If you’re a small business owner getting overwhelmed by new clients, payments, and accounting, you may have realized the importance of client management or accounting software like HoneyBook or QuickBooks.
Despite the somewhat similar-sounding names, HoneyBook and QuickBooks are two very different tools, and they have two very different purposes. Nevertheless, their features sometimes overlap.
Today, I will be comparing HoneyBook and QuickBooks to help you make a better decision as to which one is best for your needs. Let us get into it.
While HoneyBook is not an accounting software, it will help make accounting a lot easier.
QuickBooks, on the other hand, is an accounting and bookkeeping software designed to help you get your accounting in order. As I mentioned, however, some of its features overlap with HoneyBook.
For example, you can send invoices and collect payments online, like you can with HoneyBook. However, QuickBooks is a lot more than that.
Using QuickBooks, you can manage your payroll, track income and expenses, track time worked on projects, manage your inventory, get loans, open a checking account, get a debit card, and a lot more.
Let’s dive a bit deeper and get into the small details now.
HoneyBook isn’t really an accounting software. It falls under the category of client relationship management software.
As such, it is not a replacement for QuickBooks.
HoneyBook does help you get your accounting in order. Using the invoices you generate with HoneyBook, you can accept and keep track of payments and then use a spreadsheet for manual accounting.
Better yet: Integrate HoneyBook with QuickBooks. There is a reason HoneyBook offers a QuickBooks integration, and that is because it doesn’t claim to be a substitute for QuickBooks.
HoneyBook also integrates with FreshBooks. FreshBooks is another accounting software.
When you integrate HoneyBook with QuickBooks, you can easily sync invoices and payments to QuickBooks.
All in all, HoneyBook is for managing clients and improving communication with them.
QuickBooks, on the other hand, is a comprehensive accounting and bookkeeping software, helping you streamline your bookkeeping, automate processes, and avoid common bookkeeping errors.
With QuickBooks, you can keep track of your invoices, income, inventory, expenses, profit and loss, sales, and more. With QuickBooks Advanced, you can view all your revenue streams in one dashboard, filtering by accrual vs cash basis, fiscal year, location, and more.
You’ll be able to see business growth forecasts and growth potential. At any time, you can access cash flow statements, profit and loss statements, balance sheets, and other reports.
As QuickBooks works in the cloud, you can collaborate with your bookkeeper or partners easily.
QuickBooks also offers a unique service, called Live Bookkeeping. If you don’t have a bookkeeper of your own, you can hire a QuickBooks certified bookkeeper to help you stay on the right track.
It doesn’t matter if your past books are a mess. The QuickBooks bookkeeper will get them in order and clean them up, and then make sure they stay in order.
HoneyBook is more for managing clients than it is for managing people you hire, whether they are employees or independent contractors. As such, small or mid-sized businesses that need to manage payroll might be better off using QuickBooks.
QuickBooks offers a comprehensive, automated payroll management tool. With QuickBooks Payroll, you can approve timesheets, set up same-day direct deposits, and get automatic payroll tax filing from QuickBooks.
QuickBooks even promises to pay you up to $25,000 if you make a mistake on your payroll taxes due to an error on QuickBooks’ end.
To pay with direct deposit, you will need your employees’ or contractors’ bank account details. You can also pay them by check.
With QuickBooks Payroll, you can access HR support and even get a worker’s compensation insurance plan from AP Intego. That way, you will be covered in the case of worker injuries in the workplace.
Also, you can provide health insurance and other employee benefits through SimplyInsured. You can also access 401(k) retirement plans that sync with your QuickBooks account.
When paying independent contractors, you can generate and file 1099 tax forms straight from your QuickBooks account. Just keep track of payments you made to independent contracts in QuickBooks; then, when it’s tax time, purchase, print, and mail professional 1099 forms.
Sending invoices is the bread and butter of HoneyBook. If you’re looking for a tool to track what clients owe and send them invoices, HoneyBook is the way to go.
To create an invoice in HoneyBook, you can choose from one of the templates and quickly customize it to reflect your brand.
You don’t have to use a new template every time. You can customize a template to use for future invoices, so you can quickly select it and create invoices within seconds.
Then, send your invoices to your clients, and customize the email you send to them if you’d like.
Once you’ve sent the invoice, you can send automated payment reminders to make sure your clients pay on time and don’t forget. You can accept both one-time and recurring payments.
HoneyBook allows you to accept payments via credit card, debit card, or direct deposit, with the money going straight into your account.
With Instant Deposits, you can get the money in your bank account the very same day, allowing you to improve your cash flow and ensure you always have money on hand.
The transfer fee for instant deposits is just one percent.
You can track upcoming and completed payments in your HoneyBook account.
HoneyBook allows you to send invoices from mobile, and clients can also pay via mobile. Consider allowing clients to opt into automatic payments, so they never forget to pay you on time.
Furthermore, you can allow clients to tip you by turning on the gratuity option. Tips are optional and a way to show appreciation for your work.
All payments are secure, and HoneyBook has a solid dispute system that protects you in the case of clients disputing payments. It won’t automatically refund your client like some other common payment processors.
QuickBooks is also excellent for sending invoices and accepting payments. Using QuickBooks, you can send invoices that come complete with pay buttons, so customers and clients can pay quickly.
QuickBooks offers several payment options, with fees starting at just one percent for ACH bank transfers. You can accept one-time or recurring payments.
You can even accept payments on the go, using the QuickBooks app and the digital card reader. Or, accept payments over the phone by typing in a credit or debit card number manually; rates vary from one payment method to another.
One thing unique about Quickbooks is that you can set up a QuickBooks Checking Account. That comes with a special QuickBooks debit card that you can use to spend money online or in person or even withdraw cash at over 19,000 ATMs.
If you have the QuickBooks Checking Account, which has zero monthly fees and no minimum balance, you will be able to get instant deposits, which are usually available in your account for spending within 30 minutes.
Plus, the QuickBooks Checking Account has a 1% APY and allows you to save for goals using the Envelopes feature.
Whether you simply send invoices to clients with QuickBooks or have a checking account, all payments will be synced for bookkeeping and tax purposes automatically.
HoneyBook is also perfect for sending proposals to potential and existing clients. A proposal on HoneyBook is three things in one: an invoice, a contract, and a payment.
In other words, you send clients a contract, which they can sign quickly, online. There’s no need for a back and forth.
The entire process is straightforward and streamlined. The invoice and contract are combined, and clients can pay the invoice right away.
Various proposal templates will be available in your account once you sign up.
You don’t need to send an invoice together with your contract. If you want, you can send a contract only.
Again, there will be various contract templates available for use, but you can import your own template, too. Also, you can customize each template with your own legal language, though filling out templates will be a lot quicker with the autofill feature, which will automatically fill in client details in selected fields.
You can highlight the field the client needs to sign, so they don’t miss it. They can sign on their desktop or any other device, using a legally-binding electronic signature.
Using the mobile HoneyBook app, you can keep track of contracts and get notified when clients sign them.
Contracts can be incorporated into an automated workflow, allowing you to automatically send files or trigger other actions to take place as soon as a client signs a contract. That way, you can get them started with what they need to know right away, without wasting any time or productivity.
QuickBooks is great for creating quick estimates for customers and clients. Not only can you send an estimate to a client virtually, but you can show them the estimate in person, right on your own mobile app.
Either way, the customer can quickly sign and accept the estimate. The estimate can include special discounts – it’s totally customizable.
There are estimate templates available, but you can customize them with special fields, unique messages, and your own logo and branding. Once a client accepts an estimate, you can convert it automatically into an invoice, so your client can pay it.
As with all QuickBooks invoices, you can add a pay button to the invoice, so your client can send you the money right away.
HoneyBook is awesome for scheduling meetings and appointments with clients. You can set up an online booking calendar and set your availability, so clients can find a day and time that works for both of you.
You can block availability on certain days and at certain times when you know you will be busy. Moreover, you can set buffers around booked appointments so that you never get two bookings head to head or get a last-minute appointment while you are busy in a meeting.
Just share the calendar link with clients to give them flexibility in how and when they book. You can set different types of meetings, such as video calls, phone calls, in-person meetings, text conversations, and more.
Clients can reschedule at any time. If they don’t, they will get automated appointment reminders, so you never have to deal with clients forgetting about appointments
HoneyBook syncs with Google Calendar, so your appointments will be updated there, too.
Unlike HoneyBook, QuickBooks does not have an integrated appointment management tool. That is because while HoneyBook is a customer relationship management tool, QuickBooks focuses more on bookkeeping.
However, there are third-party QuickBooks apps that do allow you to schedule appointments and sync your client and customer details with QuickBooks. However, they may incur an extra fee, so that’s something to consider.
One such application is Scheduling Manager. However, it can get a bit pricey.
Another option is Full Slate. It does have a free trial, but that only lets your clients schedule up to 10 appointments in total.
Besides, it’s much easier to use a tool like HoneyBook that offers integrated appointment scheduling vs using a third-party QuickBooks app, which might require you to input customer details twice.
HoneyBook makes it easy to ensure you have a positive cash flow by allowing you to get paid quicker. Tools like online invoicing, instant payments, payment reminders, and instant deposits ensure you always have enough cash on hand.
However, when it comes to tracking your cash flow and income vs expenses, HoneyBook isn’t as good as QuickBooks. HoneyBook just isn’t an accounting software.
Similarly, QuickBooks makes it easier to maintain a positive cash flow, especially if you have a Checking Account. It allows you to get paid and receive your money right away.
When it comes to tracking business expenses, however, QuickBooks beats HoneyBook by a wide margin.
To start, you can connect your bank accounts, PayPal account, Stripe account, and other financial accounts to automatically import business expenses to QuickBooks. Set rules for how to categorize spending, and QuickBooks will categorize each expense automatically.
You can also simply take a picture of a receipt with your mobile phone and upload it to the app. QuickBooks will match information from the receipt to a previous transaction to help you categorize each expense.
All your business expenses will be saved on file so that when tax time comes around, you can easily deduct them from your taxes.
QuickBooks doesn’t stop there. It will track your income and compare your expenses to your income, generating cash flow and profit & loss reports, so you can get an accurate overview of how your business is doing and how you can improve.
The cash flow report will show you your cash flow for each month, allowing you to identify seasonal factors that may be affecting it.
Also Read: Business Software Examples
HoneyBook has some limited time tracking features. There are two ways to track time on HoneyBook.
The first is to enter the time you have worked manually, on the desktop app. You will have to use some other time tracking tool first to calculate the actual time worked.
The second method is to use the HoneyBook mobile app, which comes with a stopwatch that will help you log time.
Quickbooks, on the other hand, has much more comprehensive time tracking features. It’s great for businesses, as it allows you to set up time tracking for your employees.
There are three ways to track time on QuickBooks. The first is to use the desktop time tracker.
Employees can clock in, and you can view and manage timesheets at any time. There is also the mobile app, which allows employees to clock in on their phones.
Finally, there is the Time Kiosk, which works on any computer or laptop as an alternative to a punch clock. Employees can clock in using their biometric data.
HoneyBook doesn’t provide loans.
Another thing that sets QuickBooks apart is that it allows businesses to apply for and receive loans. You can get loans starting at just $5,000 and going all the way up to $150,000.
Payment periods range from just six months to 18 months. If you pay back earlier, you can save on interest rates.
QuickBooks looks at various factors when deciding which businesses are eligible for loans. It’s not based solely on your credit score – QuickBooks knows your business well, as it has a lot of data about your finances.
Thus, it can make an accurate determination as to your earnings potential.
HoneyBook doesn’t have built-in features for eCommerce, but integration with Shopify is possible with Zapier.
QuickBooks is great for eCommerce, especially if you need an inventory management or accounting tool for your eCommerce business.
Using QuickBooks, you can keep track of inventory across multiple warehouses and track items as they get sold, ensuring you don’t run out of stock of important items. QuickBooks will sync your sales data for accounting purposes, so you can keep track of income and expenses.
QuickBooks allows you to sync your products across multiple eCommerce platforms, including Shopify, eBay, Amazon, WooCommerce, and others. You can manage orders and even set up a separate B2B store with wholesale prices.
One of the advantages of HoneyBook is that it is an all-in-one solution. With simple pricing plans, HoneyBook gives you access to all features at once.
You won’t have to pay extra for additional features or services.
QuickBooks gives you access to most features if you sign up for a QuickBooks Online plan, but it’s not really an all-in-one solution.
For example, if you have an eCommerce store, you will need QuickBooks Commerce, which integrates with QuickBooks Online but comes with a separate monthly fee.
- All in one solution
- Seamless customer relationship management
- Allow clients to schedule appointments
- Cheaper pricing
- No accounting features
- No real eCommerce support
- No payroll support
- No free plan
- All in one accounting, bookkeeping, and invoicing
- Live bookkeeping assistance
- Ecommerce support
- More expensive
- No free plan
- No integrated appointment scheduling
HoneyBoom offers two simple pricing plans:
- Starter, $9/month: Access all features but with a limit of $10,000 in total transactions
- Unlimited, $39/month or $390/year: Access to all features with no transaction limits and unlimited team members.
A free trial is available for both plans. Check updated pricing here.
QuickBooks is more expensive, and it has more complicated pricing plans.
For QuickBooks Online, you can choose from the following plans:
- Simple Start, $25/month (only one user)
- Essentials, $50/month (three users, includes bill management and time tracking)
- Plus, $80/month (includes inventory tracking and project profitability forecasts)
- Advanced, $180/month (includes a lot more, such as business analytics and employee expense management)
That’s for small businesses. For freelancers, it costs $15/month, allowing you to track expenses, miles, and income and do your taxes.
If you need to add payroll management, it might cost more. Similarly, commerce costs extra, as does live bookkeeping, etc.
A free trial is available, but right now, you can also get your first three months at 50 percent off instead of the free trial.
See updated pricing here.
|Get A Checking Account + Debit Card||✗||✓|
|Accounting & Bookkeeping||✗||✓|
|All In One Solution||✓||✗|
|Free Trial||7 Days||30 Days|
Overall, QuickBooks is the more comprehensive tool.
However, it really depends on what you are looking for. HoneyBook is cheaper, but it’s more for client relationship management.
If you just need to send contracts, send invoices, accept payments, and schedule appointments, HoneyBook is for you.
On the other hand, if you need accounting software to track income and expenses and do your taxes, QuickBooks is a better option.
Tom loves to write on technology, e-commerce & internet marketing.
Tom has been a full-time internet marketer for two decades now, earning millions of dollars while living life on his own terms. Along the way, he’s also coached thousands of other people to success.