Investor · Saint Louis, MO · Member since 2016 · 36 posts · 7 votes
I am wondering about the differences between Quickbooks and Quicken home and business software. I am a real estate agent, landlord, and investor and would like to find one product that can help me stay on top of things. It seems that landlords lean towards Quickbooks. But I would really like to keep things under one umbrella.
I am wondering about the differences between Quickbooks and Quicken home and business software. I am a real estate agent, landlord, and investor and would like to find one product that can help me stay on top of things. It seems that landlords lean towards Quickbooks. But I would really like to keep things under one umbrella.
I've been on QuickBooks since 2002.
I've been in business in one form or another since the late 80's, got my first rental in 1983. I first used an accounting software called SBT for a few years, then my wife took over bookkeeping and switched to Quicken. I took over bookkeeping again when I bought a business, we dropped Quicken switched to QuickBooks.
I cannot comment of Quicken as it exists today being out of it for more than 20 years. The reasons are:
1. Spoke with CPA and bookkeepers in the event I have to scale up, most do Quickbooks. I would have to search around for someone that does Quicken.
2. Quicken does not use a chart of accounts and as I recall and cannot produce a balance sheets. When I had a business, I applied for an SBA loan, I just print one off QuickBooks.
3. I use QuickBooks payroll service for businesses I have. Early on I had my CPA do payroll, but when I had up to eight employees, it was cheaper and more efficient using QuickBooks.
4. Back in 2013, I had a stroke and had someone take over doing the books for a few months. It went smoothly since my CPA's staff are all familiar with QuickBooks. There are many other software mentioned here that does rental business accounting, but when I talk to my CPA, he's not familiar with any of them.
5. I use QuickBooks the 2018 desktop version and it's relatively cheap compared to the online version. Every few years I have to upgrade as the older desktop version is no longer supported, but you can still use it even with no support. Used it for a few years before 2018 with no support. Currently they advised I have to upgrade to the 2021 version for $150 which isn't so bad. So I'll most likely upgrade.
Just to add we were on Quicken for a few years before 2002 with no problems. My wife found it easy to work with and things were simpler. It's when we scaled up, need bookkeepers that QuickBooks had the advantage.
My CPA was not a QuickBooks fan originally either, but got on the bandwagon when everyone started using it.