Should I Upgrade from Quicken 2007 to Quicken 2008 Home and Business?

- J
- james
  
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posted
16 years ago

Thu, Sep 6, 2007 10:14 PM

Hello all,

I have been a Quicken user (junkie) since 1999. I've upgrade every year since. I'm currently running Quicken 2007 Premier.

I'm interested in upgrading to 2008, but am considering the Home and Business edition this time around. What has changed? Well, I will be doing the taxes for a home business and would love to unify the finances under one application (as opposed to coming up to speed on QuickBooks).

I'd love to hear some opinions about my current train of thought. If there are some hard core QuickBooks users that think I should stick with separate programs (Quicken for Personal and Quick Books for business), I'd be happy to entertain the possibility. If anybody thinks that unifying everything into Quicken Home and Business is the right way to go, I'd be happy to hear that opinion as well.

Any comments around this subject would be greatly appreciated!!!

James

- T
- The Streets
  
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posted
16 years ago

Sat, Sep 8, 2007 12:18 PM

I've been a Quicken user since Quicken 6 and have been using the H&B version for the last 4+ years.

Something to consider ... this year my business got the point where I converted it to an LLC (limited liability company). And my CPA now wants me to use QuickBooks rather than Quicken H&B for all my business transactions. So I've gotten QuickBooks and some books and started moving all my business stuff over. It is *not* and easy transition. In addition to the difficulty of moving all my business address, etc. over there is the (for me) much more difficult mental transition from basically an eletronic check book (Quicken) to a full accounting system (QuickBooks).

My advice -- if you think you'll want or need QuickBooks in the future, begin using it from the start. Just my opinion.

- L
- L
  
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posted
16 years ago

Mon, Sep 10, 2007 2:21 PM

Yeah. What he said.

Quicken is a great product. I like it much better than QuickBooks. But it is personal finance management software, not accounting software. Yeah, there is overlap, but certain business structures really require business accounting software.

You don't mention the type of home business you will be running. In my personal experience, it was entirely possible to track and prepare taxes for a sole proprietorship using Quicken. If, however, you are thinking of having a different tax structure, such as an LLC, or if you will be employing others, you might consider using QuickBooks from the get-go.

The best person to ask for an opinion would be the accountant who will be preparing your business tax returns.