Deciding between NetSuite vs QuickBooks?
In this article, I will explain the key differences so you can choose the best accounting software for your business, whether a small startup or a large enterprise.
Overview of NetSuite and QuickBooks
QuickBooks and NetSuite are two financial management software options that cater to business sizes and needs. QuickBooks has user-friendly accounting tools for small to medium-sized businesses, while NetSuite is customised for mid to large-sized companies and has full ERP functionality.
Oracle NetSuite
Oracle NetSuite is an Enterprise Resource Planning (ERP) platform with multiple business applications. As part of its ERP functionality, it supports numerous business operations, including accounting, CRM, inventory management and e-commerce. Since it’s cloud-based, users get automatic upgrades and can scale services as per their requirements – a benefit not available in older systems.
NetSuite is targeted at medium—to large-sized businesses, especially those with complex global activities. Its customised accounting solution adheres to GAAP revenue recognition standards and provides real-time access to financial data. This ensures companies stay compliant and make informed decisions based on real-time information.
Intuit QuickBooks
QuickBooks has three main variants: QuickBooks Online, QuickBooks Desktop and QuickBooks Enterprise. Each is designed for the unique needs of small—to medium-sized businesses. QuickBooks is a preferred accounting software that simplifies functions like creating customer invoices, managing accounts receivable and payable, processing payments, maintaining a general ledger and performing financial reporting.
Businesses with more complex accounting requirements looking for more features to handle more complex operations can opt for QuickBooks Enterprise. Although its marketing strategy targets smaller companies, it has an 80% market share of small—to medium-sized businesses. This shows how popular and efficient this software is among these businesses.
Key Features Comparison
Understanding the key features of NetSuite and QuickBooks is vital to deciding which one fits your business needs.
We will examine financial, inventory, CRM, and project management systems to highlight their differences and advantages.
Financial Management
NetSuite Financials has a wide range of features covering all financial management aspects, including robust business accounting and general ledger management. It stands out with advanced accounts payable capabilities featuring an approval workflow engine that enables purchasing controls and role-based distribution – a level of sophistication not available in QuickBooks. This leads to more operational efficiency and better financial control. NetSuite automates revenue recognition processes, which refine accounts receivable management by simplifying compliance with accounting standards, accelerating closing processes, and reducing manual interventions.
On the other hand, QuickBooks excels in basic bookkeeping and financial reporting but does not fully control purchases in its accounts payable tools. This limits the assignment of roles to different users. Although easy to use after some training due to its simplicity, QuickBooks has essential but basic financial management tools for standard operations like payroll processing and bill issuance—but it may not be sufficient for entities with complex accounting requirements.
Both platforms are designed to optimise cash flow. NetSuite stands out by providing immediate visibility into billing processes and overall financial activities—critical information for better decision-making that contributes to the organisation’s financial health.
Inventory Management
Both NetSuite and QuickBooks have inventory management features:
- Warehouse management
- Visible inventory
- Barcode scanning
- Cost tracking
NetSuite, however, has automated real-time tracking, which gives visibility across inventory levels, orders and sales. S,o it’s a more robust solution for businesses that require complex inventory management.
NetSuite’s inventory management software has inventory control, real-time stock tracking, barcoding and RFID for automation, and inventory alerts. These tools help businesses to be more efficient, prevent stockouts, reduce waste, optimise cash flow, make better decisions and enhance customer satisfaction.
Customer Relationship Management (CRM)
NetSuite’s full CRM platform is a key advantage over QuickBooks, which does not have native CRM capabilities. NetSuite’s CRM system has a wide range of customer interaction tools. The number of features might be complex and require users to adjust. Combining NetSuite with Salesforce gives you better access to customer information, improved customer data, and more operational efficiency. Combining the two systems simplifies workflows and data management and reduces manual input tasks and errors. So businesses get a more holistic view of their customer information to make better decisions and engage more with customers.
Project Management
NetSuite has project tracking, resource allocation and financial spend management. SuiteProjects allows users to manage projects effectively by creating tasks, assigning resources and reducing time not allocated to billable work to increase productivity. These features make NetSuite a great platform for project management,, especially in service-oriented businesses.
On the other hand, QuickBooks has some project management features, but they are not as comprehensive and integrated as NetSuite’s. Businesses that frequently require project management features may benefit from NetSuite’s specialised features, like OpenAir. This feature manages service operations and gives instant insights into expenses related to specific projects, including profitability and budget adherence.
Ease of Use
Ease of use is a key consideration when choosing accounting software. NetSuite and QuickBooks offer user experiences designed to meet different levels of complexity and business requirements.
NetSuite User Experience
Some organisations may find getting started with NetSuite intimidating due to its perceived complexity, which may deter them from using the software. With a wide range of features, NetSuite is complex. However, it has a dashboard that presents a lot of data through metrics, graphs and KPIs. Mastering this dashboard and navigating its components takes some time. Using NetSuite requires a well-thought-out strategy to automate business processes and integrate different departments.
NetSuite is a single platform that consolidates multiple business activities and increases operational effectiveness and interdepartmental communication. The system can scale as the business grows and modify the software as requirements change. Despite its initial complexity, NetSuite provides real-time access to business data, improving decision-making within the organisation.
QuickBooks User Experience
QuickBooks has a low-cost, easy-to-use, and approachable interface that makes it easy to learn. Its dashboard shows financial information so small business owners can complete tasks quickly using the left navigation bar. Designed for smaller businesses, QuickBooks meets their financial management needs.
Financial management tools are quick and simple, requiring minimal training. They cover key functions like payroll processing and invoice generation. QuickBooks has tax preparation features that expand its use in managing a company’s finances.
Mobile App Capabilities
Mobile access to accounting software is critical in today’s business. NetSuite and QuickBooks have mobile apps for financial management anywhere.
NetSuite Mobile App
The NetSuite mobile app is available on iOS and Android devices. Its user-friendly and simple interface includes most of the features of the desktop version. A key feature of the app is its ability to function offline, enabling users to handle tasks related to time tracking, expenses, and crucial business metrics without an internet connection.
QuickBooks Mobile App
The QuickBooks mobile app has a receipt scanning feature that automatically archives receipts, making expense tracking easier. The app also allows users to issue invoices straight from the app and get updates on their status, making financial management more convenient while away from the office.
Integration and Customisation
Businesses that want to adapt their accounting software to their specific needs will find that both NetSuite and QuickBooks have comprehensive integration and customisation options.
NetSuite Integrations
NetSuite connects to many external applications, including Google Apps, Salesforce, SAP and Oracle. It also has options for custom integration using both SOAP and REST protocols. The SuiteApps on NetSuite are bespoke applications that enhance the capabilities of NetSuite’s platform by giving users different integrations that suit their needs and prioritise data security to protect confidential information.
The SuiteApp marketplace offers plugins and add-ons built to meet specific business functions and integrate with NetSuite’s ecosystem. This integration allows real-time data synchronisation within NetSuite systems, speeding up decision-making.
QuickBooks Integrations
QuickBooks has a flexible solution for different business needs. Its app ecosystem has over 650 integrations that expand its functionality and adapt to various needs. However, consolidating financial data from multiple platforms is challenging for QuickBooks due to its limited integration capabilities.
Pricing Structure
Accounting software cost is a major consideration for both large and small businesses. NetSuite and QuickBooks have different pricing models, which vary depending on the number of users, the features chosen and the level of personalisation.
NetSuite Pricing
NetSuite’s subscription pricing model is based on SaaS. Fees include an initial core subscription fee, an extra module, and a one-time setup fee. Pricing is adjusted based on user count and the level of customisation required to meet business needs. Businesses can engage with NetSuite ERP through annual subscriptions, which can be single-year or multi-year contracts.
NetSuite has different editions to cater to different business scales and requirements: Starter Edition for new businesses, Mid-Market Edition for small-to-medium-sized businesses (SMEs) and Enterprise Edition for bigger corporations. User fees start at $99 per month per user. Total costs vary greatly—from €9,000 to €230,000—depending on implementation complexity and number of users involved in the system deployment.
QuickBooks Pricing
QuickBooks has different pricing options to suit different business needs, including Online, Desktop and Enterprise editions. QuickBooks Online has multiple price levels with varying features and user allowances from basic to advanced. For QuickBooks Enterprise solutions, annual prices start at $1,340. The final cost may vary depending on the number of users and the software features chosen.
QuickBooks offers customer promotions, such as a 30–day free trial or a 50% discount for the first three months if paid upfront. Customers should also consider additional software costs or potential fees when planning their finances around QuickBooks costs.
Customer Support and Training
NetSuite and QuickBooks provide various support options to help users manage and make the most of their accounting software, ensuring customers can efficiently navigate and utilise these platforms.
NetSuite Support
NetSuite and QuickBooks have different support options to help users manage and get the most out of their accounting software so customers can navigate and use these platforms efficiently.NetSuite has three support tiers: Basic, Premium and Advanced Customer Support. Each tier has its own set of services. The Basic tier provides 24/7 support for urgent issues and access to NetSuite’s knowledge repository and user community. For those who want more advanced features, the Premium level adds benefits like expedited case handling, weekend support and proactive updates on software enhancements.
The platform offers several free online tools to help users learn about NetSuite. While individuals can opt for self-guided learning paths at no extra cost, structured educational programs are recommended to understand the system fully.
Commitment to formal training on NetSuite is essential. This will enhance your team’s proficiency and drive efficiency in your business.
QuickBooks Support
QuickBooks has several support options, including community forums, FAQs and a user help centre. Users can also access live chat and phone support to address issues directly. QuickBooks has 24/7 customer support so support is always available when you need it.
QuickBooks helps with platform migration by offering a set-up service to introduce users to the software features. To improve user competency on the platform, QuickBooks provides training materials, including guides, webinar sessions and on-demand learning.
Pros and Cons
When choosing between NetSuite and QuickBooks, you need to consider the pros and cons of each option for your business. Both systems’ features and limitations will impact your decision for your company.
NetSuite Pros and Cons
NetSuite is an expansive ERP solution with integrated modules that can scale with your growing business. Its advanced analytics and real-time data access help with decision-making and operational efficiency. NetSuite’s cloud-based architecture minimises the financial burden of on-site IT setup, which is ideal for new businesses. When choosing NetSuite, consider the higher costs and complex setup.
Designed for large companies with complex requirements, NetSuite has the software features needed for fast growth and large-scale management. Its modular architecture allows companies to implement only the necessary applications first and integrate more features later. This approach can lead to cost savings and operational efficiency over time.
QuickBooks Pros and Cons
QuickBooks is a user-friendly and affordable option for small businesses, no need for complex accounting features. It’s a top choice for basic bookkeeping and basic accounting tasks due to easy setup and minimal training required.
But QuickBooks struggles with revenue recognition that requires manual intervention, resulting in complex journal entries and lack of transparency. As businesses grow and their needs evolve to more advanced features, QuickBooks’s limited scalability and lack of features become apparent compared to ERP systems like NetSuite.
Why NetSuite over QuickBooks
In summary, both NetSuite and QuickBooks offer robust accounting solutions for different business needs. NetSuite is ideal for medium-sized businesses needing full ERP capabilities and advanced features, while QuickBooks is best for small—to medium-sized businesses looking for simple and affordable accounting tools. Each has pros and cons, which you should consider based on your business requirements.
- NetSuite is ideal for medium-sized businesses needing full ERP capabilities, while QuickBooks is for small to medium-sized businesses with basic accounting needs.
- NetSuite has advanced features like real-time financial data and integrated CRM, while QuickBooks is focused on ease of use and basic financial tasks.
- Pricing varies greatly. NetSuite offers subscriptions based on user count and customisation, while QuickBooks offers flexible pricing plans for different business sizes.
Also important to note is that NetSuite is multinational, whilst QuickBooks is US.
Why does this matter?
Because when your business grows, you don’t need new systems, you can use the same system for all countries.
Remember, the right ERP software will streamline your productivity and support your business’s long-term success.
Frequently Asked Questions
Is QuickBooks an ERP?
QuickBooks is not an ERP system; it’s accounting software focused on financial management for small to medium-sized businesses. Unlike ERP systems covering a broader range of business processes, QuickBooks is focused on accounting functions.
What are the main differences between NetSuite and QuickBooks?
NetSuite is for medium-sized businesses, offering advanced ERP features and scalability. QuickBooks offers basic accounting tools and ease of use for small- to medium-sized businesses.
So, if you’re in a bigger business that needs more management capabilities, NetSuite is the way to go, but if you’re in a smaller business, QuickBooks is the way to go.
Which software is more suitable for small businesses?
QuickBooks is the better option for small businesses because it’s affordable, user-friendly and designed to simplify financial management.It helps startups and small businesses keep their accounting clean.
How does NetSuite handle inventory management compared to QuickBooks?
NetSuite beats QuickBooks with automated real-time tracking and advanced features like barcoding and RFID for full inventory management.
What are the pricing options for QuickBooks?
QuickBooks offers different pricing options. There are Online, Desktop and Enterprise versions, starting at $1,340 per year for Enterprise. You can also get a 30-day free trial or 50% off your first three months.
