Do you need help staying on top of this business world? Are you searching for a tool that helps you automate and track your expenses? If yes, then we are here to help you.
When a business starts growing, managing finances becomes complex day by day. Choosing the right software is a crucial step for every developing business. To deal with this problem, many accounting tools are present in the market. The two best bookkeeping tools are QuickBooks and Netsuite. Both are used to automate accounts, but their features and costs differ. In this comparison guide, we will learn about QuickBooks vs Netsuite, which is best, their features, and all information related to NetSuite and QuickBooks.
Overview of QuickBooks Vs Netsuite
QuickBooks and NetSuite both deal with accounts and help in managing finances. Let us discuss them one by one:
What is QuickBooks?
QuickBooks is a strong accounting tool that Intuit offered since 1992. It is a stop shop or a complete package to solve the technical issues. QuickBooks provides many tools that help businesses troubleshoot technical glitches, like QuickBooks Payroll Support, QuickBooks File Doctor Manager, QuickBooks Component Repair tool(for fixing installation errors), and many more. In addition, it provides numerous features to streamline the business, like tracking mileage(QuickBooks mileage tracker app) and a QBO test drive that allows users to try an interface of QuickBooks for free. QuickBooks is a handy tool available in both Cloud and Desktop modes that allows users to integrate with multiple software programs.
What is Netsuite Accounting?
Netsuite by Oracle is a cloud-based software that is used for enterprise resource planning. This tool is favorable to those who want to increase operational efficiency throughout the business. Oracle Netsuite helps track accounts, manage inventory, host e-commerce stores, automate professional services, and maintain a customer relationship management system. It simply integrates all businesses into one device and access without managing multiple systems.
Netsuite software provides end-to-end solutions for popular accounting software by enabling cash flow and revenue management, planning, and budgeting. According to the survey, 80% of users use Netsuite ERP because of its reporting and tracking features.
Comparing the Features of QuickBooks and Netsuite
Here, we will discuss the features of QuickBooks vs Netsuite. Let’s explore them one by one.
Scalability and User Access
- QuickBooks has a user limit of 25, which can be restrictive for a growing business.
- NetSuite supports an unlimited number of users, it is a favourable choice for businesses with multiple departments and expanding teams.
Financial Consolidation and Multi-Entity Support
- QuickBooks does not support multi-entity operations. In QuickBooks, the user has to consolidate data into a spreadsheet manually.
- NetSuite automates this process, allowing real-time consolidation across multiple subsidiaries, currencies, and tax jurisdictions.
Advanced Accounting Features
- QuickBooks is best for those business that needs basic accounting but lacks any features that are relevant for financial compliance and auditing.
- NetSuite is advanced for tracking asset management, revenue recognition, and compliance with global standard accounting practices.
Reporting & Dashboards
- QuickBooks offers basic reporting functions that require manual export into Excel for more in-depth analysis.
- NetSuite offers real-time dashboards and flexible report generation to examine something in depth by the business.
Inventory & Supply Chain Management
- QuickBooks had limited inventory capabilities designed for small business use, with no advanced supply chain tools.
- NetSuite allows for complex inventory requirements with multi-warehouse tracking, demand planning, and supply chain integration.
Project Management & Billing
- QuickBooks offers minimal project-tracking features. It makes it difficult to manage profit and tasks.
- NetSuite lets users follow their projects in detail with tools for time management, resource allocation, and accurate billing.
eCommerce & CRM Integration
- QuickBooks requires third-party integration that usually has syncing issues, effectively creating data silos.
- NetSuite comes with a built-in CRM and eCommerce tools that connect financials, sales, and inventory with one another in real time.
Automation & Workflow
- QuickBooks relies on manual, with very minimal built-in automation for streamlining financial workflows.
- NetSuite automates the essential processes of a company, for instance, approval processes, reporting, and expensing, to achieve operational efficiency.
Security & Compliance
- QuickBooks only has basic role-based access but lacks features that fulfill advanced compliance and audit requirements.
- NetSuite enterprise-grade security with compliance to SOX, GDPR, and other industry standards.
Advantages and Disadvantages of QuickBooks vs Netsuite
QuickBooks and Netsuite are accounting software solutions with some advantages and disadvantages. We mentioned some of them here so you can decide from Quickbooks vs Netsuite which is the best according to you.
Advantages and Disadvantages of Netsuite
| Advantages | Disadvantages |
| 1. Netsuite is known for its manageable data in one place. 2. It provides a Customer Relationship Management feature. 3. Netsuite offers an Enterprise Resource planning system. 4. Provides advanced Analytics with Inventory management. | 1. Oracle Netsuite doesn’t help in deciding the pricing, so you need to hire an advisor. 2. Customization of Reports and invoices can be complex at some point. 3. The biggest drawback of using NetSuite is that it doesn’t provide a free trial. 4. The prices of the subscription plan can be increased during the plan. |
Advantages and Disadvantages of QuickBooks
| Advantages | Disadvantages |
| 1. The potential of inventory management is limited. 2. Third-party tools may be required to use advanced customization. 3. To use Payroll support, you need to pay extra charges. 4. Lower-grade programs offered fundamental services. | 1. The potential of inventory management is limited. 2. Third-party tools may be required to use advanced customization. 3. To use Payroll support, you need to pay extra charges. 4. Lower-grade programs offered fundamental services. |
Cost of QuickBooks vs NetSuite
NetSuite Pricing
NetSuite uses an individualized pricing system that can take any company’s special needs-about the number of users, desired modules, and usage levels-into account. Although this makes NetSuite flexible, the specific configuration could make it a bit more expensive.
- Base Licensing Fee: Starting at $999/month
- Per-User Fee: Starting at $99/month
Note: Prices may vary depending on the size of the company, their requirements, and additional add-ons or features.
QuickBooks Pricing
QuickBooks operates a fixed pricing structure, which makes it very easy to forecast rates. Prices are bundled into different plans depending on the features and scale of usage.
- Simple Start: $11/month
- Essentials: $22/month
- Plus: $33/month
- Advanced: $70/month
Subscriptions to all plans are possible through the official QuickBooks website and are designed to provide different levels of functionality depending on the plan selected.
Difference between Quickbooks vs Netsuite
The key dissimilarity between Netsuite and Quickbooks:
1. License Fee
Netsuite doesn’t allow you to pay the license fee, but if you are a Quickbooks Enterprise user, then you need to pay the fee.
2. Charges Plan
Netsuite only charges on the product formation, while Quickbooks levies per month.
3. Price Consultant
Netsuite offers a consultant so that users can consult with them and set a price. However, Quickbooks doesn’t have this feature.
4. Best Fit
For large corporations that want all facilities in one particular location, then Netsuite is the best choice however, QuickBooks is used for small and medium businesses that require financial software tools to make accounting an easy task.
Conclusion
In the context of Quickbooks vs Netsuite, both NetSuite and Quickbooks are used for accounting and are good on their own. Netsuite is best for growing businesses as it offers many capabilities that help users maintain their accounts for third-party integration and lays a strong foundation for future growth. On the other hand, Quickbooks is a robust, flexible tool that can automate the workflow of small and medium-sized businesses. Which software will be a good choice depends on the type and expectations of your business. For more information contact us.
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