Quicken and QuickBooks are investment management systems from Intuit. Although both investment management systems applications are used for accounting, QuickBooks is not an expanded or improved version of Quicken. Quicken is a personal finance application, while QuickBooks is a small business double-entry accounting program. For personal financial application, many consider Quicken as the only choice since Microsoft Money was discontinued.
Quicken can be used by individual users only. QuickBooks, on the other hand, can be used by multiple users. The online version supports up to 25 users and an accountant. Most of the desktop versions of this investment management systems support up to five users. QuickBooks Enterprise Solutions supports up to 30 users.
QuickBooks contains a security feature that allows you to share some of the financial data of your business with your bookkeeper while keeping certain information provide and secure. You can set up multiple permission levels in this investment management systems so that you can provide access to only the data your user needs.
This investment management system offers some standard levels from which to choose or you can customize permissions. For example, you can set up accounts that only allow access to reports or time entry. On the other hand, Quicken has only two built-in levels. You can set a password for the entire data file and another password for transactions that occurred before a specific date.
Both of these investment management systems will help you create a budget and track your progress against it. However, only Quicken will help you develop a custom debt-reduction plan. It will even show you what you what you need to pay each month to eliminate your debt. This investment management system will also show you what you need to save to reach your retirement goals. You can also create savings plans for college, a house or other large purchases. QuickBooks will only keep track of the amounts credited or debited from your savings accounts.