If you are reading this article, chances are your business is experiencing growing pains—or, you are moving away from Excel spreadsheets and seeking a new financial management solution. Comparing QuickBooks vs NetSuite is a topic we get asked about a lot, so we wrote this guide to highlight what each platform brings to the table to help you decide which is right for your company.
QuickBooks is a great small business bookkeeping software choice for companies just getting established. It is easy to use, making it a go-to solution for most startups or smaller companies looking for a quick fix. The software allows the creation and management of custom-created invoices, check printing, and automated online banking. Data can be accessed from mobile devices and automatically syncs to a dashboard for real-time viewing of reports and accounts. QuickBooks allows exporting of data to Excel, QuickBooks Online Payroll, and Intuit GoPayment software.
NetSuite is a full business management software suite. It’s often perceived that NetSuite is only a solution for established companies going through rapid expansion, but that’s not necessarily true. Because of NetSuite’s pay-as-you-go pricing, a smaller company with 10 or more employees or a company with 1,000+ employees would both be well-suited candidates for NetSuite. It is web-based so your business won’t need to purchase all of the infrastructures that other accounting solutions typically require.
Some key features of NetSuite:
- Management of cash flow and revenue
- Complete automation of quote-to-order fulfillment
- Automatic integration with eCommerce and customer relationship management (CRM) software
- Integrated budgeting, forecasting and planning functions
- Real-time consolidation of multi-subsidiary financial data
NetSuite vs QuickBooks
NetSuite is the #1 business management system on the market. It is an all-in-one suite of cloud-based applications including financials and accounting, CRM, e-commerce, HCM and professional services automation management. Here we compare the two software platforms on price, reporting, global business, and data entry capabilities.
While QuickBooks may boast a low price, companies who run the software typically have more expenses such as extra IT staff to manage solutions for other departments. You will also have to pay for other solutions to manage customer relationships, e-commerce, PSA, and any other systems or controls your business needs.
NetSuite’s real-time reporting provides timely analysis and informed decision making based on current, up-to-the-moment data. Reporting is endless and custom reports can be made by the user right within NetSuite. Access to all of your business information and custom reports can be accessed anytime, from any device. While QuickBooks has a variety of built-in reports, Advanced Reporting must be added to customize reports and unlock other critical business insights.
NetSuite offers what is termed “global fluency” in regulatory, monetary and linguistic areas. If you decide to do business with other countries, it is all managed in the same system. QuickBooks bookkeeping software does not support multi-currencies.
NetSuite eliminates double data entry. NetSuite has set the standard for accurate, synchronized data streams throughout your entire business—including inventory management, accounting, fulfillment and shipping, project management, and workflows.
QuickBooks provides bookkeeping software; any other solutions will need to be integrated. As stated above, QuickBooks provides business finance and accounting tools only.
Overall, businesses look to a comprehensive system like NetSuite when they are seeking synergy between departments. However, functionality needs, expectations, and budgets will vary from business to business, especially between newly established businesses and maturing businesses ready to expand.
When comparing QuickBooks vs NetSuite, you will find more differences than similarities and it is important to realize that these two enterprise systems are, in fact, very different. It is important for you to consider the needs of your specific company, any projected growth, and your short-and long-term plans, before selection of an ERP system.
Think scalability. Before you decide on a financial accounting software, think about your long-term business goals. QuickBooks is a quick fix, but will it hold up during seasons of growth?