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Whether you own your business or is it for your financial management, you always need to think about managing your money the right way. QuickBooks and Quicken are two of the most widely accepted and most used financial management tools. Both of them have unique feature sets that are designed for different users. For a small business, you are in a dilemma as to which software to use. If you are wondering the same, here is everything you need to know about each of the software. We have explained everything that you need to know about these financial tools for your business.

The Difference | QuickBooks services

QuickBooks is the gold for small businesses, it has helped shape businesses their financial tasks with ease. It is what most of the business switches to when they plan to shift their business from spreadsheets to accounting software. Numerous accountants use it and also recommends the business, especially small-scale business to make use of accounting and financial tasks with ease.

Whereas talking about Quicken, it is widely used personal bookkeeping and accounting software that provide great accounting tasks for home and personal business. Although the tagline of Quicken says ‘suitable for all business sizes, however, the feature provided in it works best for small business and property dealings. Quicken is primarily designed for personal finances, therefor the business capabilities related to it are limited.

Budgeting

In QuickBooks, the user gets a dashboard that gives a visual overview of the accounting which also includes current expenses, income, as well as upcoming bills. This software does the tasks of connecting and comparing profitability across the project and to help businesses have a better understanding of the market.

In Quicken too there is a visual dashboard for budgeting, it recognizes the expenses, payments, and uses those along with the other manual entries to give a personalized approach to budget requirements. Managed with the same interface you can still expect the home and business budgets to be separated.

Bill payment

Small business needs to manage their time well in handling multiple tasks together. The most crucial of it is paying bills on time, which can be done well with an easy to automate feature for bill payments. QuickBooks pay stub template allows user to access their bill payments by integrating them to another software, or through the app.

Quicken offers free bill payment as you activate the tool for your account. This software provides fewer feature rick plan for the bill payments through the bank.

Payroll

As soon as you think and plan to hire a new employee, you need a payroll feature in your accounting software. This is to make sure the right payment is provided to your employee, such that they get motivated to work for you. Also, it has to comply with the payroll laws and taxes. QuickBooks is meant to grow your business, and there are several options included in the software. It involves various features; you can use TSheets for QuickBooks to manage the employee timesheet and then sign up for payroll services.

When talking about Quicken Home & Business this doesn’t have payroll software. It is still possibly a great tool for businesses of small size, but you cannot ignore the fact that payroll management is important. You might need to hire a professional who can manually handle payroll if not done through accounting software.

Invoicing

QuickBooks offers its users advance invoicing and payment options that are good for small businesses to make the payment faster, which also includes online payment. This is linked with the electronic invoices and you have options to choose from a wide range of templates, one which looks professional for invoicing.

Quicken offers similar invoicing tools just as you see in the QuickBooks software and you can also brand your invoice with the logo of your brand and link it with any payment gateway. There you have the option to choose recipients from the list of customers and vendors. You can also save your custom invoices in form of templates to fasten up your invoice process easily. If you make new invoices, it gets automatically recognized in the QuickBooks.

Read more about “QuickBooks File Doctor

Sales Tax

QuickBooks divide the tax feature into two different tools one is the sales tax and then deductions. The sales tax feature further automatically calculates the sales taxes for product sales that are based on location, date, category, and more. Using the QuickBooks mobile app for tracking your deductions routinely and upload the receipts too. In the sales tax liability report, you get a clear overview of how much you have own at the end of the period.

Quicken has a lot to offer in the tax reports plan that also offers you custom reports. This way, it tends to help you file faster and make your expense plan better. Quicken acts as a central tool to manage your personal as well as business account and it will automatically identify the payments to qualify for business deductions.

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