starting new LLC and looking for input on using Quicken Home and Business vs. Premier

Pacoinmass

We're currently using Quicken Premier for Windows (R17.6) to track our personal finances (and have been since 1992) and investments.

I have started an LLC and am wondering if I should simply create business categories and continue using Premier or whether I should upgrade to HBR.

The LLC was created to take on some consulting work while I take my time to determine next steps in my career.  I don't anticipate any more than 10-15 clients over the next 6-12 month.  Work will be project-based or monthly retainer so I don't expect a large number invoices.  Business expenses will include LLC registration, domain/email, supplies, subscriptions to trade publications, organizational memberships, and travel (to be reimbursed by clients).

Given the above, should I stick with Premier or upgrade to HBR?  If I upgrade to HBR, is it possible to "down convert" back to Premier once I stop consulting?

Thanks in advance for input.

jacobs

I should first say that I'm not a Home & Business user, so I will defer to any such people who come along to offer their insights.

I can answer one of your questions for certain: you, you can downgrade from Home & Business to Premier in the future. You'll lose access to the specific H&B features, but your other data will be fully accessible and usable. Many people have done such a downgrade with no ill effects.

To answer the "should I upgrade" question, I think it depends on how much you'd like an integrated solution with Quicken. If you say with Premier, you will have to create your invoices elsewhere. If you have relatively few clients and invoices, then creating a basic invoice template in Word or Excel might be all you need. Creating the invoices outside of Quicken means that you will, of course, need to enter the transactions in Quicken -- but that's not a lot of work if you don't have a large number of invoices. You could create a separate Quicken data file if you want to keep your business income and expenses separate from your personal ones, and you could use different categories than you do for your personal finances.

My wife used to run her own business, and we managed quite fine keeping all her books in Quicken Deluxe. (Being a Mac user, there wasn't an option to step up to H&B, so we just figured out how to track income, expenses, receivables, etc. in basic Quicken.)