PR - Quicken® Vs. Quickbooks® For Farm/Ranch Financial Records (p418-426)

Farm records are the foundation from which many on-farm decisions are made and offer invaluable insights into business strengths and weaknesses. Recordkeeping software enables users to quickly record, then sort and summarize records in a variety of ways. This paper briefly discusses U.S. farmer’s adoption and use of computers, then compares and contrasts the applicability of two popular commercial software packages for use in farm/ranch financial records. The features of Quicken® and QuickBooks® are highlighted and their advantages and disadvantages in supporting farm management functions are discussed. Both tools are relatively easy to use and flexible. For many U.S. farmers, Quicken® is an inexpensive alternative with advantages for producers who want to track both family and farm income and expenses and/or have off-farm investments. For larger producers with multiple employees and/or the need to invoice and track accounts payable/receivable, QuickBooks® is clearly superior. Teaching materials available for each are discussed. Mention of a specific product does not imply endorsement.

Keywords: Financial records, software, Quicken, QuickBooks®, accounting