There is no one-size-fits-all Accounting solution for every firm. Instead, you should assess your requirements depending on your company’s size, location, complexity, and future ambitions, and then select the best solution for your needs.
Although both QuickBooks and NetSuite are popular software, selecting the best for your use case can sometimes be challenging. Both solutions cater to various sorts of organizations and provide vastly diverse solutions. QuickBooks is ideal for small enterprises that are just getting started and have a modest income. On the other hand, NetSuite is Enterprise Resource Planning (ERP) software and is suited for more complicated business needs including financial management and data analysis.
Do you have a hard time deciding between the 2 Accounting options? Read along to learn the 7 critical factors that influence your NetSuite vs. QuickBooks decision. You’ll also explore a range of NetSuite and QuickBooks alternatives at the end of this article.
Table of Contents
Introduction to NetSuite
NetSuite is an all-in-one Enterprise Resource Planning (ERP) software. Evan Goldberg first presented it in 1998 under the name “Netledger”. NetSuite assists businesses in achieving company growth and success via the effective optimization of business operations. It also aids in the automation of corporate operations and activities in a cloud platform with superior features.
NetSuite gives you a full set of Analytic tools to fit your company needs, allowing you to get real-time business insight. The software is known for giving users a 360-degree perspective of their client interactions or end-to-end company operations. As a result, it caters to all types of businesses. Over 27,000 clients use NetSuite throughout the world, with industries ranging from manufacturing, distribution, and retail to professional services, software development, and nonprofits.
Key Features of NetSuite
NetSuite is a Cloud-based ERP system designed to help organizations expand more efficiently. The following are some of NetSuite’s features:
- Automate Workflows: Users can leverage NetSuite to automate company operations and save time on manual tasks. To save time, processes can be controlled in many phases.
- Demand Planning Engine: It assists users in managing and controlling demand and supply operations. It generates purchasing and transfer orders by creating demand trends and supplying the planning process accordingly.
- Sales Forecasting: Sales forecasts are necessary for capitalizing on opportunities, and NetSuite CRM offers the precise real-time data required for forecasting Sales. Sales Forecasts are regulated by a system of checks and balances in the whole suite of forecasting tools, which allows you to get crucial insights about Sales possibilities and their potential influence on your overall goals.
- Targeted Emails: You can manage your Email Campaigns using NetSuite CRM, and target certain segments of your audience to increase conversion rates. The emails you send to your contacts, as well as their interactions, are saved in NetSuite’s contact registry for future use.
- Engaging Dashboards and Reporting: Key metrics such as the number of calls resolved, call volume, and so on can be identified using real-time dashboards for your Customer Service, Sales, and Marketing Teams. NetSuite makes it simple to create and distribute reports. It has built-in reporting features that allow users to easily generate reports and analyze information.
To explore more about NetSuite, visit the NetSuite HomePage.
Introduction to QuickBooks
QuickBooks is a Financial management software that helps businesses with Bookkeeping, Accounting, Payroll, Inventory management, and other Financial activities. It is a trusted Accounting software that is used by hundreds of thousands of small companies all over the world. Intuit, a California-based corporation, designed QuickBooks to automate common processes and save time on bookkeeping and paperwork.
QuickBooks custom reports can be made depending on your company’s requirements. It also aids in the preparation of an accurate profit and loss statement, which demonstrates whether the firm is profitable or not during a specific period. It can be readily tailored to reflect one’s individual needs and preferences, making it suitable for a variety of organizations.
QuickBooks provides you a complete view of your Sales, including customer, product, project, and location information. It can also be used to obtain GST rates and calculate your tax liability automatically. This can help you calculate your taxes accurately and prevent tax filing complications so that you can pay your taxes on time. QuickBooks is used by many small businesses all around the world to keep track of their money. Integrating your bank and credit card accounts to QuickBooks, helps you to keep track of your bills and expenditures automatically.
Key Features of QuickBooks
Some of the key features that make QuickBooks popular among small businesses are listed below::
- Accounting Reports: QuickBooks Custom Reports make it much easier to keep track of your company’s success. It collects all of your data in one location and makes it available whenever you need it. All transactional information and bank statements will be reviewed and verified by the Accountant, making the tax filing procedure simple and accurate.
- Multiple Users Access: You can give your staff varying levels of access to QuickBooks Online. This makes collaboration between your company’s multiple teams much easier.
- Payments and Cash Flow Management: You can be paid faster if you send your customer an invoice or statement and let them pay you with a credit card or a bank transfer using the QuickBooks Online Payment System. For extra convenience, you can pay your payments online and get your monthly statement from a partner bank.
- Online Banking: Your bank transactions are quickly uploaded and classified when you link your bank account to QuickBooks Online. QuickBooks will handle everything for you, so you won’t have to worry about data entry errors.
To explore more about QuickBooks, visit the QuickBooks HomePage.
In the next section, you will learn some of the significant factors that will help you take the NetSuite vs QuickBooks decision.
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Critical Factors that Drive NetSuite vs QuickBooks Decision
Now that you have gained a basic understanding of NetSuite and QuickBooks, in this section, you will learn some of the key factors that drive NetSuite vs QuickBooks’ decision. The following factors for NetSuite vs QuickBooks comparison are detailed below:
1) NetSuite vs QuickBooks: Pricing
NetSuite, like many other company ERPs, provides customized subscription options depending on user licenses, user counts, and other features. NetSuite is available for as little as $99 per month per user, to $999 per month. The pricing will vary depending on your needs and the type of solution you seek. In addition, there is a one-time installation fee for the first setup. As your company expands, you may add more features, modules, and users. Some firms may find this inconvenient since they want to pick from upfront price options.
QuickBooks offers various products. The following table compares the different QuickBooks products based on their prices.
QuickBooks Pricing Comparison
|QuickBooks Online||QuickBooks Self-Employed||QuickBooks Pro||QuickBooks Premier||QuickBooks Enterprise||QuickBooks For Mac|
2) NetSuite vs QuickBooks: Features
While both NetSuite and QuickBooks provide software to assist businesses with their Accounting operations, there is a substantial difference in the breadth of features available. NetSuite helps you to manage your Accounts Receivable and Payable, as well as interface with your banking firms. It also has a large report library, which contains parent and subsidiary reports that can be viewed in either the home currency or the currency of the company.
Fixed asset acquisitions can be tracked in both NetSuite and QuickBooks, however, NetSuite offers a specific module that monitors the asset value, depreciation expenditure, and useful life of an item. NetSuite’s built-in technology provides access to 75+ Key Performance Indicators (KPIs) that can be customized for each employee’s dashboard, such as Sales, open balances, and receivable turnover for a collections expert.
The QuickBooks product line contains a variety of solutions that can be used by anybody, from a freelancer to a small business. Several key features specific to the version contribute to its appeal among small businesses, as highlighted in the table below:
QuickBooks Features Comparison
|QuickBooks Online||QuickBooks Self-Employed||QuickBooks Pro||QuickBooks Premier||QuickBooks Enterprise||QuickBooks For Mac|
|Number Of Users||1-25||1||1-3||1-5||1-40||1-3|
|Key Features||Easy to use, cloud-based software, 650+ integrations||Easy to use, designed for freelancers, good tax support||Advanced features, 200+ integrations||Industry-specific features, advanced features||Supports up to 40 users, advanced features, advanced inventory & pricing||Designed for Macs, easy to use, numerous features|
3) NetSuite vs QuickBooks: Ease of Use
Due to a lot of information on the NetSuite Dashboard, new people might feel overwhelmed. While the information you have access to is determined by your user access privileges, the presentation remains consistent. However, you can go to other sections of the application using the menu tabs across the top, such as costs, reports, and payments.
The QuickBooks Dashboard is comparable to NetSuite’s in that it gives you access to a lot of information right away. QuickBooks includes a left menu bar that allows you to browse to different regions of the application instead of menu tabs across the top of the screen. You’ll note that each has a different style, with the QuickBooks dashboard being less crowded. Some of its features might need to be turned on from the Settings menu.
4) NetSuite vs QuickBooks: Assisted Bookkeeping
Unlike QuickBooks, which offers its virtual bookkeeping service called QuickBooks Live, NetSuite customers will almost certainly have to rely on third-party bookkeeping businesses. While QuickBooks Live bookkeepers will not help you with day-to-day bookkeeping, they will assist you with setup and cleanup to keep you organized.
5) NetSuite vs QuickBooks: Integrations
Regardless of whatever Accounting software, you pick for your company, search for a system that offers the sorts of connectors and flexibility that your company requires. NetSuite connects with numerous prominent business software suppliers and enables smooth connections with all of its ERP solutions. You can leverage NetSuite’s open APIs to add additional connectors if you use other vendors to handle your operations. On the other hand, QuickBooks features 650+ business app integrations, and 2 of them, QuickBooks Payroll and QuickBooks Time can be accessed straight from within the QuickBooks app.
6) NetSuite vs QuickBooks: Customer Support
In addition to their enormous knowledge databases, NetSuite and QuickBooks provide live assistance through phone and chat to its customers. Let’s look at how they differ in terms of support:
- Tech Support: NetSuite provides 24/7 toll-free worldwide phone support. On the other hand, QuickBooks offers support during office hours i.e. 6 AM – 6 PM (PST) Mon.-Fri.
- End-User Training: QuickBooks provides live and/or online training by QuickBooks trainers and by partners whereas NetSuite offers live and/or online training by the NetSuite training department and by partners.
- Online Support: All NetSuite users, as well as online user groups, have access to a comprehensive knowledge base (SuiteAnswers). The QuickBooks users also have access to a large QB knowledge base.
7) NetSuite vs QuickBooks: Use Cases
Both QuickBooks and NetSuite provide cloud-based financial management solutions to assist businesses in running their operations. QuickBooks is largely focused on Financial management and serves purely as a small company Accounting solution. NetSuite, on the other hand, provides a whole suite of enterprise-grade tools that go well beyond Accounting and Finance.
NetSuite software is ideal for businesses and organizations that need a reliable online financial business management system. Consider getting a NetSuite ERP license if you need software to help with Enterprise Resource Planning (ERP), Inventory Management, Accounting Software, Customer Relationship Management, and more.
QuickBooks is great for small businesses looking for a cost-effective and simple way to track and manage their finances. You should consider purchasing a QuickBooks license if you’re an entrepreneur or simply searching for a cheap and effective way to handle your books remotely.
The above few key factors will help make the NetSuite vs QuickBooks decision easy for your company.
Top 3 Alternatives to QuickBooks and NetSuite
You can try some alternative options for NetSuite and QuickBooks that may be a better fit for your business. Following are some of the alternatives:
1) Sage Intacct
If you’re looking for anything in between QuickBooks Enterprise and NetSuite ERP, Sage Intacct is a good option. Sage Intacct is an enterprise-level Accounting software that covers all aspects of financial administration.
Sage Intacct divides its features into sections such as basic financials, dashboards and reporting, billing, budgeting and planning, platform, and advanced capabilities. All of Sage Intacct can be customized for your business within these areas, including individual features, reports, modules, and users.
Acumatica is an Enterprise Resource Planning (ERP) solution that includes a set of integrated business management tools. It is designed for mobile and telework settings and can be simply connected with your preferred collaboration tools. Acumatica provides expanding small and mid-market businesses with operational flexibility, efficiency, and continuity.
Acumatica’s capabilities are completely integrated, and the solution includes self-service features that help companies acquire deeper insights in real-time. Unlike other forms of ERP software, Acumatica does not offer user-based pricing. Instead, a company’s pricing is defined by the applications it wants to employ, how it plans to install the software, and how much it expects to use it.
3) SAP Business One
SAP Business One is an ERP system that combines CRM, Sales, financials, and operations into one system. The software may be installed locally or on the cloud. SAP’s ERP can help you gain a competitive advantage and drive development. The software is a proven, trusted foundation created to serve the world’s largest enterprises as well as small and midsize businesses in 25 different sectors, with more than 40 years of expertise and approximately 50,000 clients.
You can simplify business operations across Manufacturing, Service, Sales, Finance, and HR by using Role-Based Access to necessary data and Analytical tools. The pricing information for SAP Business One is not available on the product page. The cost of the software is decided by the number of modules necessary and the number of users that will use it.
In this article, you were introduced to NetSuite and QuickBooks. You understood some of the critical factors that drive NetSuite vs QuickBooks’ decision. These key factors will help you choose the right Accounting solution for your business. Moreover, at the end of this article, you explored a few alternatives to NetSuite and QuickBooks.
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