NetSuite vs QuickBooks: In-Depth Comparison Guide (2024)

As in past days bookkeeping is done by hand, many small businesses find it difficult to stay on top of their accounts. Fortunately, there are several of options for accounting software that can help automate most of the financial management activities. Among the most often used solutions are QuickBooks and NetSuite. You can save time by using NetSuite or QuickBooks, as they both automate numerous bookkeeping chores. On the other hand, their features and costs vary. All the information you require to determine which is ideal for your company is provided here.

The NetSuite enterprise resource planning package, or ERP, is probably a superior alternative if your company has extensive financial and resource planning needs. However, you might automatically use QuickBooks online advanced option in this case. NetSuite is a strong accounting software and business management tool that can develop with your company as it goes from a small startup to an enterprise, while lacking the user base and brand familiarity that QuickBooks has.

Modern companies must invest in the best ERP or accounting software they can afford. Comparing QuickBooks accounting software to the NetSuite ERP system, which oversees corporate processes across several functional domains, reveals significant differences in terms of cost and functionality.

The top midrange ERP systems will enable your company to stay competitive and maintain effective operations, which will offset their higher cost once they hit the minimum required revenue level.

There are numerous solutions for handling finances, but these two programs stand out: QuickBooks, NetSuite. Cloud-based NetSuite is a system that combines accounting, enterprise resource planning, and e-commerce functionality. Popular among small and medium-sized enterprises for seamless financial management, QuickBooks is renowned for its user-friendly interface. This comparative guide assists you in selecting software that aligns with your business requirements and growth objectives.

The characteristics and advantages of the three accounting programs are discussed in-depth in this blog post. We compare them in an effort to assist businesses in selecting the most appropriate accounting solution.

Read more: NetSuite QuickBooks Integration

About NetSuite

NetSuite is entirely powered by Oracle’s cloud-based technology, which securely stores and analyses all of your data in the cloud. This can improve the whole experience and make it more dependable and seamless while also protecting your data.

Cloud-based accounting software from NetSuite simplifies managing cash inflows and outflows, paying bills, filing taxes, and compiling financial records. It facilitates the production of timely and accurate reports, improving financial management. Financial information is instantaneously visible, which facilitates problem solving and the creation of reports required to adhere to a variety of financial regulations, including ASC 606, GAAP, SOX, and others.

For companies and organizations, NetSuite is a dynamic accounting solution. One of the world’s top technology corporations, Oracle, created and developed this cutting-edge software solution. With no user count restrictions, this software solution provides a genuinely customized experience.

Real-time information on a variety of financial parameters is provided by NetSuite. To monitor the particular, high-priority business KPIs, you can configure or modify these metrics at any moment. Because the platform can be accessed from anywhere, even on a mobile device, it is an ideal choice for contemporary businesses.

Additionally, NetSuite provides integrated software for human capital management (HCM). The software is utilized by a large number of the fastest-growing tech and software companies that have completed or are planning an IPO to go public.

As the platform contains built-in subscription features, it is ideal for expanding SaaS enterprises. It provides businesses with information about client attrition as well as upselling chances. Many additional industries are also well-suited for and served by NetSuite.

Businesses of almost any size are the focus of NetSuite:

• Benefiting from NetSuite One World’s global multi-subsidiary, multi-legal entity, and multi-currency functionalities are large enterprise-sized enterprises.
• The NetSuite ERP software is advantageous for midsize firms because it offers advanced capabilities, instantaneous drill-down to transactions and reports, financial data analytics, and time-saving tools.
• Upgrading beyond the typical user and feature limits of accounting software such as QuickBooks, small firms with at least 20 users are prepared to expand.

Features of NetSuite

Numerous accounting tools and functions are available in NetSuite. A brief summary of the key characteristics is provided below.

• Tracking of income
• Monitoring expenses
• Mobile program
• Analytics on the cloud
• Produce assertions
• Quick access to financial information
• Integrated CRM

About QuickBooks

Among the most popular and adaptable accounting software programs is QuickBooks. Both their desktop application and their website offer this cutting-edge piece of software. It is among the easiest to use and most adaptable business tools you can get for your firm because of these features.

Leading IT Corporation Intuit, which specializes in developing cutting-edge software for both small and large enterprises, is responsible for developing QuickBooks. QuickBooks makes it easier than ever to track business finances, even though there are more sophisticated solutions available.

TurboTax is an income tax program owned by Intuit; QuickBooks is an accounting program. For new and small businesses, QuickBooks is a great, affordable accounting solution. In addition to handling simple bookkeeping, it offers online payment services via Intuit. Usually, QuickBooks positions the brand as an alternative to ERP software.

Accounts payable, accounts receivable, receiving and processing payments, general ledger, and financial reporting are all managed by QuickBooks accounting software. Data from QuickBooks Desktop and Online are fed into TurboTax to prepare tax forms, while Live Plan, a third-party program, is fed data from QuickBooks Online to create business plans and budgets. When using QuickBooks Online and QuickBooks Desktop, be prepared to pay extra fees and service charges as well as purchase third-party add-on software.

Data from QuickBooks Desktop and Online are fed into TurboTax to prepare tax forms, while Live Plan, a third-party program, is fed data from QuickBooks Online to create business plans and budgets.

When using QuickBooks Online and QuickBooks Desktop, be prepared to pay extra fees and service charges as well as purchase third-party add-on software. With a straightforward dashboard that keeps track of all the important data for you, our cutting-edge technology simplifies everything.

Feature of QuickBooks

An easy-to-use and effective accounting solution is QuickBooks. A brief overview of QuickBooks’ most remarkable features is provided below.

• Tracking of inventory
• Monitoring income
• Monitoring expenses
• Tracking of mileage
• Organisation of receipts
• Identification of a tax deduction
• Superior Analytic
• Management of employee expenses

Related Article: How to Convert NetSuite Data into QuickBooks

Features of NetSuite vs. QuickBooks

Despite being well-known accounting software packages, NetSuite and QuickBooks each offer advantages and disadvantages of their own. Small businesses with few transactions should use QuickBooks; larger organizations should use NetSuite, which is a more capable system that can manage more transactions and grow to meet their demands.

General Ledger

For handling the financial records of your business, NetSuite and QuickBooks both provide a general ledger. This involves keeping track of financial activities, generating financial statements, and doing data analysis on finances. While QuickBooks provides a more direct and easy-to-use interface, NetSuite’s general ledger affords more flexibility and customization.

Cash Management

You may track your cash flow, reconcile bank accounts, and manage spending with the help of the cash management features in NetSuite and QuickBooks. While QuickBooks offers a more straightforward approach with user-friendly bank reconciliation tools, NetSuite’s cash management tools are more extensive, including real-time cash insight and forecasts.

Receivable Accounts

You may create invoices, keep track of payments, and manage customer accounts using the accounts receivable features of NetSuite and QuickBooks. You may set up payment terms, automate billing, and manage collections with NetSuite’s accounts receivable features, which enable more automation and customization. With its user-friendly invoicing capabilities, QuickBooks provides a simpler method.

Payable Accounts

You may handle vendor invoices, keep track of spending, and make payments with the accounts payable services offered by NetSuite and QuickBooks. You can set up payment terms, automate approval workflows, and handle payments in numerous currencies with NetSuite’s accounts payable features, which enable more automation and customization. QuickBooks provides user-friendly bill paying options and a more straightforward method.

Management of Tax

You can compute and manage sales tax as well as payroll taxes with the tax management tools included in both NetSuite and QuickBooks. You can manage tax schedules, create tax reports, and calculate taxes automatically with NetSuite’s tax administration capabilities, which offer increased automation and customization. QuickBooks provides a more straightforward method with user-friendly tax computation features.

Close Management

Close management tools are available in NetSuite and QuickBooks, which can assist you guarantee accounting standard compliance and speed up the financial close procedure. With the ability to handle period-end closure, automate the close process, and generate close reports, NetSuite’s close management solutions provide increased automation and customization. With its user-friendly period-end tools, QuickBooks provides a simpler method.

Management of Fixed Asset

Fixed asset management is a feature of NetSuite that lets you monitor and manage the value of your company’s fixed assets over time. This includes creating asset reports, monitoring asset prices, and controlling depreciation. This feature is not available in QuickBooks.

Management of Payment

Payment management tools are available in NetSuite and QuickBooks, enabling you to organize and handle payments to clients and suppliers. This includes arranging for payments, monitoring their progress, and producing payment reports. You can manage payments in numerous currencies and automate payment workflows with NetSuite’s payment management features, which provide increased automation and customization.

Tracking of Time

Time tracking features let you manage employee vacation time, track employee hours, and process payroll in both NetSuite and QuickBooks. Time sheets, task-specific time monitoring, and time-based report generation are all included in this. You can manage employee time across various projects and automate time-based workflows with NetSuite’s time tracking features, which offer increased automation and customization.

Management of Inventory

Inventory management capabilities let you manage buy orders, track inventory levels, and fill orders in both NetSuite and QuickBooks. This includes creating inventory reports, maintaining inventory across several locations, and monitoring inventory levels in real time. You can manage inventory across numerous channels and automate inventory operations with NetSuite’s inventory management features, which offer increased automation and customization.

Cash Flow

Cash flow management tools are available in NetSuite and QuickBooks, enabling you to monitor your business’s cash inflows and outflows, forecast cash requirements, and make wise financial decisions. This includes forecasting cash flow, keeping an eye on cash levels, and producing cash flow statements.

Project Profitability

You may monitor project expenses, income, and profitability with the project profitability features found in both NetSuite and QuickBooks. This includes keeping tabs on project costs, making project budgets, and producing reports on project profitability. With the increased automation and customization offered by NetSuite’s project profitability features, you can manage project profitability across several projects and automate project operations.

Tracking of Mileage

You may monitor and control employee mileage spending for tax and expense reporting purposes with the use of NetSuite and QuickBooks’ mileage tracking functionalities. This includes keeping track of mileage expenditures, producing mileage reports, and figuring out how much mileage is reimbursed.

Payroll

Payroll functions are integrated into QuickBooks, enabling you to process payroll, handle employee information, and provide payroll reports. Although NetSuite does not come with payroll features out of the box, it does offer an add-on called Suite People Payroll System. Integrations with outside payroll suppliers are another service they provide.

Workflow Automation

Workflow automation tools let you optimize financial operations and automate tedious accounting tasks in both NetSuite and QuickBooks. This involves developing automated notifications, automating approval procedures, and setting up workflow rules.

Batch Invoices and Expenses

With QuickBooks, you can produce and send many invoices and cost reports simultaneously thanks to its batch invoicing and expense management tools. Through its NetSuite expenditure Management solution, NetSuite provides expenditure management features, but the main platform version must pay extra for them.

	Netsuite	QuickBooks Online Advanced
Price	Averages $10,000 per year.	Base fee of $200/month or $2160/year
Better for	Businesses with complex operations (inventory, puchasing etc.) and an in-house accounting team.	Businesses will outsourcing their bookkeeping and accounting.
Maximum number of users	No limit, but there is a per-user fee.	25 billable users, 3 accountant firm users, unlimited time tracking-only and reports-only users.
Ease of sharing with accountants	Easy to share one free seat with a single accountant. You can share Netsuite with additional accountants, but they will use one of the user “seats” in your subscription.	Easy to share with up to three accountant firm users.
Scalability	Excellent. Netsuite’s module-based system lets you customize an ERP solution for your business without using third party applications.	Good. QuickBooks Online Advanced can be configured to run large or complex organization, but third-party applications will be needed.
Ease of use	Good. You’ll need some training and accounting knowledge to get the most out of this product.	Very good. Builds on lower-level QuickBooks Online subscription, so you will only need guidance on the more advanced features you will use.

More info about: How to Migrate QuickBooks Desktop to NetSuite

Differentiation between QuickBooks VS NetSuite

For business accounting, NetSuite and QuickBooks are both very powerful software programs. Although NetSuite and the other service provide comparable functionality, NetSuite is a significantly more complete package. This is because NetSuite comes with tools that businesses would normally need to purchase individually, such a customer relationship management tool.

QuickBooks has benefits as well, such as a more user-friendly interface that is extremely simple for anyone to use, even if NetSuite has more features and services. For small enterprises and startups looking for a quick and simple way to manage their funds, this makes it the ideal option.

Among the most significant features of business software is the learning curve. In an organisation, complicated software can cause operations to lag and productivity to decline. For most startups that are unfamiliar with accounting software, QuickBooks’s more user-friendly interface makes it the ideal choice.
Compared to QuickBooks, NetSuite has more sophisticated capabilities but is also more complex. But this feature-rich program costs a lot more. You should anticipate paying an annual license charge as well as an implementation fee to have everything set up, however the precise pricing may vary from business to business.

To obtain a precise estimate for your company, you will also need to speak with the NetSuite sales team. This estimate is based on the services you require and the number of users.

With monthly prices as low as $15, QuickBooks is a far more cost-effective option. The desktop edition of QuickBooks, meanwhile, would cost you about $349 annually. It’s still more economical than the majority of other accounting software options even though it costs more than QuickBooks Online.

Description	QuickBooks	Netsuite
Integration of Banking	No	No
Live Bookkeeping	No	No
Forecasting and Budgeting	No	No
Organizing and Capturing Receipts	No	No
Integration of Emails	No	No
Tracking of Income and Expenses	No	No
Management of Inventory	No	No
Invoicing	No	No
Payroll	No	No
Fixed Asset Management	No	No
A/P and A/R	No	No
Multiple Entities	No	No
Payment Gateway Integration	No	No
Management of Tax	No	No
Depending on level – Multi-user	Maximum 25	No Limit but user Fee
Subscription Type	Monthly
Price	$25-250/Month	Average $10+/Year
Free Trial	No	No
Platform	Mac or PC	Mac or Pc
Mobile Accessibility	No	No
Best For	Early Growth Stage	Mid Large Enterprise

Reason of Choosing NetSuite

A comprehensive solution for enterprise resource planning is NetSuite. This indicates that NetSuite solutions can be used to handle the majority of business processes for your expanding company. Having a single software supplier for your entire company simplifies operations and makes employee cross-training simple. You can also save money on efficiency charges and software subscription fees.

Comparing NetSuite to QuickBooks Online Advanced, there are a number of clear benefits:

• NetSuite is a modular platform that is completely integrated.

Modules for NetSuite ERP can be accessed for:

Management of Financial

Utilize NetSuite’s Financial Management module to oversee your whole accounting department. NetSuite may provide you with real-time visibility into the financial performance of your company for billing, budgeting, and reporting. Do you regularly undergo compliance or regulatory audits? With NetSuite, you can maintain your company’s compliance with both existing and new requirements.

Management of Inventory, Warehouse and Supply Chain

The profitability of your company depends on effective inventory management. You can quickly and simply monitor inventory levels across all of your locations and sales channels, plan your periodic physical inventory counts, and determine when inventory needs to be replenished with NetSuite. With NetSuite’s distinct modules for supply chain management, warehouse management, and inventory management, you can get the amount of control required for your particular industry.

Order of Management

All the features your sales and order fulfillment staff require should be available to them without granting them access to private company data. Refunds and other price and sales-related concerns should be taken off the desks of your accounting staff to save their sanity. Your sales team can handle the customer sales connection using the order management module, which covers everything from orders to returns to pricing and promotions.

QuickBooks is Best For

• Entrepreneurs and Startups: Its easily navigable features and intuitive UI are ideal for individuals who are new to accounting software and can assist them in effectively managing their finances.
• Self-Employed People and Freelancers: QuickBooks is a preferred choice for anyone in charge of their accounts since it makes monitoring expenses, creating invoices, and filing taxes easier.
• Small to Medium-Sized Businesses: With facilities for payroll, inventory management, and other functions, its scalability enables companies to expand without transferring to a new platform.
• Non-Accountants: QuickBooks is designed for people without a background in accounting. It offers assistance, support, and simple-to-use features that don’t require a technical understanding.
• Businesses Needing Collaboration: Businesses requiring collaboration that operate with teams, accountants, or distant collaborators can benefit from its collaborative capabilities and multiple-user access.

Steps of Choosing Accounting Software

You can choose the best option for your company now that you know how NetSuite and QuickBooks differ from one another. Here are some ideas to choosing the best accounting software to aid in your decision-making.

Size of Business

The first thing you should usually consider is the size of your firm. Compared to medium-sized companies or huge enterprises, startups have various needs. Larger businesses would want to monitor hundreds of data and transactions every day, whereas startups might prefer to concentrate on a select number.
You won’t need to look for and pay for a software solution with as many features if that is the case.

Important Features

The features and services offered by accounting software vary. Certain ones are completely static, while others include customization possibilities. It’s crucial to carefully consider each choice and weigh each of its advantages because of this.

Once every feature of each choice is listed, you may determine which characteristics are essential for your business and which can be unnecessary.

While accurate recording of income and expenses is one of the most crucial aspects of complete accounting software, contemporary solutions also offer a wide range of other functions including contract administration, payment tracking, automatic invoicing, and sophisticated analytics.

Budget of Your Company

There are lots of fantastic accounting programs out there, but they are not free. Budgeting is a crucial factor to take into account when selecting an accounting system. Nevertheless, keep in mind that the solution you’ve selected should still offer all the capabilities your business requires.

Occasionally, it might be worthwhile to invest a little extra. Working with an expert financial company can help you identify the necessities and steer you in the right direction if you’re not sure what you need or don’t need.

Suitability of Feature

Search for software that enables you to add your brand to reports, invoices, and template designs. Process streamlining can be achieved by looking for automation features like recurring invoicing, payment reminders, and payment gateway connection.

User Friendly Interface

Select software that is simple to use for both you and your group. Time is saved, and there is a lower learning curve, with an intuitive UI. Make sure it’s compatible with a variety of platforms and devices so you can manage bills on the move with ease.

Cost and Value

Recognize the pricing structure, whether it is a tiered plan, one-time purchase, or subscription-based. Compare it to the features and value that are provided. To be sure you’re getting a decent return on investment, weigh the possible benefits against the expense.

Conclusion

Small businesses across a range of industries are the ideal target market for QuickBooks Online because of its scalable and user-friendly software. For many of the same features, QuickBooks Online depends on its connectors with hundreds of third-party apps, whereas NetSuite has most of its integrations built into various modules, such as inventory management and bill payment.

Both QuickBooks and NetSuite are excellent choices for accounting software for companies of all sizes. They do, however, all have unique advantages and disadvantages. QuickBooks is an excellent option for companies that just require simple accounting software to manage their accounts, but NetSuite is best suited for companies with sophisticated accounting and ERP needs.

NetSuite is not a good fit for a small business due to its high cost. That might be a great option that positions you for success, though, if your business is expanding abroad and you expect to need an ERP platform to handle everything. In case still you face issue you can contact us, we had a team who help you in resolving your issue.

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