You may have heard the name of TurboTax and QuickBooks, the two products of Intuit. We are going to tell you about the difference and similarities between the two products. And from business point of view, ‘TurboTax 2024 vs QuickBooks‘ will guide you to use the software efficiently and yield maximum output.
QuickBooks is often regarded as the book keeping software. But it also helps you in managing your finances as well as payments. On the other hand, Turbo tax is a well known tax return preparation software. This helps taxpayers to prepare returns timely and accurately.
Let’s first start with the well known tax preparation software- Turbotax.
Turbotax- An Overview
To pay your taxes and prepare tax return timely you may have used Turbotax. Today we are going to tell you some feature that you may not be knowing about it- how you can use it and prepare your tax return to yield maximum refunds.
It offers a wide range of products depending on the tax situations of different taxpayers, you can choose any of them and start preparing your tax return.
You can set up Turbo tax by simply downloading and installing on your Windows or Mac desktop. Then activating using the licence code, provided at the time of purchase. To start preparing tax return with Turbo tax, you need to hold an account on it and login with the credentials.
On purchase of features like Live Full Service, you get guidance of Experts with experience of years in the field. It has various calculators to let you estimate about your taxable income and get higher refunds.
QuickBooks- An Overview
QuickBooks is a finance management platform. It is especially design for small business owners to manage the payment transaction, invoicing and keeping the record of transaction they perform.
You can easily access QuickBooks by purchasing the desired plan and installing the software on your desktop. As you install this software, you need to sign in with your credentials. Then it will give you option to choose the QuickBooks online company.
Or else you can use the online tool to create file and then downloading the CSV for recording you are finances.
Now let us know about the main differences between the two software ‘TurboTax 2024 VS QuickBooks‘.
TurboTax 2024 vs QuickBooks
- Turbotax and QuickBooks both are with two financial platforms produced by Intuit but the roles they play in your business is a little bit different.
- Small businesses need QuickBooks to manage their finances and have a record of it.
- On the other hand, Turbo tax is used at the end of financial year to prepare Tax return.
- QuickBooks help businesses in their everyday Finance Management and invoice checking. It prepares whole data for you to manage finances and be ready to import into Turbo tax for tax return preparation.
- QuickBooks eases your work at the time of tax preparation by preparing a financial report for your business, year long. It gives you record of each profit or loss. Thus, analysing the taxable income for your business.
- The income statement and the balance sheet created for year long by QuickBooks help you a lot in tax preparation at the end of year.
- On the contrary, Turbo tax has a different role to play in your business while preparing taxes. It guides you to maximize your Refunds and give notice of each deduction & credit made to your taxes.
Conclusion
Look at the ‘Turbotax 2024 VS QuickBooks‘ summary table to analyse better-
All in all, both software complement each other to uplift your business. You need QuickBooks for the whole year to manage your finances but turn for Turbotax comes at the end of the year.