NetSuite versus QuickBooks: A Comparison of the Most Important Factors
Accounting is not a one-size-fits-all answer. Instead, evaluate your demands based on your company’s size, location, complexity, and future goals, and then choose the best option.
Although both QuickBooks and NetSuite are widely used, choosing the best one for your needs might be difficult. In addition, both solutions cater to a wide range of enterprises. QuickBooks is suitable for new businesses with low income. On the other hand, NetSuite is ERP software designed for more complex business needs, including financial administration and data analysis.
Introduction to NetSuite
NetSuite is an all-in-one ERP system. Evan Goldberg introduced it in 1998 as “Netledger”. NetSuite helps organisations grow and succeed by optimising business operations. It also helps in automating company processes and activities on a cloud platform.
NetSuite provides a comprehensive collection of analytical tools to help you gain real-time business information. The software is notable for giving users a 360-degree view of their clients or business operations. As a result, it serves all businesses. In addition to manufacturing, distribution, and retail, NetSuite has over 27,000 global clients in professional services, software development, and charities.
The Key Features of NetSuite
NetSuite is a cloud-based ERP system designed to help businesses grow. Some NetSuite features include:
- Automate Workflows: NetSuite users can automate business processes and save time. Processes can be phased to save time.
- The Demand Planning Engine: helps users manage demand and supply. It creates demand patterns and supplies the planning process with purchasing and transfer orders.
- Sales Forecasting: Sales predictions are required to capitalise on opportunities, and NetSuite CRM provides exact real-time data. There is a system of checks and balances built into all forecasting tools, allowing you to acquire critical insights into sales opportunities and their impact on your overall goals.
- Targeted Emails: To enhance conversion rates, use NetSuite CRM to manage email campaigns and target specific parts of your audience. Your emails to contacts are preserved in NetSuite’s contact registry for future use.
- Engaging Dashboards and Reporting: Real-time dashboards for your customer service, sales, and marketing teams can identify key indicators like call volume and resolution rate. Reporting in NetSuite is a breeze. Internal reporting tools allow users to simply generate reports and examine data.
Introduction to QuickBooks
Invoices, payroll, inventory, and other financial processes are all handled through QuickBooks. It is a trusted accounting software used by millions of small businesses worldwide. QuickBooks was created by Intuit, a California-based company, to save time on bookkeeping and paperwork.
QuickBooks can create unique reports for your business. It also helps in the preparation of a precise profit and loss statement, which shows whether the organisation is profitable or not. It is easily customizable to meet individual needs and preferences, making it suited for many businesses.
QuickBooks shows you all of your sales data, including customers, products, projects, and locations. It can also obtain GST rates and automatically compute your tax liability. Tax preparation software can help you calculate your taxes accurately and file them on time. Many small businesses use QuickBooks to manage their finances. Integrating your bank and credit card accounts with QuickBooks helps you effortlessly track your expenses.
Key features of QuickBooks:
What makes QuickBooks so popular among small businesses?
- Accounting Reports: QuickBooks Custom Reports help you track your company’s progress. It centralises your data and makes it accessible whenever you need it. The accountant will evaluate and verify all transactions and bank statements, making the tax filing process straightforward and accurate.
- Multiple User Access: You can grant different levels of access to your employees. This facilitates cross-team collaboration.
- Payments and Cash Flow Management: Your customers will pay you faster if you send them an invoice or statement with the QuickBooks Online Payment System option to pay by credit card or bank transfer. You can pay online and get your monthly statement from a partner bank.
- online Bank: When you link your bank account to QuickBooks Online, your transactions are immediately uploaded and categorised. QuickBooks will manage everything for you, eliminating data entry errors.
This section will help you decide between NetSuite and QuickBooks.
The Most Important Factors in Choosing Between NetSuite and QuickBooks.
After learning about NetSuite and QuickBooks, this section will explain some of the aspects that influence the choice between the two. The following factors are compared between NetSuite and QuickBooks:
1) Pricing NetSuite vs QuickBooks
It, like many other ERPs, offers customised subscription plans based on user counts and licences. NetSuite costs between $99 and $999 per user per month. The cost will depend on your needs and the desired solution. There is also a one-time setup cost. You may grow your company’s features, modules, and users. This may be troublesome for organisations that prefer to pick and choose.
QuickBooks has many products. The table below compares the costs of QuickBooks products.
2) NetSuite vs QuickBooks: Advantages and Disadvantages
While both NetSuite and QuickBooks provide accounting software, the functionality available varies greatly. A/P management and banking integration are all possible with NetSuite. It also offers a large report collection with parent and subsidiary reports that can be viewed in either currency.
Both NetSuite and QuickBooks manage fixed asset purchases, but NetSuite has a dedicated module that tracks asset value, depreciation, and useful life. Sales, open balances, and receivable turnover for a collections expert are just a few of the KPIs available in NetSuite.
The QuickBooks product line includes solutions for everyone from freelancers to small businesses. Several unique features of the version make it appealing to small enterprises, as shown in the table below:
3) NetSuite vs QuickBooks: Usability
The NetSuite Dashboard contains a lot of data, which may overwhelm beginning users. While your user privileges dictate what information you may view, the presentation remains uniform. Using the top navigation tabs, you may access additional areas of the software, including costs, reports, and payments.
The QuickBooks Dashboard is similar to NetSuite’s in that it provides quick access to data. Instead of using menu tabs across the top of the screen, QuickBooks has a left menu bar. The QuickBooks dashboard is less congested. Some functions may require activation from the Settings menu.
Some functions may require activation from the Settings menu.
4: Comparison of NetSuite vs QuickBooks
NetSuite consumers will very definitely have to rely on third-party bookkeeping firms, whereas QuickBooks customers can use QuickBooks Live. While QuickBooks Live bookkeepers cannot help with day-to-day bookkeeping, they can aid with setup and cleanup.
5) Integrations: NetSuite vs QuickBooks
Whatever accounting software you choose for your business, make sure it has the connectors and flexibility you need. NetSuite integrates with various popular business software providers and their ERP solutions. If you work with other vendors, you can use NetSuite’s open APIs to create more connectors. However, QuickBooks has over 650 business app connectors, two of which are QuickBooks Payroll and QuickBooks Time.
6) Customer Support: NetSuite vs QuickBooks
In addition to extensive knowledge libraries, NetSuite and QuickBooks offer live phone and chat support. Let’s compare their support:
NetSuite offers 24/7 toll-free phone assistance globally. However, QuickBooks offers help from 6 AM to 6 PM (PST) Monday through Friday.
•End-User Training: In both cases, the training is provided live or online by QuickBooks trainers and partners.
Online User Groups: All NetSuite users have access to a rich knowledge base (SuiteAnswers). Lesser known features of QuickBooks include:
7) Use Cases for NetSuite vs QuickBooks
Accounting software providers QuickBooks and NetSuite both offer cloud-based financial management solutions. QuickBooks is a small business accounting solution that focuses on financial management. Accounting and finance are just two of the many tools available in NetSuite.
NetSuite software is perfect for enterprises and organisations seeking an online financial management system. Consider a NetSuite ERP subscription if you require software for ERP, inventory management, accounting, CRM, and more.
QuickBooks is ideal for small businesses searching for a low-cost, easy-to-use financial management system. An entrepreneur or someone looking for a low-cost option to manage their books remotely may consider obtaining a QuickBooks licence.
The three major elements will assist your firm in choosing between NetSuite and QuickBooks.
Top 3 QuickBooks and NetSuite Alternatives
You can also look into alternatives to NetSuite and QuickBooks. Here are some alternatives:
- Sage Intacct
- SAP Business One
1) Sage Intacct (Sage Intacct)
Sage Intacct is an excellent middle ground between QuickBooks Enterprise and NetSuite ERP. Sage Intacct is a comprehensive enterprise accounting solution.
Sage Intacct provides basic financials, dashboards and reporting, billing, budgeting and planning, platform, and advanced capabilities which are all components of Sage Intacct. Individual features, reports, modules, and users can all be changed inside Sage Intacct.
Acumatica is an ERP solution with integrated company management capabilities. In mobile and telework settings, it connects to your preferred collaboration tools. Growing SMBs get operational flexibility, efficiency, and continuity from Acumatica.
The product provides self-service features that let enterprises gain deeper insights in real-time. Unlike other ERP software, Acumatica does not charge per user. It’s not the programmes, but how they will be installed and how much they will be used that determines a company’s pricing.
3:SAP Business One
A CRM, sales, financial, and operations solution in one, SAP Business One. The programme might be local or cloud-based. It can give you a competitive edge and fuel growth. More than 50,000 clients use the software, which has been developed over 40 years to serve the world’s top corporations as well as small and medium-sized businesses.
Role-Based Access to data and analytical tools helps streamline business operations across manufacturing, service, sales, finance, and HR. The product page for SAP Business One does not list a price. The cost of the programme is determined by the number of modules and users.
You can learn about NetSuite and QuickBooks here. You learned some of the elements that influence NetSuite vs. QuickBooks. These variables will aid you in selecting the best accounting solution for your company. You also learned about some alternatives to NetSuite and QuickBooks.
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