Finance Management is an essential task for individuals and companies that helps in planning future events. The market currently offers various applications to let users effectively manage their accounts and finances. Mint and Quickbooks are two such platforms that are used by individuals and companies worldwide to meet their Accounting and Budgeting needs.
This article will provide a comprehensive understanding of Mint, Quickbooks, and their features. It will also highlight the Key Differences between Mint and Quickbooks. Read along to find out more information on Mint vs Quickbooks.
Table of Contents
- Understanding of Financial Management.
What is Mint?
Mint is a personal Financial Management platform that was acquired by software development company Intuit in 2009. The company claims it to be the most downloaded personal finance application in the world. It is a free-to-use platform that lets users track their budgets, spending, income, credit scores, and many more. It is a very easy-to-use application that can be used for Personal Finance Planning and Monitoring.
San Francisco-based software firm, formerly known as Mint.com, was founded by Aaron Patzer in 2006. The online application also sends reminders to users so that they never forget to pay essential bills. Mint provides support for all the major operating systems, including Android, iOS, Windows, macOS, and is available for download on Google Play Store and Apple App Store. Once users log in and set up their accounts, Mint automatically fetches previous transaction history.
Mint offers a Free 24/7 Credit Score Monitoring option and also notifies users regarding any relevant changes in credit score reports. Users can search for various kinds of loans, such as personal and student loans, using Mint. The platform displays all the pros and cons of different loan providers to help users make better informed financial decisions. However, Mint currently does not support Multi-currency Financial management that might be a necessary requirement for some users.
Key Features of Mint
Being one of the most popular Personal Financial Management applications, Mint offers multiple unique and useful features to help users effectively manage their finances. Below mentioned are a few notable features of Mint.
Mint offers various calculators like retirement, grocery budget, investment, loan, travel budget, credit card payout, and many others that help users manage their finances with high precision. The calculators generate metrics like total savings after analyzing various data, including total income, monthly expense, travel expense, weekly grocery cost, and many others. This feature allows users to get a clear picture of their finances so that they can make informed buying decisions.
2) Make Financial Goals
Mint offers a feature that lets users set short-term and long-term saving goals. Users can create one goal for each account to save for multiple purposes like emergency funds. The financial goals page displays many details regarding the status of the goal that helps users manage their funds effectively.
3) Transaction Categorization
Mint provides a feature that automatically categorizes and organizes every financial transaction that users make. It is a highly accurate feature that segregates transactions into categories like bills, groceries, and many more. Users can easily edit the categorization, rename, and add tags of transactions according to their needs.
What is Quickbooks?
Quickbooks is one of the most widely used Accounting Software developed by Intuit. It is a United States-based software firm founded by Scott Cook and Tom Proulx in 1983. Quickbooks offers various features that cater to every Accounting and Finance-related need of companies across the globe. Companies of all scales use this platform to carry out their Accounting tasks effectively.
Quickbooks lets users manage all of their business expenses and transactions. Individuals with no Accounting knowledge can also use Quickbooks as it comes with a very User-friendly and Easy-to-use interface. Quickbooks also provides features that let companies manage and execute various tasks related to Sales, including Inventory Tracking, Customer Information, generating Sales Reports, and many more critical business operations.
As Quickbooks is Cloud-based software, the uploaded data gets stored in Cloud servers, and companies do not need to install any dedicated hardware in workstations to use the software. The software automatically updates itself to provide the latest features to users. Quickbooks allows companies to connect multiple bank accounts. The software then automatically downloads and categorizes all the transactions. The application can also be used by Indian companies as it is GST-ready.
Businesses operating in various industries, including wholesale, manufacturing, retail, construction, and many others, use Quickbooks for their Accounting and Bookkeeping needs. Quickbooks provides a smartphone application compatible with both Android and iOS that companies can use to access and manage their accounts remotely. The smartphone application exponentially increases the accessibility of Quickbooks. According to Quickbooks, the platform has a customer base of over 4.5 million users spread across the world. To date, Quickbooks has successfully acquired two companies, namely Bankstream and OneSaaS.
Key Features of Quickbooks
Quickbooks offers numerous features that let companies seamlessly carry out Accounting and Sales-related tasks. Below mentioned are a few notable features of Quickbooks vs Mint:
1) Raise Invoices
With Quickbooks, companies can create impeccable invoices and send them to their clients at ease via many channels, including emails. Companies get the option of attaching bank transfer and other payment gateway links directly on invoices that speeds up the process of payment collection. This feature also helps in providing a better client experience as clients can effortlessly make payments without having to contact the invoice-raising company.
2) Better Expense Management
Quickbooks displays all the critical metrics like total income, total expense, and many others in one unified dashboard that helps companies better analyze their business performance. Users can click pictures of receipts using the Quickbooks Smartphone application, and Quickbooks automatically matches them with existing transactions making expense monitoring easier for companies.
3) Better Tax Filing
Quickbooks offers a feature that automatically segregates and organizes financial transactions into proper tax categories, which minimizes the chances of any error during the tax filing process. This also helps companies save a lot of time as accurate tax filing is an extensive task if done manually.
4) Better Data Imports
Quickbooks offers out-of-the-box support for data imports from various popular platforms, including Outlook, Microsoft Excel, Gmail, and Google. Companies can drastically simplify the transition process to Quickbooks using this data import feature.
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Mint vs Quickbooks: 6 Key Differences
Mint and Quickbooks are both industry-leading applications provided by Intuit that offer various features and tools to aid users and companies in Financial Management. However, when compared to each other, both platforms have considerable differences in their purpose and capabilities. Below mentioned are a few key differences between Mint and Quickbooks in short, Mint vs Quickbooks.
1) Mint vs Quickbooks: Purpose
Mint is a Personal Finance and Budgeting application that is used by individuals worldwide to manage their income and savings. Quickbooks is a full-fledged Accounting and Bookkeeping software used by individual business owners and companies of all sizes to manage their business accounts and finances. Hence, both platforms are meant to be used for different purposes.
2) Mint vs Quickbooks: Features
Mint provides features like budgeting calculators, bill tracking, bill reminders, free credit score viewer, taxation tools, automatic transaction categorization, and various others that let users manage their personal finances effortlessly. In contrast, Quickbooks offers features like invoice raising, sales tracking, automatic tax categorization, business reporting, and payroll management that caters to every accounting need of companies.
3) Mint vs Quickbooks: Reports
Quickbooks is the clear winner when reports are concerned. The software generates various insightful reports like profit & loss, accounts receivable accounts payable. ageing, general ledger, account list, customer list, summary reports, and many more that help companies to grasp a better understanding of their business performance.
On the other hand, Mint also generates a few reports, but they are not as detailed and informative as Quickbooks Reports. Reports generated by Mint include income, spending, debt, and a few more.
4) Mint vs Quickbooks: Customer Support
Mint does not provide any sort of customer assistance to its users except for a brief FAQ section, whereas Quickbooks operates a 24/7 customer care centre to help users with any product or service-related queries. Quickbooks provides assistance to its customers through multiple channels, including call, chat, and email. Customers can also get their queries resolved through video tutorials and FAQs available on Quickbooks’ website.
5) Mint vs Quickbooks: Integration
Quickbook offers out-of-the-box support for numerous third-party integrations that can be used to improve the platform’s capabilities further. Quickbooks also has its own app store from where users can select and integrate applications. In comparison, Mint does not provide support for any third-party integrations that limits the functionalities of the application.
6) Mint vs Quickbooks: Pricing
Unlike Quickbooks, Mint is a free application. Users can enjoy the features and benefits of Mint without needing to pay the company. Quickbooks offers three subscription options to users that start from $20 per month and go up to $60 per month. Quickbooks offers many standard features for all plans, line multiple bank accounts connection, automatic transaction categorization, and many more. The top-of-the-line variant of Quickbooks named Plus comes with numerous added features like inventory tracking and project profitability tracking.
Quickbooks also provides its Payroll Management add-on at an extra price of $20 per month + $3 per user per month. Users can freely test the platform for 30 days to understand the functionalities of Quickbooks before making a purchase.
Both Mint and Quickbooks are highly rated and recommended applications provided by Intuit that offer multiple robust tools to help users in their accounting tasks.
However, the platforms have a different user base and target audience as they cater to varied needs. While Quickbooks is the best platform that can be used to carry out Accounting operations for businesses, Mint is suited for individual Budgeting and Finance Management.
The distinctions mentioned in Mint vs Quickbooks will assist businesses in selecting the best product for their needs.
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