In the middle of 2015, Inuit decided that it was going to sell Quicken. It shopped around for a while, but in March this year, it found a buyer and closed the deal. HIG Capital – owners of everything from social networks to medical device businesses – picked the company up.
Quicken’s CEO, Eric Dunn, said, “Quicken will thrive with increased investment, leading to product improvements and advances that will allow Quicken to continue to serve [users] well for decades to come.”
For most businesses, this isn’t going to be a problem. Quicken is largely a consumer-focused product, with its only real business option in its Home & Business offering – geared largely toward the smaller end of the small business market. For those businesses, though, Quicken’s uncertain future might be cause for concern.
If you were already thinking about moving your business off of Quicken or if you’d like more certainty in your software’s future, here are some Quicken alternatives to consider.
One of the biggest names in the game, QuickBooks is still firmly under Intuit’s control. QuickBooks is also the standard in American small business accounting. While there are plenty of other players out there – and we’ll cover some of the best below – the bar to surpass is still Intuit’s flagship product.
To try and keep itself ahead of the pack, QuickBooks jams every conceivable feature into one of its many products. For small business owners, the real winners are things like forecasting, time tracking, inventory management, multiple users, and purchases orders.
Those are nice additions that Quicken doesn’t ship with. On the downside, the very small businesses that have been on Quicken for years – and who aren’t eager to scale up anytime soon – may find QuickBooks’ size overwhelming. If, on the other hand, your business is getting bigger and more complex, QuickBooks might be a good option.
Xero has the look and feel of the internet. If ever there was an accounting package designed to appeal to visual learners or tech startups, Xero is it. The reporting and interface Xero presents just makes doing your daily/weekly/quarterly accounting less frustrating. If QuickBooks seems like a step too far, Xero might be a good place to dip your toe into the water.
There are still plenty of options for small businesses included with Xero, so you don’t sacrifice too much power for the good looking interface. If you want a detailed breakdown on features, I love the QuickBooks Online vs Xero piece that Sleeter put up last year.
In short, the software systems are remarkably similar, with QuickBooks handling tax and payroll a bit better than Xero. Xero, though, has better inventory and data management in place. This may come down to a coin toss.
Wave is free. If Quicken was your go-to solution because of its low price, Wave might be a good replacement for you. It’s also a solid accounting system, presenting a series of options more akin to Quicken than the QuickBooks.
You won’t be doing inventory with Wave or making a deep dive into sales tax accounting, but you can manage your day-to-day revenue and expenses. If your business is service-based, Wave is a fantastic – did I mention free? – solution.
While everything is getting more transparent, Kashoo really embodies the ideals of transparency. Specifically, it makes it incredibly easy for you to pull your information out of the system, allowing you to move it and manipulate it as you see fit.
Kashoo certainly isn’t the most well-known accounting option on this list, but it’s an incredibly solid piece of software. It’s growing, too, adding multicurrency support, integration with payment platforms, and more invoicing features in the last year.
You can do some basic inventory management with Kashoo, but you’ll have to work with one of its partners if you want to add on payroll. Kashoo is a solid play with lots of interesting growth potential. If you’re looking for something simple, but more robust than Quicken, this is a good option.
The software costs $30 per month and gives you unlimited users.
FreshBooks is one of the English-speaking world’s more popular accounting software options, but its US presence is still fairly small. FreshBooks is designed to be incredibly simple to use, but it does lack functionality that many other accounting packages ship with.
FreshBooks’ focus is on invoicing and expense tracking. It does more than that, but the system really revolves around these basic, daily management tasks. That makes it an excellent option for small businesses that don’t need a lot of extra moving parts.
It’s also pretty cheap, starting at just $13 per month, if you’re only going to bill five clients.
Any of these accounting options will make a fine replacement or upgrade from Quicken for your small business. Depending on how big you are and how big you plan to become, you may find one or another is a better pick. You can always head over to Capterra’s accounting directory for more options and to read user reviews.
An important final, final note – QuickBooks is also the only option on this list that offers an installed version. If you’re not interested in monthly subscriptions – and Wave isn’t for you – then QuickBooks is your answer. I’d love to know what you ended up doing. Drop me a line in the comments to let me know what you’re moving to, or let me know if Quicken is still your small business software of choice.
Looking for Accounting software? Check out Capterra's list of the best Accounting software solutions.