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Comparing Quicken vs. QuickBooks for rental property

two computers with spreadsheets
by Jeff Rohde, posted in Investment Strategy

As a rental property owner or manager, you need to track income and expenses. Many software programs are available to help you with this, but Quicken and QuickBooks are 2 of the most popular. 

Both Quicken and QuickBooks offer features beneficial for rental property owners. For example, Quicken has a rental property management tool that can help you track income and expenses and create reports. QuickBooks also offers similar features and has the added benefit of tracking inventory and customers.

So, which is the best software for rental property owners: Quicken or QuickBooks? Let’s take a closer look to find out.


Key takeaways

  • Quicken and QuickBooks are 2 well-known makers of general-purpose accounting software.
  • Quicken has a tool specifically for rental property management.
  • QuickBooks can track inventory and customers in addition to income and expenses.
  • While both Quicken and QuickBooks have their advantages, Stessa software is free and specifically designed to track rental property income and expenses.

 

Quicken overview

Quicken was founded in 1983, and today, millions of people use the program to manage their money. Quicken can help users track income and expenses, create reports, and more. 

Quicken also has a rental property manager tool that can track income and expenses. 

Quicken’s reports  can help you spot trends and make changes to your business in order to improve profitability.

Pricing

Quicken Home & Business is used for rental property and combines the classic versions of Quicken Home (formerly called Personal Accountant) and Quicken Rental Property Manager, which were previously available as separate products. Quicken requires an annual subscription.

The first step to using Quicken to manage rental property is to purchase a Home & Business subscription for $93.59 per year, which includes a 10% off discount.

The program does not provide a free trial, but there is a 30-day risk-free guarantee. The Quicken Home & Business desktop software works only with Windows, but the program syncs with the Quick mobile companion for iOS and Android, as well as Quicken’s web companion.

Software features

Quicken includes tools or features that:

  • Allow landlords to track rent payments, including partial payments and late fees, on a per-unit and per-property basis
  • Send rent statements and email reminders with a payment link to pay rent online, making it easier for a tenant to pay on time
  • Automate bank loan, tenant information, rental property value, and income and expense entries
  • Create a file for each tenant, including contact information, move-in and move-out dates, lease terms, and security deposits paid
  • Create a Schedule E for a rental property and other tax reports and export directly to TurboTax

Quicken on the Web is compatible with Quicken’s desktop counterpart, while Quicken’s mobile app helps investors manage rental property on the go.

 

person using spreadsheet

QuickBooks overview

QuickBooks was founded in the 1990s and has since become one of the most popular accounting software programs available. The software can track income and expenses and create reports. 

QuickBooks can also track inventory and customers.

QuickBooks features enable income and expense tracking, report creation, and inventory and customer tracking. 

Pricing

The cost of subscribing to QuickBooks may range from a few dollars a month for basic services to over $1,000 for more customized solutions. 

Currently, pricing for an online subscription to QuickBooks begins at $12.50 a month for the Simple Start plan and up to $90 a month for the Advanced plan, which provides features such as business analytics and profitability tracking.

According to Intuit, QuickBooks desktop plans process 38% faster than using QuickBooks online, but they can also be rather costly.

As of June 2022, a subscription for Pro Plus 2022 begins at $349.99 a year and runs to $1,340 a year for Enterprise 22.0, designed for multiple users. The company may offer discounts on the first year’s annual subscription.

Software features

QuickBooks’ features vary based on the plan selected.  The $40-per-month QuickBooks Plus Plan, the most popular plan, according to the company, features:

  • Income and expenses
  • Invoice and payments
  • Tax deductions
  • Comprehensive reports
  • Receipt capture
  • Mileage tracking
  • Cash flow
  • Sales and sales tax
  • Estimates
  • Contractors
  • Up to 5 users
  • Bill management
  • Time entry
  • Inventory
  • Project profitability

 

Quicken vs. QuickBooks

Advantages of using Quicken for rental property

  • Quicken has a rental property management tool that can help you track income and expenses and create reports. 
  • The software is designed specifically for tracking finances, so it offers features geared toward this purpose. 
  • Quicken can help you stay organized, making it easier to maintain profitability. 
  • The software is relatively easy to use and can be a valuable asset for any rental property owner or manager.

Advantages of using QuickBooks for rental property

  • The software is designed specifically for accounting and financial reporting, so it includes the features you need to stay organized and profitable.
  • QuickBooks offers inventory and customer tracking, which can be helpful for managing your business.
  • The software can be customized to fit your needs.
  • Support and training resources are available.

So, which one is right for you? It depends on your needs. For example, if you need a simple way to track income and expenses, Quicken may be the better choice. However, if you need a more robust system that can track inventory and customers, QuickBooks may be a better option.

No matter which one you choose, both Quicken and QuickBooks can help you keep your rental property business running smoothly.

 

Why Quicken and QuickBooks may not be the best choice for rental property accounting

Both Quicken and QuickBooks are general-purpose accounting software programs. They were not designed specifically for rental property accounting, so they may not have all the features you need to manage your rental property finances effectively.

Stessa, a Roofstock company, is designed specifically for landlords. It has features for managing your rental property finances, including income and expense tracking, reporting, cash management, and online rent payments for tenants. Stessa also offers a mobile app so you can track your finances on the go.

 

stessa

Stessa vs. Quicken and QuickBooks

Quicken and QuickBooks provide accounting software for a monthly fee, with some features that a small rental property owner may not need.

That’s why Stessa developed a free rental property financial management system. 

Stessa was created by and for real estate investors for tracking rental property performance at both the property and portfolio levels, managing money, and creating records.

After signing up for a free account with Stessa and entering basic property information, real estate investors can:

  • Track unlimited properties.
  • Get performance dashboards at the property and portfolio levels.
  • Automate income and expense tracking.
  • Track expenses on the go with the iOS and Android app.
  • Organize and store all real estate documents safely and securely.
  • Run numerous monthly reports, including income, net cash-flow, and capital expense statements.
  • Export tax-ready financials.

Stessa Cash Management is a banking product purpose-built for real estate investors. Benefits of having a dedicated checking account for your real estate portfolio include simplified income, expense tracking, and prevention of commingling of assets. 

With checking accounts through Stessa Cash Management, businesses and sole proprietors can enjoy competitive cash-back and 2.00% annual percentage yield (APY) rates, no account maintenance fees, no hidden fees, and seamless integration with Stessa’s financial tools. 

With Cash Management, investors can also set up online rent payments. It allows investors to automate the manual parts of collecting rent, like depositing rent checks, charging late fees, and tracking payments for financial reporting. 

Sign up for a free Stessa account here.

 

Stessa is a financial technology company, not a bank. Banking services provided by Blue Ridge Bank N.A., Member FDIC.

 

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