Our Quicken Review for 2023 dives into the latest features, pricing, and more of this powerful personal finance software. Explore intuitive budgeting tools, seamless bill tracking, and comprehensive investment tracking, and discover the various pricing options available. Join us as we provide an insightful and informative analysis of Quicken’s offerings in 2023!
Quicken is an accounting tool designed to simplify the management of rental properties for businesses. It offers a range of features and functionalities that provide a comprehensive solution for payment collection, tracking outstanding payments, and generating rent receipts for tenants. Additionally, Quicken provides tools for credit checks, tenant portals, personal finance management, online payments, and tax management, enabling businesses to streamline their operations effectively.
Quicken serves as a powerful personal finance management application for both Mac and Windows users. The Windows version also offers basic rental management and business accounting capabilities. In this review, we will discuss the pros and cons of Quicken, its pricing options, and key features.
Quicken Review: Pros and Cons
pros
- Comprehensive financial management for personal finances and rental properties.
- Convenient email invoicing and online payment collection.
- Powerful budgeting capabilities.
- Accessible through web and mobile companion apps.
cons
- Not a double-entry accounting system.
- May not be suitable for a large number of rental properties.
- Manual syncing process between web and desktop versions.
- Limited automation compared to some other software options.
When to Choose
- Personal finance management for individuals: Quicken excels as a personal finance tool, enabling users to effectively track expenses, savings, retirement accounts, and create budgets to maintain financial control.
- Landlords with a limited number of properties: Quicken is highly recommended for landlords who manage a small portfolio of one to three properties. It provides adequate real estate accounting capabilities without the need for complex automation or advanced rental management features.
- Corporations, partnerships, and limited liability companies (LLCs): Businesses operating as entities should consider utilizing a double-entry bookkeeping system offered by dedicated small business accounting software rather than relying solely on Quicken.
- Sole proprietors with employees: Quicken lacks payroll management features, making it less suitable for sole proprietors who require efficient tracking and management of employee payroll.
- Companies with a large number of units: Quicken may not be the optimal choice for real estate companies that handle multiple units. It lacks the automation features and adaptability provided by other software solutions specifically designed for the efficient management of numerous units.
- Companies with multiple users: As Quicken supports only a single user, businesses requiring access for multiple team members should explore alternative software solutions that can accommodate multiple users effectively.
Advantages of Quicken
- Comprehensive Financial Management: Quicken offers the advantage of managing both personal finances and rental properties in one platform, allowing users to have a holistic view of their financial situation.
- Convenient Payment Collection: With Quicken, users can easily email custom invoices to tenants and collect payments online, streamlining the rent collection process and reducing administrative tasks.
- Powerful Budgeting Capabilities: Quicken provides robust budgeting features, empowering users to set financial goals, track expenses, and make informed decisions based on accurate budget insights.
- Accessible Anytime, Anywhere: Every Quicken desktop application includes a web and mobile companion app, ensuring that users can conveniently access their financial information and perform necessary tasks from anywhere, at any time.
- Mobile App for Convenient Budgeting: With Quicken’s mobile app, users can conveniently manage their budget and track transactions while on the move. This feature provides flexibility and accessibility, allowing users to stay updated with their financial status anytime, anywhere.
Disadvantages of Quicken
- Not a Double-Entry Accounting System: Quicken does not function as a double-entry accounting system, which may limit its suitability for businesses with complex accounting needs that require more advanced financial tracking.
- Annual Subscription Fee: Quicken operates on an annual subscription model, which may be considered a drawback for users looking for a one-time purchase option. The recurring subscription fee adds to the overall cost of using the software.
- Limited Features for Mac Users: Mac users may find Quicken’s feature set somewhat limited compared to its Windows counterpart. This discrepancy in feature availability could be a disadvantage for Mac users. Especially for those who require specific functionalities for their financial management needs.
- Limitations for Large Rental Property Portfolios: Quicken may not be the ideal solution for businesses with a large number of rental properties, as its functionality may become less efficient when managing a significant volume of properties.
- Manual Syncing Process: To use the web companion feature, users need to download and install Quicken on their computers. After which manual syncing between the web and desktop versions is required before and after usage. This can be a potential inconvenience.
- Limited Automation: Quicken may require more manual effort compared to some other software options, as certain tasks and data syncing processes need to be performed manually rather than being automated.
Deciding Factors
| Supported Business Types | Small real estate businesses, freelancers |
| Monthly Pricing | 1. Starter: $3.49 2. Deluxe: $4.99 3. Premier: $6.99 4. Simplifi: $3.99 (Quicken’s personal finance tracking app – web and mobile) 5. Home & Business: $9.99 (Windows only) |
| Free Trial | 30 days |
| Features | – Web and mobile companion app included with every Quicken desktop program – Email custom invoices and collect payments online – Comprehensive personal finance management capabilities – Ability to create one budget per month |
| Customer Support | Quicken offers various support options, including a Getting Started guide, community forum, help center, phone support, and live chat. Subscribers to Quicken Premier or higher plans enjoy unlimited priority access to customer care for one year. |
Quicken Review: Pricing and Features
| Plan | Pricing | Features |
| Starter | $3.49 per month | – Basic income and expense tracking- Budget creation and management |
| Deluxe | $4.99 per month | – Track principal and interest payments- Generate Schedule D tax forms for property sales and trades- Monitor stock market investments |
| Premier | $6.99 per month | – All Deluxe plan features- Bill payment directly from the Quicken dashboard- Enhanced customer service |
| Home & Business | $9.99 per month | – All Premier plan features- Create and customize invoices with payment links- Track business profit and loss- Business tax assistance and form generation- Property management features such as rent tracking, security deposit tracking, and rental document organization |
| Simplifi | $3.99 per month | – Cloud-based platform accessible via web browser and mobile app |
Is Quicken Worth It? The Final Verdict
Considering the features, pricing, and factors discussed, Quicken proves to be a valuable accounting tool for small businesses. Especially for those involved in rental property management. With its comprehensive financial management capabilities, Quicken simplifies income and expense tracking, budgeting, and bill management. It offers convenient features like email invoicing and online payment collection, empowering businesses to streamline their operations.
For individuals looking for robust personal finance management, it is the best. Quicken excels in providing tools for tracking expenses, savings, retirement accounts, and creating budgets. Landlords with a limited number of properties will find Quicken to be a suitable choice. It offers adequate real estate accounting capabilities without the need for complex automation.
However, businesses operating as corporations, partnerships, or LLCs may require a double-entry bookkeeping system. This system is provided by dedicated small business accounting software. Sole proprietors with employees might find Quicken less suitable due to the lack of payroll management features. Additionally, companies with a large number of rental units or multiple users may benefit from alternative software solutions. These solutions offer more advanced automation and scalability.
Quicken is worth considering for small businesses and individuals seeking efficient personal finance and rental property management solutions. However, it’s essential to assess your specific business needs and consider alternative software options if they align more closely with your requirements.
Frequently Asked Questions
What is Quicken software for?
Quicken software is designed to help individuals and small businesses manage their finances effectively. It enables users to track income and expenses, create budgets, manage investments, and handle rental property finances.
