Are you looking for an efficient finance and accounting management system? You are in the right place.
This guide will take you through NetSuite vs QuickBooks comparison, highlighting:
- What is the difference between NetSuite and QuickBooks?
- What are the key features of NetSuite and QuickBooks?
- Pros and cons of NetSuite ERP and QuickBooks
- Which accounting software is the best to manage your business operations?
After finding answers to these questions, you will be able to make an informed decision on the right system to make management operations quicker and easier.
Let’s get into the comparison right away!
Businesses are undergoing transformation, markets are becoming more competitive, and business management needs are changing. The need to innovate has given rise to the accounting and task management software industry.
Technology is helping businesses stay ahead of the competition and enhance efficiency by enabling the transition from manual to automated execution of tasks.
According to PCMag, small businesses can hardly survive without accounting software.
That’s why finance and accounting software use has increased over the past few years. Many small businesses are incorporating a robust system in their operational fabric to increase accuracy and efficiency.
Question: How does accounting software make a difference?
Answer: Accounting software is typically modular; it allows users to perform various operational tasks. Here are some important ones:
- Core Accounting
- Inventory Management
- Invoicing and Billing
- Payroll Management
- Budgeting and Forecasting
So, no wonder, according to Statista, around 64.4% of small businesses are using accounting software.
However, due to the availability of so many options, it is hard to find the right management solution that will satisfy all your business needs. This is where this guide will help you!
We have compared NetSuite and QuickBooks, as they are the most popular accounting software, designed to help businesses streamline accounting and operations. Let’s explore their features, similarities, and differences.
NetSuite vs QuickBooks – Overview
1. NetSuite Overview
NetSuite ERP is one of the leading cloud-based software suites, offering services to handle operations, finances, and customer relationships of small, mid-size, and large enterprises.
The suite offers a wide range of modules that help establish and manage various business purposes, including:
- ERP (Enterprise Resource Planning)
- CRM (Customer Relationship Management)
- PSA (Professional Services Automation)
- HCM (Human Capital Management)
- E-commerce
- Retail
- Manufacturing
Due to this advanced functionality, NetSuite ERP gained over 27,000 clients from different industries, including retail, manufacturing, distribution, nonprofits, software development, professional services, etc.
2. QuickBooks Overview
In 1992, Intuit released an accounting software package, QuickBooks, which helps businesses with bookkeeping and document management. Even though QuickBooks has evolved to provide support for various business operations beyond accounting, it has a limited set of features, and it does not successfully scale for every business.
QuickBooks stands out for small businesses and freelancers, as it’s a user-friendly platform and relatively cost-effective. So, it’s a go-to accounting and task management solution for small businesses with simple management requirements.
NetSuite is Your RIght ERP Partner! Need help?
NetSuite vs QuickBooks – Key Features
1. NetSuite Accounting Software Features
NetSuite cloud accounting software is a go-to solution for businesses because of its end-to-end, dynamic features. For example, it provides financial control with role-specific security that ensures the segregation of duties. It also equips companies with native, real-time reporting, which provides a 360-degree view of their finances.
NetSuite ERP’s all-in cloud-based features give it an edge over other legacy systems, primarily made for on-premises use. NetSuite’s enterprise-level solutions make it a handy option for companies looking to scale while saving money and keeping room for growth.
Here are key NetSuite ERP features that make it complete accounting software, more than a solution with just bookkeeping functionality:
• Accounts Payable and Receivable
It helps to control the basic accounting, like tracking payables and receivables, handling bank reconciliation, etc.
• Fixed Asset Management
It helps monitor and manage the asset lifecycle and handle assets’ essential data, and track lease agreement details.
• Invoicing and Billing
This solution automates billing and payment collection processes to ensure timely payments and minimize human errors.
• Flexible General Ledger
It makes accounting hassle-free by automating accounting processes and customizing them to meet unique business needs.
• Multi-tax Compliance
An end-to-end tax management solution generates detailed reports, helps to analyze transactions, and automates calculations in real-time.
• Budgeting & Forecasting
This tool analyzes diverse variables, historical data, and future outcomes in the context of budgeting and forecasting.
• Inventory Management
This module updates inventory information in real-time by tracking orders, available products, deliverables, and sales.
• Financial Planning & Analysis
It helps in Planning and analyzing the current situation and future scenarios to create a realistic future goal.
These multi-faceted enterprise-level features allow businesses to scale by eliminating mundane tasks and efficient management of business processes.
2. QuickBooks Online Features
Intuit’s QuickBooks is an ideal and feature-rich solution for startups looking to find a simple solution for various accounting and finance management tasks.
QuickBooks Online is a cloud software platform offering solutions and tools required to manage small business tasks from invoices, bill payments, native reports, track cash flows, etc.
QuickBooks gives the four plan offerings: Simple, Essentials, Plus, and Advanced. The advancement in features improves with each plan. Here are a few important QuickBooks Online features:
• Payroll Management
It generates paychecks, formats accounting reports, clears taxes, tracks and processes payroll, etc.
• Sales and Income Management
It manages the income of the company, including sales and invoice management.
• Create Financial Reports
QuickBooks Online provides basic financial reports, including P&L and Balance Sheet reports, customer statements, Cash Flow statements, and A/R and A/P aging reports.
• Automated Tax Payment
With QuickBooks online, tax filing is easy through automatic tax payments and form filing features.
• Cash Management
QuickBooks allows online payments and invoice deposits and manages monthly bank statements.
• Bills Management
It makes it easier and simpler to control cash flow, pay online bills, schedule future payments, and remember due dates.
Forget about entering online bills manually with QuickBooks download bank statements and transactions through QB’s bank feeds.
Unlike NetSuite ERP, QuickBooks doesn’t offer a complete set of enterprise applications and primarily focuses on financial management for small businesses.
Although you can increase QuickBooks capabilities by using certain add-ons, it remains a small business accounting software with fewer features to help real-time decision-making.
NetSuite vs QuickBooks – What are the Main Differences Between NetSuite and QuickBooks?
NetSuite and QuickBooks offer a range of accounting and finance management features. However, NetSuite is a cloud-based ERP system and QuickBooks is essentially accounting software.
Let us now discuss the differences between the two systems:
NetSuite vs QuickBooks: Feature Comparison
NetSuite ERP and QuickBooks Online are both used as accounting and management solutions for businesses. Both NetSuite and QuickBooks offer bookkeeping features, but QuickBooks lacks some ERP features.
Here are a few main differences between NetSuite and QuickBooks Online:
| NetSuite | QuickBooks | |
|---|---|---|
| Fixed Assets Tracking | Track Fixed Asset Purchase Track Depreciation Expense Asset Value Life Span of the Asset | Track Fixed Asset Purchase |
| Access to KPIs | Access to Around 75 KPIs | N/A |
| Supply Chain Management and Manufacturing | Order Management Inventory Management Warehouse and Fulfillment Procurement Production Management Demand Planning Shop Floor Control & BOM Maintenance WIP and Routing Work Orders and Assemblies | Order Management Inventory Management Procurement |
| Human Capital Management | Payroll Management Employee Center Human Resources Management | Payroll Management |
| Professional Service Automation | Project Management Resource Management Timesheet Management Expense Management | N/A |
| Customer Relationship Management | Salesforce Automation Marketing Automation Customer Service Partner Relationship Management | N/A |
| E-commerce and Retail | E-commerce Point of Sale Order Management Commerce Marketing Product Content | E-commerce Point of Sale |
| Reporting | Cash Flow Profit & Loss Consolidated Reporting (Intercompany) Multicurrency Reports | Cash Flow Profit & Loss |
1. Track Fixed Assets
Fixed asset management is a crucial business management solution that helps with tracking equipment and physical assets. Both NetSuite and QuickBooks Online help track fixed assets, but NetSuite ERP offers more advanced fixed assets management solutions than QuickBooks.
QuickBooks helps track fixed asset purchases, but it lacks functionality to track depreciation expense, asset value, and the life span of the equipment.
However, NetSuite tracks asset purchases, asset life, depreciation, and present value.
• Industry Specific Collateral
NetSuite SuiteSuccess delivers a single solution across all key-business areas, leveraging industry-leading practices and over 20 years of cloud ERP implementation experience (passage taken from our SuiteSuccess page). SuiteSuccess includes pre-configured systems with Dashboards, KPI’s Reports, Roles, and Add-Ons to provide a functional ERP system from day 1. SuiteSuccess also includes a set of leading business practices that any organization may adopt when implementing their NetSuite ERP.
Industry-specific configuration is missing in QuickBooks Online. To adapt this platform to your business needs, you may have to resort to expensive add-ons or complicated customizations.
2. Supply Chain Management
NetSuite ERP has the edge over QuickBooks in supply chain management features. NetSuite offers several features, including:
- Order Management
- Inventory Management
- Warehouse and Fulfillment
- Production Management
- Demand Planning
- Shop Floor Control & BOM Maintenance
- Procurement
- WIP and Routing, Work Orders and Assemblies
Whereas, QuickBooks only offers a few features, limited to:
- Order Management
- Procurement
- Inventory Management
3. Human Capital Management
When compared to QuickBooks, NetSuite offers more functionality related to human capital management and payroll management. It can help with…
- Payroll Management
- Employee Center
- Human Resources Management
…which gives NetSuite ERP an upper hand over QuickBooks Online.
4. Professional Service Automation
NetSuite’s Professional Service Automation (PSA)/Project Management functionality helps organizations complete projects quickly and productively. Its state-of-the-art charge-based billing engine makes project invoicing and revenue recognition child’s play. This module handles:
- Project Management
- Resource Management
- Timesheet Management
- Expense Management
- Project Billing
- Project Cost Accounting
- Project Budget VS Actual Reporting
- Visibility into Profitability
- Project Accounting
QuickBooks Online doesn’t offer this functionality.
5. Customer Relationship Management
QuickBooks doesn’t offer the CRM (Customer Relationship Management) module. NetSuite ERP provides these CRM features:
- Salesforce Automation
- Sales Forecasting and Quota Management
- Reporting and Analytics
- Upsell, Quote and Order Management
- Marketing Automation
- Customer Service
- Partner Relationship Management
6. E-Commerce and Retail
QuickBooks only has the following support for E-commerce and Retail:
- E-commerce
- Point of Sale
By contrast, NetSuite has a plethora of features in this department, including:
- E-commerce
- Point of Sale
- Order Management
- Commerce Marketing
- Product Content Management
7. Reporting
Both NetSuite ERP and QuickBooks Online have plenty of ‘canned’ financial reports, like cash flow statement and P&L. However, NetSuite ERP gives access to more real-time reports than QuickBooks.
TAKEAWAY: NetSuite ERP and QuickBooks Online offer various helpful features for businesses that make accounting and finance management less stressful, streamlined, and error-free. However, compared to QuickBooks, NetSuite ERP offers more features such as: more reporting options, access to KPIs, a professional service automation module, fixed asset purchase tracking. These advanced features give NetSuite an edge over QuickBooks and other similar accounting software.
NetSuite vs QuickBooks: Pricing
NetSuite and QuickBooks have different pricing models, which are dependent on required features and the process of licensing.
See below the comparison between two pricing models:
| NetSuite | QuickBooks | |
|---|---|---|
| Pricing | Gives custom quotes based on the scope and business management function. | Offers five plans with prices ranging between $25 and $150 per month. |
| Contract Duration | A yearly contract that is renewed every year. ‘Multi-year contracts are typically discounted.’ | Monthly contract. |
| Upfront Cost | There is system configuration cost for NS consulting services or a partner to implement NetSuite. | There is no upfront cost unless consultants are required for setup. |
| Recurring Cost | Charges annual fees for the support, subscription, and user licenses. | Charges annual fees for live bookkeeping services and software subscription. |
| Licensing | Directly through NetSuite and NetSuite partner. | Buy it online. |
1. NetSuite Pricing
NetSuite pricing varies greatly depending on many factors, including:
- Size and scope of the company
- Team’s needs
- User licenses
- User counts
- Features required
That’s why NetSuite offers customized subscription quotes after analyzing the requirements. Nevertheless, NetSuite software price is anywhere from $999 to $2,999 per month. Additionally, each user license costs $99 / month.
As a NetSuite implementation partner, we are committed to fully understanding your business software needs from end to end; we can then help you choose the right package! Reach out to our account managers for more information (add link).
2. QuickBooks Pricing
QuickBooks has a defined pricing model with 5 subscription models for each plan. Here is the price for each plan:
- Self-Employed: $15 per month for 1 user
- Simple Start: $25 per month for 1 user
- Essentials: $50 per month for 3 users
- Plus: $80 per month for 5 users
- Advanced: $180 per month for 25 users
You have to pay additional fees for the add-ons, like QuickBooks Payrolls and timesheets.
TAKEAWAY: QuickBooks is clearly a cheaper solution than NetSuite, and it may be the right fit for small companies with a lower degree of business complexity. Whereas NetSuite is the best suited for SMB companies. It helps enterprise-level organizations to scale and automate operations to cut human errors and manpower. Moreover, as a company grows, it becomes difficult to handle business challenges with entry-level accounting software. That’s where NetSuite’s depth of features can help businesses manage their processes professionally.
NetSuite vs QuickBooks: Number of Users
There is a major difference between NetSuite and QuickBooks in the number of users. QuickBooks gives access to a limited number of users whereas NetSuite has the capability to add an unlimited number of users.
| NetSuite | QuickBooks | |
|---|---|---|
| Number of Users | Anyone with a NetSuite account can access NetSuite. | Self-Employed: 1 user Simple Start: 1 user Essentials: 3 users Plus: includes 5 users Advanced: 25 users |
1. NetSuite
Anyone within the company with a NetSuite account can access NetSuite accounting software to perform operations.
However, the degree of access to NetSuite features varies depending on the user license type. There are two types of NetSuite User Licenses: Full Access Users and Limited Access Users.
Full Access Users: They can be assigned many roles with general access to NetSuite ERP functionality.
Limited Access Users (Employee Center, WMS, APC, etc.): They have limited roles and access to NetSuite. They can perform certain restricted operations in the system, such as: enter time and expenses, approve purchase orders and vendor bills, receive inventory, access reports via a mobile device, etc. Anyone with a NetSuite account can access the system.
2. QuickBooks
QuickBooks is made specifically for small businesses, so no wonder that it gives access to a limited number of users – a minimum of one and a maximum of 25.
The number of users changes with different packaged offerings. Here are the number of users for QuickBooks for each product:
- Self-Employed: 1 user
- Simple Start: 1 user
- Essentials: 3 users
- Plus: includes 5 users
- Advanced: 25 users
TAKEAWAY: QuickBooks Online is designed for a 2-3 employee business with a limited degree of business complexity and fewer operations. As businesses grow, segregation of duties, accessibility, and scalability become essential; organizations will likely switch to a more robust platform like NetSuite.
NetSuite vs QuickBooks: Ease of Use
NetSuite and QuickBooks accounting software make things easier for users. For example, each software has easy-to-use dashboards.
| NetSuite | QuickBooks | |
|---|---|---|
| Information Available | The dashboard has a lot of information in the form of metrics, graphs, KPIs, reports, etc. | Less cluttered dashboard with information about sales, P&L, income, expenses, and cash flow. |
| Navigation Bar | The top menu bar helps to navigate to different sections. | The left menu tabs for navigation to other sections. |
1. NetSuite
NetSuite might seem a bit intimidating at first glance because of the vast array of information available on its dashboard. But the available information varies depending on the type of user license and role.
You can use top menu tabs for navigation and access different sections.
2. QuickBooks
Comparatively, QuickBooks’ dashboard is less cluttered, and it doesn’t give too much information on the home screen. So, the first-time user doesn’t feel so overwhelmed or intimidated. The dashboard shows reports and important financial graphs.
Moreover, the menu bar of QuickBooks Online is on the left side rather than on the top. You can use the menu bar to access: Transactions, Sales, Projects, Expenses, Cash Flow, Reports, Taxes, Payroll, Mileage, Accounting, Capital, My Accountant, and Live Bookkeeping.
TAKEAWAY: NetSuite’s dashboard is more advanced than QuickBooks’ dashboard with a lot of information. The reason is NetSuite ERP offers more functionality and features than QuickBooks Online. However, you can set privileges to define what type of information the user wants to see.
NetSuite vs QuickBooks: Customer Support
NetSuite and QuickBooks both offer live customer support, technical support, end-user training, and user group support to help customers use their accounting software with ease. Besides customer support, you can also find resources, like webinars, articles, and video tutorials to help you understand processes.
Although NetSuite ERP and QuickBooks both offer good customer support, their support models are different.
| NetSuite | QuickBooks | |
|---|---|---|
| Technical Support | 24/7 toll-free phone support. | 12 hours support (Mon-Fri) without direct phone call support. |
| End-User Training | Live and/or online training by experienced trainers and partners. | Live and/or online training by experienced trainers and partners. |
| Online Support | Provides access to a large NetSuite knowledge base, including webinars, videos, guides, etc. | Provides access to a large QuickBooks knowledge base, including webinars, video tutorials, articles, etc. |
1. NetSuite
NetSuite’s technical support is available 24/7 and is best known for its responsiveness. You can contact them anytime in case of any query or support need.
NetSuite is also best known for its robust end-user training program. Their experienced trainers and authorized partners (SUCH AS ALPHABOLD!) are available to give on-site or online training. Several user groups are also available in the US.
2. QuickBooks
Unlike NetSuite, QuickBooks only offers 12 hours a day and 5 days a week (Monday to Friday) technical support. So, you have limited hours to get technical support from QuickBooks’ representatives.
Moreover, you cannot call QuickBooks support directly. You should first submit a request, and then their representative will call you.
QuickBooks is hands-on in its end-user training with live and online training sessions through local user groups, authorized partners, and the company’s representatives.
After paying an additional fee, you can also sign up for QuickBooks Live for online bookkeeping support.
TAKEAWAY: Both NetSuite ERP and QuickBooks Online offer various customer support options in the form of technical support, end-user training, and online support resources. However, NetSuite is superior as it offers 24/7 customer support with an option to make a direct phone call that QuickBooks doesn’t allow.
NetSuite vs QuickBooks: Integrations
Integration is important to enhance the capabilities of the system. So, whatever accounting software you select, don’t forget to check out its API capabilities and whether it can be easily integrated with other cloud or on-premises solutions.
Both NetSuite ERP and QuickBooks Online offer integration flexibility with applications and third-party software to improve performance and capabilities.
| NetSuite | QuickBooks | |
|---|---|---|
| Integrations | Connects with third-party software suppliers and all NetSuite ERP solutions (SuiteApps). Allows for custom integration via its SOAP and REST web services. | Connects with more than 650 business apps. |
1. NetSuite
Being an ERP suite, NetSuite provides end-to-end integrations with its ERP solutions, reducing the need to integrate CRM, HCM, PSA applications. However, it still offers seamless integration options with third-party solutions, like Google Apps, Oracle, etc.
All third-party integrations are secure and developer friendly. So, if you need to improve your system’s functionality, you can do it easily.
2. QuickBooks
QuickBooks online offers integrations with around 650 Business applications, with an option to access payroll and timesheet integrations within the system.
TAKEAWAY: NetSuite comes up with built-in web services capabilities and it offers more integrations options through its SuiteApp page. Meanwhile, QuickBooks Online has the option to integrate with 650 solutions.
Conclusion
It is hard to find accounting software because there is no one-size-fits-all solution. NetSuite ERP and QuickBooks Online have their strengths and weaknesses. Moreover, the selection of the system also depends on your company’s needs and scope.
With its 5-level subscription plan, QuickBooks has impressive solutions for a wider range of organizations, including self-employed professionals, startups, and even larger organizations with lower business complexity.
NetSuite, a TOP ERP solution, is a better fit for growing organizations looking to automate their business processes and drive productivity. You can use it for better management, decision-making, operational efficiency, and streamlined processes.
We hope this article will help you understand each solution’s pros and cons. This comparison will help assess your business needs and choose the right platform for your needs based on your budget.
We hope this NetSuite vs QuickBooks guide helps you choose the right features, capabilities, and surrounding complexities. Between NetSuite and QuickBooks – choose wisely!
