NETSUITE vs QUICKBOOKS

comparison

NetSuite ERP and QuickBooks are both well-established softwares that are designed to help businesses with their accounting operations, however, there is a tremendous gap when it comes to their functionality and features. In this comparison, we will take an in-depth look at the accounting software features to check how QuickBooks compares with NetSuite ERP.

Keep this guide handy, if you’re a current QuickBooks user as soon, you will realize the need to switch to a modern accounting solution.

One of the crucial reasons why businesses upgrade from QuickBooks is because entry-level accounting software possesses many limitations that are filled with manual processes. Handling a growing enterprise with myriad spreadsheets and external applications without integrations is inefficient and therefore businesses choose to upgrade to the next tier.

Note: NetSuite ERP is a full-fledged Enterprise Resource Planning (ERP) Solution that includes Business Accounting functionality along with a wide array of other features. Due to this, businesses using NetSuite often use this single solution to manage all the aspects of their business. However, as QuickBooks (QuickBooks Online/ QuickBooks Enterprise) is primarily an accounting solution, we will only compare NetSuite Accounting features with that of QuickBooks.

Netsuite Overview

NetSuite is a complete cloud-based business financial management solution that can run your entire business and its operations at every stage while providing real-time advanced reporting into business data with customizable fields and role-based dashboards. Apart from that NetSuite also offers an entire suite of business solutions spanning beyond standard Accounting. Operations such as CRM, Human Capital Management, Inventory, Supply Chain, eCommerce and more can be managed conveniently via NetSuite. Due to these features, businesses prefer operating on NetSuite as all functions can be carried within a single solution, eliminating the need to handle multiple IT systems.

 

NetSuite is an end-to-end business accounting software that enables cash flow and revenue management, automatic quote to order fulfillment and a feature for integrated planning and budgeting. NetSuite can be customized as your business grows, making it a perfect system for growing businesses and enterprises alike.

Quickbooks
Online Overview

QuickBooks seems like a good option for new businesses looking for bookkeeping software as its starting price is low. With QuickBooks accounting tools, users can track business income, expenses, connect banking systems, credit cards etc. Apart from that, users can also create financial reports like income statements, balance sheet reports etc. for financial reporting and more.

It is important to note that QuickBooks Online is strictly an accounting solution, however, it does come with the basic functionality to manage inventory. But it is very limited and 3rd party integrations must be performed to get the desired functionality.

Quickbooks
Enterprise Overview

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As the name suggests, QuickBooks Enterprise is a desktop program that lacks a true cloud presence and support. Users have to manage the on-premise solution unless they decide to opt for a 3rd-party hosting platform that will make their QuickBooks Enterprise solution accessible via the cloud. However, that adds up to the costs as you must pay the vendor to manage your QB cloud instance independently which still would not deliver all the capabilities of a cloud solution.

As a business, if you’re priority is to automate some business processes, then QuickBooks Enterprises isn’t the best solution for you. QuickBooks Enterprises lacks the ability to automate some crucial business processes such as revenue recognition, subscription billing, asset management and even multi-dimensional reporting. What this means, is that users must license additional 3rd party systems that may or may not be integrated with the main QuickBooks instance. This leads to an increase in manual workload, human error, redundant work processes and excel sheets! Even though the solution might work on the cloud, but as a user, you will still be expected to perform inter-company transactions manually which again increases the possibility of making errors.

Talking about the functionality and customization capabilities, QuickBooks contains a rigid chart of accounts that is developed to minimize business complexities. However, it also means that businesses will not be able to customize the system as they want. This limits the ability where businesses can capture transactions and organize them in a specific financial structure based on liabilities, assets, expenses, and revenues among more.

Netsuite vs Quickbooks

QuickBooks works well for small businesses that only require basic accounting capabilities. It can handle basic accounting processes such as bookkeeping, managing invoices, bill payments etc. along with minimal and basic tracking of the cash flow. For small businesses, the requirement is very minimal and revolves around generating month/year-end reports or calculating annual business taxes among more and QuickBooks can handle these conveniently. However, the issue starts as soon as your company gets on the road to growth.

When compared to the NetSuite software solution, QuickBooks starts to showcase its real limitations. NetSuite offers a complete financial management solution that can increase your work efficiently without having to license or hire additional software, or headcount as your company keeps scaling. Apart from accounting, NetSuite comes with pre-configured KPIs that can show real-time data, reminders, workflows among more. It also comes equipped with customizable dashboards that showcase real-time company updates in real-time to keep everyone updated. Another important aspect is that with NetSuite, financials departments can quickly generate statements that even comply with regulatory requirements such as ASC, 606, GAAP, SOX and more.

To summarize, NetSuite can do much more than just basic and standard accounting. With real-time access to financial data and integrations within every department, users can make informed decisions at every step of the way while keeping everyone on the same page. Take a look below to see how NetSuite compares with QuickBooks.

netsuite vs quickbooks

comparison matrix

 NetsuiteQuickbooks OnlineQuickbooks Enterprise
Cloud Based   
App Store   
System Upgrades   
Software Customization   
Multi-Entity Consolidation   
Create Flexible Chart of Accounts   
In-depth Reporting   
Seperation of Duties & Audit Trail   
Customer Relationship Management   

*Requires an add-on & third-party support.

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netsuite vs quickbooks

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Download our in-depth NetSuite vs QuickBooks data sheet and check out their primary differentiators. Browse key features, compare customer reviews, testimonials, prices and more.

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COMPARE NETSUITE FEATURES

WITH QUICKBOOKS

The 2 platforms are very different when compared to one another. As mentioned earlier, NetSuite is more than an accounting solution. It is a full-fledged business management system that can be customized to handle every business department. Below we would be comparing QuickBooks features with NetSuite to see how it fares with its competition.

WHY SHOULD YOU CHOOSE

NETSUITE OVER QUICKBOOKS?

In the initial stages of a growing business, it is understandable to choose a solution to “get the job done”. However, as your company keeps adding new headcount, services, technology, you may soon find yourself implementing newer software with advanced features that may or may not be integrated with your QuickBooks account. And that’s why many people regard, NetSuite as the all-in-one platform.
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Not just that, QuickBooks comes with many limitations. As it is meant to be just an accounting solution, companies soon start to buy new software to handle company functions like procurement, inventory management, billing, order management, fulfillment and more. This gives rise to the traditional “hairball system” where none of the systems are integrated with each other. Not only does this decrease work efficiency but it also increases the IT maintenance costs for managing the 3rd party systems.

Therefore, we always recommend learning about the scope of a system before you finalize its implementation. Look at our in-depth datasheet to learn about NetSuite vs QuickBooks. Browse key features, industries, customer reviews, testimonials and more.

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Quickbooks vs NetSuite

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