There are many things that startups need to manage. But in the rush of keeping tabs on everything and while putting effort in preventing things from going haywire, there are many startups that ignore accounting. Well, such an approach can lead to a disaster as proper accounting is the base of a successful business.
There is no denial in the fact that there are many accounting software in the market that makes it easy for startups to manage their books more easily but most of the startups are not able to decide between QuickBooks and Quicken. If you are in such a dilemma then you have come to the right place as in this blog post, we are going to look at which accounting software is better for startups; QuickBooks or Quicken.
QuickBooks and Quicken both are very popular accounting software that have easy to use accounting tools. Both the software have been designed especially for small and medium-sized businesses. Well, these types of similarities makes it difficult for startups to choose the best one. So, let’s go through a detailed overview of both these popular accounting software.
An overview of QuickBooks and Quicken
The very famous QuickBooks software is surely one of the favorite choices among startups. The company behind this software is Intuit and every year, they launch a new version of the software with the latest features and improvements. There are many accountants that will recommend you to use QuickBooks if you are running a startup. QuickBooks basically has three most popular versions, Pro, Premier and Enterprise. There is another version that is known as Accountant.
The Quicken accounting software is suitable for businesses of all sizes and industry but when you will look at the features and tools available in Quicken then you will come to know that this software is best suited for small businesses like startups. Since Quicken was designed for personal use only, there are limited accounting features in it but these features are enough to fulfill the accounting needs of startups.
Analyzing both the software on different parameters
Automatic Bill Pay
Automation is surely very necessary for small businesses otherwise the owner will end up spending his valuable time in manual workflow. Although there are many features of a startup can be automated but the easiest feature that can be automated for startups is bill pay for recurring expenses.
You should know that users can manage their bill on QuickBooks by integrating it with an add-on that is known as Bill.com. A startup owner using Quicken can also ACH payments to vendors by simply using the Quicken app. It is true that QB will pay your bills automatically you will have to pay extra for Bill.com. And if you are not using this type of add-on then you will have to approve ACH payments manually. Once you will activate Quicken on your account then you will get free bill pay.
It doesn’t matter whether you are working with just one employee or 10 employees in your startup, you will surely need a good payroll feature in your accounting software otherwise, managing your employee’s payment will become a big hassle. A good payroll feature is necessary for your protection as well as for the protection of the employees.
The very famous QuickBooks software has been specially designed for growing businesses and this is why this popular accounting software contains various payroll options. You can simply use Tsheets from Quickbooks for easily managing the timesheet of the employees, sign up for a payroll service or send 1099 forms to contractors for both recurring and single projects. If you will choose the QuickBooks Payroll tool then you will have to pay a minimal fee.
The Quicken software comes with no payroll feature and that is one of the drawbacks of Quicken accounting software. But it is still a great accounting tool for startups and you will have to use another platform for payroll with your initial hiring and manually manage the payslips.
With the help of advanced and easy to use invoicing features, users of QuickBooks can pay their bills faster and in an easier way. All the online payments and other payments linked within electronic invoices can be managed easily with the invoicing feature. There are various invoicing templates available and you can use these templates to make professional-looking invoices and even brand the invoices with the logo of your own company. So, overall, the invoicing feature of QB is quite effective and efficient.
Quicken has almost similar invoicing feature as of QuickBooks. If you will be using Quicken for invoicing then you will be able to brand your invoices with the logo of your company and even provide a link for PayPal payment. You will have the option of choosing the recipient from the vendor and customer list feature, then save your custom invoices as templates. This will surely boost the speed of invoicing and you will be able to clear your bills quickly and in an effective manner.
So, as you can see, both the accounting software are beneficial for startup and this is why there is nothing like the best accounting software when you will compare these two popular accounting software. You will have to go through your unique needs and requirements in order to choose the best one according to your situation.