businesses, such as the ability to track inventory and create invoices.

Ease of Use: QuickBooks Online Wins

Quicken categorizes and tracks business expenses automatically, helping small business owners monitor where their money is going and how to stay within budget. Quicken’s tax tools also allow for sales tax tracking within the software. Users can create reports covering Schedules A to E, as well as Tax Summaries, Capital Gains, and custom reports for any tax schedule. Business deductions can be managed as well, and tax data can be exported to TurboTax with ease.