QuickBooks Vs Square Complete Comparison
A finance-related computer program is an indispensable part of the business world and QuickBooks vs Square Accounting is a major problem for a business owner in choosing one. They are considered so conspicuous since they are utilized by businesses of all sizes to manage their accounts productively and hassle-free. In this post, we will be comparing two such computer programs QuickBooks and Square to offer assistance to users who are considering buying one of the devices.
With the developments in the digital world, many Finance-related software have appeared in the market. Most companies that are serious use accounting software to make their finance management easier.
What is QuickBooks?
QuickBooks is one of the most used accounting software in the world. This software is specially made for small and medium-sized businesses and it was created by a USA company called Intuit in 1992. Although it has an accounting program, over the years it has added more features to make it more versatile and useful.
What is a Square?
Square is a software that provides financial services. Its main purpose is to allow its users, who are not able to invest in POS terminals, to accept credit card payments through their smartphones. It also fulfills other business-related roles, like management of inventory, invoice making, etc., for its subscribers. ‘Square’ was developed and launched by its parent company Block Inc.
Comparison Between QuickBooks and Square
QuickBooks vs Square is essential for a business person to choose the best in these software, both software are somewhat similar, but they are not the same. QuickBooks is primarily an accounting software that offers multiple other services like making invoices, accepting payments, taxes, etc. On the other hand, Square is mainly used as a Point of Sale or POS software, it also offers other services.
POS stands for Point of Sale. It is a tool that allows the transaction to occur between a merchant and a customer. It typically consists of hardware, software, a terminal, and a receipt printer.
QuickBooks vs Square: Features
Both the software, QuickBooks and Square, offer different services to their customers. The main differences are as follows:
- QuickBooks has a money managing tool called QuickBooks Money which is free to use. Although the basic plan of Square is free to use, which can fulfill the role of a credit card processing system, the users will need to invest in some form of hardware to use this software.
- The subscribers of QuickBooks are also able to do basic bookkeeping for 30 $ a month. Naturally, a more expensive subscription will add more and more features. Whereas Square is not equipped with accounting tools.
- Square is a dedicated POS. Whereas, QuickBooks is used with QuickBooks Money, which is linked with Shopify’s GoPayment app, for POS solutions.
Note: QuickBooks also has QB Point of Sale but with limited access.
- The card-reader is available with Square, but it has to be purchased separately with QuickBooks which might be a drawback for certain individuals.
- Square provides the feature of Inventory Management. But QuickBooks or QuickBooks Money comes with no such feature, so QB users will need to invest more in inventory management.
- Both platforms allow users to make mobile payments. The app that QuickBooks uses is GoPayment, while the same Square is the Square Point of Sale app.
QuickBooks vs Square: Pricing
QuickBooks: There are four pricing tiers for QuickBooks, they are Simple Start, Essentials, Plus, and Advance. All of these tiers have features of QuickBooks Money, which offers money managing features of QBs, built in them. QuickBooks Money can also be signed up for and used for free. It costs its users a fee per transaction. QuickBooks charges 2.4% with 25 cents. Depending on the volume of the transactions, one of the tools may prove to be more expensive. Prices might change depending on factors like location, means of transaction, etc.
Square: On the other hand, the basic plan of Square is free to use, it does not charge a monthly fee. Square basic plan only charges a fee per transaction just like QuickBooks Money. Charges of Square accounting software are 2.6% and 10 cents with each transaction. For manually entered payment transaction costs are 3.5% plus 15 cents.
Note: They offer a few common services to their customers but there are a few points of difference between them. Keeping all these things in mind, it can be said that QuickBooks is more targeted towards businesses that do not deal with selling physical items, such businesses should use Square because it comes equipped with an inventory management system.
Conclusion
We have seen that QuickBooks and Square are similar in some regards. QuickBooks is an accounting software, that can help you accept payments but it’s not a POS system. In this blog, we have mentioned the difference between the two software QuickBooks vs Square. The tools can accomplish similar goals but certain uses are different. Square is a POS system that can offer some accounting features to users, but it is not meant to be used as an alternative to QuickBooks.
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