Book keeping software queen Quicken released a revamped product in October, much to the delight of its loyal band of followers. However whether it has managed to keep pace with MYOB’s latest cloud offering is the question looming large for small businesses.
While the new Quicken Home & Business 2013 does sync automatically with tablet apps and downloads income and expense items from your bank accounts, saving tedious manual transaction entering, it is not yet fully cloud integrated.
While this may be seen as a security advantage in the eyes of some, the reality is that data stored in the cloud is probably safer than that kept in the home or office.
As Quicken has traditionally focussed on personal finances, it has a very strong offering on that side of things with relatively basic business accounting tools for small businesses.
The investing, tax planning, and property and debt management tools are great, but all ideal for personal finance. Even the reporting categories are suited to personal finance users with sections such as ‘Where did I spend my money during this period?’ and ‘Did I meet my budget?’
And while it does provide the all important accounts payable and receivable functions, the platform lacks important small business section like inventory, payroll, time billing, and jobs management.
That said, these accounting tools will suffice for some small operations, so if you’re after a personal accounting system with just a few small business side dishes, Quicken will do the job.
But if you’d prefer something more small business centric, check out MYOB’s latest cloud solution.
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