A comprehensive financial management system that automates business procedures and supports growth is critical to your company’s success. However, searching for holistic accounting software for your business needs can be challenging when faced with a plethora of choices. We’ll be comparing NetSuite ERP and QuickBooks Enterprise to help you decide which will work best for your business.
Oracle’s NetSuite Enterprise Resource Planning (ERP) is an all-in-one cloud-based business management system designed to help small to medium-sized businesses (SMBs) streamline their workflows and operate more effectively. It’s a one-stop-shop for accounting and financial management, inventory management, supply chain and warehouse optimization, CRM, E-commerce, and human resource management (HRM). You can have real-time access to financial data that helps you manage your inventory and supply chain to meet consumers’ expectations.
Intuit’s QuickBooks is a popular cloud-based accounting tool aimed at providing financial solutions to small businesses. Unlike NetSuite’s all-in-one ERP platform, QuickBooks primarily focuses on accounting needs of small businesses without overwhelming them with the features they don’t need. QuickBooks Enterprise is an integrated system with advanced and robust functionalities to meet the needs of growing businesses and larger organizations. It offers multiple invoicing and tracking, bookkeeping and record-keeping, inventory management, financial reporting, and hundreds of app integrations.
Let’s compare NetSuite and QuickBooks based on:
- Features & Integrations
- Ease of use & Mobile Access
- Reporting & Global Business
- Pricing Plans
NetSuite vs QuickBooks: Features and integrations
Both NetSuite and QuickBooks offer similar features when it comes to accounting, including bookkeeping, inventory management, account payable and receivable, invoicing, tax management, ledgers, assets, and cash management.
QuickBooks Enterprise is scalable based on your business’s needs as you grow and it includes all features of QuickBooks Online, Pro, and Premier. It offers advanced customization, inventory management, time and expense tracking, reporting, remote collaboration with employees and accountants, and payroll management. While QuickBooks doesn’t have a dedicated CRM system to pair with like NetSuite, it does offer tons of third-party app integrations.
In addition to the basic accounting features, NetSuite ERP offers additional functionality with several integrations, pre-configured KPIs, dedicated assets management module, global account management, better compliance features, advanced reporting and customization, e-commerce, marketing automation, and other enterprise-level features. For businesses looking to go global, NetSuite is a more feasible option with its multi-language, multi-currency functionalities and advanced e-commerce features.
While QuickBooks offers hundreds of app integrations for CRM, payroll, ecommerce, and inventory management, NetSuite offers seamless, built-in integrations in its software, hence reducing the need for third-party apps.
NetSuite vs QuickBooks: Ease of use & mobile access
While most accounting software platforms provide similar features, it’s equally important that they offer an uncluttered interface and user-friendly experience to smoothly get the employees and accountants onboard.
QuickBooks provides a simple interface, with easy-to-access items on dashboards. You can get a quick overview of profit and loss, expenses, bank accounts, invoices, sales, and other reports right from the dashboard. The major sections are further categorized into subsections. You can easily access account balances, cash flows, income, and expense reports, and manage payroll, taxes, and payments.
As compared to QuickBooks’s simpler interface, NetSuite’s software can be a little overwhelming for users. The horizontal menu bar on top provides access to different sections such as activities, customers, vendors, HR and Payroll, financial, reports, documents, payments, and so on. The home screen offers a quick overview of KPIs, reminders, cash flow trends, SaaS metrics, and general accounting.
QuickBooks and NetSuite both offer mobile apps that are available for Android and iOS. They help you keep tabs on your financial activities on the go.
NetSuite vs QuickBooks: Reporting & global business
With NetSuite’s business intelligence tools, you can get meaningful insights to grow your business. NetSuite SuiteAnalytics provides real-time visibility into an organization’s operational and financial performance across all business functions. Saving you the hassle of spreadsheets, unconsolidated data, and manual reporting, these analytics and reporting capabilities are prebuilt and easily customizable so that you can track your KPIs and make informed decisions.
Like NetSuite, QuickBooks also provides customizable reporting functionality including the ability to generate detailed account receivable and payable reports. QuickBooks Enterprise offers advanced reporting with one-click financial, sales, and tax reports, industry-specific reports, inventory and vendor reports, and other budgeting and forecasting tools to help you plan your future goals.
While QuickBooks is suitable for smaller businesses, NetSuite supports global business management by enabling companies to manage multiple business units from a single ERP in multiple currencies and languages. It manages the global operations by complying with local tax regulations and other accounting standards, real-time currency conversion, and consolidating international financial reports.
QuickBooks vs NetSuite: Pricing
Like many other business ERPs, NetSuite also offers customized subscription plans based on user license, number of users, and other functionalities. There’s also a one-time installation cost for the initial setup. You can add new functions, modules, and users as your business grows. This might be frustrating for some businesses looking to choose from upfront pricing plans.
QuickBooks Pricing Plans
QuickBooks offers one plan for sole proprietors or freelancers and four pricing plans for small, medium, and large businesses.
- Simple Start: 1 user; for a new business
- Essentials: 1-3 users; to run your business
- Plus: 1-5 users; to grow your business
- Advanced: 1-25 users; most powerful plan with a lot of customization, reporting, and automation options
QuickBooks Enterprise plan with remote hosting functionality comes with three subscription plans: Gold, Platinum, and Diamond.
NetSuite or QuickBooks: Choosing the right accounting software
We have seen that both NetSuite and QuickBooks offer extensive accounting solutions to support your financial needs.
QuickBooks can be a viable solution for sole proprietors or budding organizations and small businesses seeking basic accounting solutions, upfront and affordable pricing plans, and user-friendly setup without getting overwhelmed by extensive features.
NetSuite ERP with comprehensive accounting and business management features is best suited for medium to large size enterprises looking to expand their business. It offers more in-depth features, advanced reporting and customization functionality, and the ability to manage all business functions from one place.
It’s important for you to consider the short-term and long-term goals of your business, projected scalability, and your team needs before choosing an ERP system.
You can also check our top accounting software list to compare other alternatives.
Also Read: Xero vs QuickBooks Comparison