Feature comparison – NetSuite vs QuickBooks
Quickbooks meets basic business requirements for small businesses due to its ability to accommodate bookkeeping tasks, such as managing invoices and basic cash flow tracking. General month-to-month reports with the main task of bookkeeping small businesses manage. It checks the boxes for standard procedures while NetSuite offers bookkeeping and more, a complete financial solution that increases efficiency. As a business grows, NetSuite is capable of supporting the growth by reducing headcounts, preconfigured KPIs, workflows, customizable dashboards, and more! In basic terms, NetSuite has the capacity to do more for your business’s financial operations, by combining the core finance and accounting functions with a heavy focus on compliance.
Financial Management – NetSuite vs QuickBooks
When it comes to business financial tasks NetSuite allows business owners to have more transparency with features such as consolidated reports and invoicing, automated processes, and support of multiple pricing models when it comes to billing features. Accounting data can be brought down to individual transactions where your general ledger (GL) can be tailored to your entire business. GL business processes reduce time and effort for a superior experience. Accounts payable (AP) functions with NetSuite enforces segregation of duties through controlling functionality users are permitted to, this allows for users to be held accountable and to avoid situations such as embezzlement. NetSuite’s accounts receivables (AR) functions to assist in managing tasks such as customer invoices, tracking receivables and receiving payments avoiding entering details such as debits and credits, and much more. Accountant users truly benefit from automating their tasks in return also giving them more time for other productive tasks. Netsuite serves as one of the top ERP systems that offer an all-in-one accounting platform when in comparison to Quickbook’s basic features.
In addition to NetSuite’s accounting processes, it is also able to sustain other key business processes such as revenue recognition of sales transactions by enabling teams to comply with requirements and setting up automation for revenues to be recognized instantly. With the management of asset lifecycles, reports are available on fixed assets, tracking depreciation expenses, revaluation, and disposal of company assets. Other factors such as inventory management are also another added bonus to this business accounting software. Inventory management allows for clarity of stock levels. It minimizes manual processes by real-time visibility providing insights for the company’s decision-makers. Finally, reporting for NetSuite has a variety of features from standard accounting reports to others such as real-time reports, revenue forecasting, expense tracking, and consolidated parent and subsidiary reports, all while meeting reporting requirements. The overall supply chain management and human capital management aspects of the business are all taken care of with this all-in-one platform.