And because Quicken gives you a central tool to manage your personal and business accounts, it will automatically identify payments that qualify for business deductions. Quicken also provides a direct export to TurboTax, so you can save time during tax season. Each of these will help you file faster and plan your expenses better. Quicken has lots of tax reports in the Home & Business plan, including Schedules A-E and custom reports. The tax tools also prepare your tax statement to speed up your quarterly or annual filing.
The Sales Tax Liability report gives you a clear overview of how much you’ll owe at the end of each period, so check this as you build your budget. Use the QuickBooks mobile app to track your deductions automatically and upload receipts. The sales tax feature automatically calculates sales taxes for product sales based on location, date, and category of the sale. QuickBooks divides its tax features into two different tools: sales tax and deductions.
This article compares how QuickBooks and Quicken approach the major small business accounting software features you need and ends with some tips on how to choose between them. Because Quicken is primarily designed for personal use, its business capabilities are limited, but it could be just enough for those looking for a small business accounting software that helps them balance all their income. The official line on Quicken Home & Business is that it’s “suitable for all business sizes,” but the features work best for small personal businesses and secondary income from rental properties. Quicken is a widely-used personal accounting and budgeting software that offers a home and personal business accounting tool. Many accountants use it, too, and will recommend it to small businesses as a first accounting software. It’s what a lot of businesses start out with when they move from spreadsheets to an accounting software. Intuit QuickBooks is the gold standard for small business accounting software.