Numerous small enterprises face challenges in effectively managing their finances due to the labor-intensive process of manual bookkeeping. Fortunately, various accounting software solutions exist to streamline many financial management tasks.
Among the top choices are NetSuite and QuickBooks. Both of them offer the advantage of time-saving automation for various bookkeeping responsibilities. However, NetSuite vs QuickBooks? How do they differ? They vary in features and cost structures. This comprehensive guide will equip you with the necessary information to determine the optimal fit for your business.
What are NetSuite and QuickBooks?
NetSuite and QuickBooks serve as software programs for accounting and bookkeeping, yet they distinguish themselves through their extent and intricacy.
NetSuite stands as a comprehensive business management system, encompassing sophisticated attributes like customer relationship management (CRM), enterprise resource planning (ERP), and e-commerce solutions.
NetSuite vs QuickBooks? In contrast, QuickBooks presents a more streamlined approach, best suited for fundamental accounting functions such as invoicing, payroll, and mileage monitoring. Despite both programs having their limitations, NetSuite is typically acknowledged as the more robust option compared to QuickBooks.
NetSuite vs QuickBooks: Brief Comparison Table
|NetSuite||QuickBooks Online Advanced|
|Pricing||Averages $10,000+ per year||Base fee of $200/month or $2,160/year|
|More suitable for||Enterprises characterized by complicated operations involving aspects like inventory management, procurement, and possessing an internal accounting department.||Enterprises that continue to delegate their bookkeeping and accounting tasks externally.|
|Maximum user accounts||There is no imposed restriction, but a fee per user is applicable.||There are 25 users eligible for billing purposes, 3 users from an accounting firm, and an unlimited number of users for time tracking-only and reports-only functions.|
|Ease of sharing with accountants||It’s easy to let one accountant use a free seat. You can also share NetSuite with more accountants, but that will take up one of the available spots in your subscription.||You can easily share it with three users from an accounting firm.|
|Scalability||Excellent. NetSuite’s modular system enables you to create a personalized ERP solution for your business without relying on external apps.||Good. QuickBooks Online Advanced can be set up to handle big or intricate companies, although external apps will be necessary.|
Why Should You Choose NetSuite?
Relevant dashboards to their role
Have you ever felt annoyed when an employee seems unsure about their next steps or what information to focus on? Or perhaps there are times when you’re unsure about what tasks should come first.
With NetSuite, you can make personalized dashboards for every role in your company. These dashboards show the most important performance measures for that role and provide a straightforward to-do list to assist your team, including yourself, in staying on track.
Fully customizable user permissions
An accounting clerk doesn’t require the same features as your company controller, and a sales associate shouldn’t have access to all the data that a sales manager does.
While QuickBooks Online Advanced provides predefined roles with certain user permissions, NetSuite enables you to establish unique roles for each staff member and tailor permissions accordingly. This simplifies the process of protecting crucial business information.
Fully integrated, modular platform
NetSuite ERP provides modules designed for:
1. Financial management
Handle your complete accounting department using NetSuite’s Financial Management module. Covering billing, planning, and reporting, NetSuite offers real-time insight into your business’s financial performance. If your business faces regular regulatory or compliance audits, NetSuite is fully equipped to ensure your adherence to current and upcoming regulations.
2. Inventory, warehouse, and supply chain management
Effective inventory management is crucial for your business’s profitability. With NetSuite, you can effortlessly monitor inventory levels across all locations or sales channels, anticipate inventory replenishment needs, and plan periodic physical inventory counts.
NetSuite offers distinct modules for inventory management, warehouse management, and supply chain management, enabling tailored oversight that suits your specific business requirements. For your reference, ConnectPOS is an excellent NetSuite partner for this purpose.
3. Order management
Empower your sales and order fulfillment team with essential functions without granting access to sensitive company data. Free up your accounting team from pricing and sales-related issues (such as refunds). From orders and returns to pricing and promotions, the order management module empowers your sales team to manage customer relationships in the sales process.
Why Should You Choose QuickBooks Online Advanced?
The business’s intricacy remains unchanged
When it comes to NetSuite vs QuickBooks, depending on your business’s nature, it’s possible to achieve significant revenue levels without introducing excessive intricacies into your operations. In essence, NetSuite might prove to be more extensive than necessary for your business, while QuickBooks Online Plus could fall short of meeting your needs.
If your inventory management requirements aren’t complex and your team isn’t large with highly specialized roles, opting for QuickBooks Online Advanced instead of NetSuite might be a sensible choice. QuickBooks Online Advanced offers greater flexibility and growth potential compared to QuickBooks Online Plus.
With an expanded chart of accounts of QuickBooks Online Advanced, additional financial reports, and the option to integrate premium third-party apps, you can effectively manage your larger business while accommodating growth.
An in-house accounting team is not part of your organization
If you’re currently relying on external bookkeeping services, you could encounter difficulties when seeking an accountant or bookkeeper familiar with NetSuite. QuickBooks dominates the accounting software market in the U.S., boasting over 5 million users globally.
In contrast, NetSuite has around 30,000 users. Given the scarcity of accounting expertise, accounting firms tend to concentrate on the software that the majority of their clients utilize. Consequently, finding accountant support for QuickBooks is likely to be far simpler than for NetSuite.
Your internal bookkeeper has a limited grasp of accounting principles
Numerous bookkeepers are proficient in utilizing accounting software, yet their understanding of accounting principles might not be extensive.
QuickBooks Online Advanced, along with other QuickBooks offerings, is tailored for use by both accounting professionals and individuals without formal accounting backgrounds. In contrast, NetSuite is most effective when operated by a bookkeeper or accountant possessing a higher level of expertise in accounting.
In the dynamic landscape of financial software solutions, the choice between NetSuite vs QuickBooks can greatly impact your business operations. While QuickBooks offers user-friendly accessibility for various roles, NetSuite stands out as a comprehensive tool suitable for businesses with more complex needs and advanced accounting knowledge.
To navigate this decision and ensure the right fit for your business, don’t hesitate to contact us. Our team is ready to provide expert guidance and assist you in making the best financial software choice for your unique requirements.