QuickBooks vs NetSuite: An In-Depth Comparison Guide
Some of the most daunting tasks of managing a small business are accounting, filing taxes, generating receipts, and making invoices. After all, a business depends on the company’s financial health to be successful. There are many ways to make these processes more efficient. One of these is finding a good accounting software package that will not only help you handle all of your accounting tasks but also allow you to gain valuable financial insights into what is going on in your company. There are many accounting software products available on the market today, and selecting one which meets your needs and preferences can take time and effort. With that in mind, we’ve created this in-depth guide comparing NetSuite and Quickbooks to help you decide which is right for you.
QuickBooks has long been the preferred accounting software. Its multi-dimensional third-party integration helps streamline the financial management of small and medium-sized businesses. But the introduction of NetSuite’s exceptional cloud-based platform and integrated ERP processes to host ecommerce and maintain customer relationships have made us rethink the NetSuite vs QuickBooks debate.
About QuickBooks
Within the QuickBooks family of accounting software products, there are QuickBooks Online and QuickBooks Enterprise. QuickBooks Online is a cloud based financial management software targeted towards small businesses. QuickBooks Enterprise is a desktop solution designed to be installed locally or hosted on a cloud server. QuickBooks Enterprise is the most advanced QuickBooks product with a very robust feature set ideal for more complex small businesses and medium sized businesses.
About NetSuite
NetSuite is an all-in-one cloud business management solution that helps organizations operate more effectively by automating core processes and providing real-time visibility into operational and financial performance. With a single, integrated suite of applications for managing accounting, order processing, inventory management, production, supply chain and warehouse operations, NetSuite ERP gives companies clear visibility into their data and tighter control over their businesses.
NetSuite vs QuickBooks: Overview
Target Industries and Functionalities
QuickBooks offers a set of classic features to help a diverse range of industries. Data shows that construction and IT services are top industries using QuickBooks. Inventory management, process regulation, cost analysis, and a systematic track record of sales are the key offerings of QuickBooks.
QuickBooks offers the management of the chain from material procurement to purchasing, distribution to sales analysis, and inventory list to vendor data. Contractors and other professional services usually use QuickBooks to keep a tab on unbilled payments, daily expenses, and job reports. This software also lists year-end donation statement features to track contributions by donors.
In comparison, NetSuite offers exceptional versatility for every kind of business in every location. The top industries relying on NetSuite software include IT, computer software, and retail.
If you are looking for automated workflow and project profitability, then NetSuite’s ERP solutions and resource management are the way to go, especially for flourishing advertising and marketing agencies. In addition, it offers cross-channel inventory visibility and end-to-end cloud software solutions for fashion, footwear, beauty, and apparel companies. It facilitates omnichannel management systems, workforce development, and comprehensive reports for campus stores, education, and consulting institutions.
Ranging from work order data, BOM, order management, supply chain management, inventory control, and demand-based replenishments, NetSuite covers a wide scope of possibilities for the manufacturing and the food and beverages industry. It allows the unification of business processes for financial and IT services by providing easy control and administration of accounting operations.
Inventory supervision, customer support, POS, ecommerce, maintenance records, and upgrade reminders are featured for Energy, Healthcare and Life Sciences, Retail, and wholesale line of business. NetSuite’s PSA (Professional Services Automation) and SRP (Services Resource Planning) work for all professional industries.
Oracle vs Quickbooks: Functionality
When debating the merits of NetSuite vs QuickBooks, taking a deeper look at the functionality of each is important. QuickBooks supports businesses with basic accounting requirements, whereas NetSuite targets internationally developing enterprises that need customizable ERP tools. The main reasons why manufacturers tend to lean towards Oracle NetSuite are reduced production cost, intelligent management, and high visibility. It covers all the dimensions of manufacturing processes to aid in the evolution of the business. Plus, it has the ability to forecast the sales dynamics for better strategy building. Its full-fledged automated system streamlines the workflow and reduces errors. QuickBooks lays out a simple and sure-shot infrastructure that can hold and support the foundation of a new business, especially property management enterprises. It can help you track your income, expenses, and outcomes of your business strategies. Ranging from expense documentation to invoice generation and payments, everything can be done on this platform with ease.
Contract Flexibility
The contract for NetSuite is a year-long commitment that requires annual renewals. QuickBooks Online works on a monthly contract or an annual one and QuickBooks Enterprise works on an annual basis. When considering flexibility, the contract for QuickBooks Online seems better if you want to change your monthly plans based on your sales and business growth. But, if your goals are not short-term, then you might not want to renew the contract every month. In this scenario, NetSuite or QuickBooks Enterprise might be the better choice. Regarding functionalities, QuickBooks does not have the native ability to work on contract management and renewal systems. However, NetSuite allows automated renewals, improved visibility, and centralized management.QuickBooks Online vs Netsuite
NetSuite
If you need a more complex inventory management system as a manufacturer or a growing-business owner, then NetSuite will provide cutting-edge technological solutions for every need. Businesses that seek robust automation tend to prefer NetSuite because of its ERP tools, A/R and A/P expedition, and financial data tracking. When a business reaches a certain stage, management of multiple apps and platforms can be a hassle. That’s why an all encompassing solution is needed. NetSuite meets this criterion due to its rich features that handle all kinds of financial management solutions. It is the best option for businesses in the need of solid CRM and ERP.QuickBooks Online
When deciding between QuickBooks vs NetSuite, one benefit of QuickBooks is its location tracking feature. In addition, QuickBooks allows industry-specific personalization, like adding sales tax, inserting logos, and customizing forms in the invoices. People who run or manage small businesses, local vendors who work part-time, independent contractors, and even freelancers can use its mobile app equipped with all the necessary features including receipt capture, tax filing, and mileage tracking. This is the more affordable approach when it comes to accounting services.NetSuite vs QuickBooks: Market Share
With 80% of the market share, QuickBooks is obviously the winner here. NetSuite has yet to catch up with QuickBooks in terms of market share. In fact, even though NetSuite is six years older than QuickBooks, there are still more versions of QuickBooks on the market. It’s not too late for NetSuite to catch up, but it will have to have a lot more marketing in order to do so and be able to compete with one of the most well-known brands around today.Oracle NetSuite vs QuickBooks: Ease of Use Comparison
QuickBooks caters to small-scale enterprises. Therefore, its financial management tools are quick, easy, and navigable with basic training and guidance. However, Netsuite’s assortment of complex features is more advanced. Although they are easy to understand and use, the processes and the overall system can get a bit overwhelming. QuickBooks is used for basic requirements like payroll and invoicing. Hence, it does not require an intricate program. On the other hand, NetSuite can be used for ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management). Its comprehensive platform is full of resources but ranked lower in ease of navigation and usability.NetSuite Pricing Vs QuickBooks
QuickBooks Online and NetSuite have different price ranges based on their target audience and the features offered. NetSuite is an umbrella accounting platform for startup to large-scale business needs. Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. That said, the net payment is on the higher side for a small business compared to QuickBooks. Owing to this stark difference and a higher price tag, smaller businesses typically prefer QuickBooks to NetSuite. For larger small businesses, QuickBooks Online Advanced subscription plan is around $200 / month and allows up to 25 users. For even more features that compare to NetSuite is QuickBooks Enterprise, which is offered as an annual subscription starting around $104 / month / user that scales up to 40 users. The difference in the various kinds of plans offered by QuickBooks – Online, Enterprise, Premier, etc. lies in pricing, deployment, and features.
Is NetSuite Better Than QuickBooks or Vice Versa?
Both NetSuite and QuickBooks support warehouse management, visible inventory, barcode scanning, and cost tracking to ensure accelerated growth and improved productivity. While NetSuite already provides a pricing value based on the requirement of the business, QuickBooks has launched different products with an identical face value in terms of customer satisfaction but with varying features and functionalities.
QuickBooks Enterprise and Premier are on-premise applications, but QuickBooks Online is cloud-based. When we talk about epic battles between robust accounting platforms, the pair that is almost impossible to choose a winner from is NetSuite vs QuickBooks Enterprise because both are specifically designed for larger small businesses and medium businesses with additional industry specific functionality for construction, manufacturing, and wholesale distribution.
NetSuite
- Built-in ERP features to facilitate managerial support in every dimension of business, including marketing, financial forecasting, project management,
- Multi-domain platform that can be used by multiple users for various tasks at a It can support healthy team collaboration and save time.
- Insights into financial systems of legal entities and business enterprises with the help of integrated reporting and seamless technical
- Remote monitoring and financial data reporting in an advanced and revolutionized
- Global growth and developmental cycle with multi-language, multi-currency, and multi-tax support
QuickBooks
- Multi-party collaboration with third-party integrations. It has more than 500 business tools to streamline accounting and payment processing.
- Cost effective and efficient for businesses that do not want excessive features that are unnecessary for their business. It is a popular option as it provides a lot of value for the money.
This analysis suggests that although NetSuite outweighs in terms of resources, QuickBooks is the more affordable software. Therefore, it is fair to say that both platforms have their advantages and disadvantages that must be weighed according to an organization’s specific accounting needs.
The Bottom Line
Much like the highs and lows of running a business, NetSuite and QuickBooks have their own strengths, weaknesses, and a stunning set of distinctive features. QuickBooks can be a wonderful asset for small startups. However, as a business grows, the need for an advanced and integrated system is inevitable. NetSuite can serve as your long-term solution in the regulation of accounting services of your nationally or internationally blooming business. Knowing and understanding your business’s requirements will help you decide which of these platforms works better for you.
Ultimately, who wins the battle of NetSuite vs QuickBooks is dependent on your needs and budget. Our responsibility is to help you understand the ins and outs of these systems so you can apply them successfully to your accounting practices.
Our first choice for evolving small businesses is QuickBooks software due to its scalability and ease of use. However, we suggest NetSuite for innovators who anticipate rapid success and large-scale growth.
Visit our site to learn more about our products and services, and let us help you decide what is best for your business.
