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When you own a small business, it’s essential to have an efficient bookkeeping process. Compiling accurate records regarding revenue generation, outgoing funds, and additional expenses or overhead is critical, as even the most marginal amounts could make or break your organization.
Oracle’s NetSuite and Intuit’s QuickBooks are the two go-to choices for small business accounting. NetSuite caters more to businesses with the goals of scaling globally and internationally. QuickBooks can handle large companies, but its interface is more efficient for local organizations that handle everything in-house. Here’s a comparison of NetSuite vs. quickbooks.
NetSuite is a software-as-a-service (SaaS) that provides users accounting, customer resource management (CRM), and online retail functionality from one convenient interface. Team members from various departments tap into client information via one primary record, helping to avoid inconsistencies with data tracking.
Organizations with multiple locations that fall under the mid-to-large category, manufacturing companies, and companies with sophisticated logistic and inventory programs thrive using NetSuite. In addition to its comprehensive interface, users can also access an asset management system that allows any company to compile its monetary figures and accomplish accounting tasks on autopilot.
If your company wants to accelerate nearly every financial process and task and satisfy compliance issues while simultaneously leveraging business management functions, NetSuite could be what you’re looking for.
QuickBooks is accounting software ideal for smaller retailers, service providers, property management or real estate businesses, and plenty more business models. Year after year, QuickBooks is recognized as the go-to solution for any small business accounting needs.
In addition to its efficiency, QuickBooks is highly user-friendly, with lots of options for on-the-go accessibility. Hence, you never lose touch with any of the financial requirements of your business. QuickBooks is powerful in the reporting and inventory tracking department, with nearly 700 integrations and options for almost any workforce model.
Using independent contractors instead of taxed employees, you can track 1099 payouts and process contractor forms before tax season. Tracking activity by class and geography is a fantastic option for property management or real estate companies who need to keep a pulse on the activity regarding a specific home or property.
NetSuite vs. QuickBooks: Price Specifications
Both programs have multiple price models. QuickBooks pricing is set up in a tiered pricing plan, with more options available as you upgrade to higher packages. NetSuite, however, is priced based on full customization.
NetSuite Price Breakdown
Because there is no one-size-fits-all for enterprise platforms, these services are typically priced based on customization features. The size of your workforce, total revenue, and add-on components lend to the final price of your package. These platforms almost always require a conversation with a sales rep to walk you through the service’s various features, allowing you to pick and choose the features you’d like to include. Usually, a bare-bones version of the software is available for one universal price and selecting additions like CRM, inventory management, and other applications add to the total.
Net Suite’s ground-level price is $999, with an additional $99 per month charge, per user.
QuickBooks Price Breakdown
QuickBooks pricing is more straightforward, with five different package levels available broken down into monthly installments:
- Self-Employed Package: $15 per month for one user
- Single Startup Package: $25 per month for one user
- Essentials Package: $50 per month for up to three users
- Plus Package: $80 per month for up to five users
- Advanced: $80 per month for up to 25 users
Except for the Self-Employed Package, each lower tier is upgradable at any time during the subscription period. Self-Employed isn’t crafted as a double-entry bookkeeping platform, so if you require additional services, you’ll have to buy a new plan and manually transfer any saved information.
NetSuite is substantially higher in price than QuickBooks but goes far beyond being essential accounting software. The price difference between the two reflects the difference in professional demographics to which these two services cater.
NetSuite and QuickBooks Features
Technically both platforms exist as bookkeeping and accounting services, but several features separate NetSuite from QuickBooks. With NetSuite, multiple users are allowed access to many additional features. Features like A/R and A/P management, financial institution integration, and an expansive catalog of different reports with the ability to toggle between currency types.
NetSuite also allows you to track KPIs that are unique to each employee portal. This includes statistics like sales, open tickets, open balances, sale opportunities, accounts receivable, and more. A dedicated workflow also provides asset value tracking and depreciation expenses automatically. On QuickBooks, these figures must be calculated manually and entered as a sidenote.
Both platforms provide helpful options, but NetSuite allows you to track a higher number of reports and performance management statistics. The inventory tracking abilities of NetSuite are also more complex than QuickBooks, making it a more economical option for a broader range of industries.
NetSuite vs. QuickBooks: How User-Friendly Is Each Platform?
Both platforms are customizable according to each user’s editing privileges. For users without experience with NetSuite, there’s a significant learning curve to overcome. Remembering each module and function can be stressful and will take time and practice to master. QuickBooks is much easier for new team members to grasp.
How User-Friendly Is NetSuite?
The robust dashboard of NetSuite can be menacing for new users. A behemoth amount of information to digest requires its unique training services for newcomers to your organization. Once you get the hang of it, navigating becomes more accessible thanks to the visible tabs along the top of the dashboard. NetSuite and SalesForce have similarities for anyone familiar with the latter.
NetSuite: Visual Elements
NetSuite’s dashboard consists of multiple tabs users can switch to and obtain information on different financial information.
- KPIs: KPIs highlight profit, expenses, sales, orders, and account balances through filtered windows of time. The increase or decrease is tracked via a graph, allowing you to gain more insight into your company’s trends and financial wellbeing.
- SaaS Metrics: This section summarizes different elements of your company over a specific period, including customer acquisitions, average profit, and cancellations.
- General Accounting: This area is grouped into different transactions, reports, and lists, with clickable links that take you to other platform sections like master account charts and more.
- Monthly Trends: This is presented in graph form and displays commission fluctuations.
- Operating Cash Flow: This is also contained in graph form, allowing users to customize it over their chosen time window.
- Reminders: The “Reminders” section displays modules and tasks that need immediate attention, like orders or closings.
How User-Friendly Is QuickBooks?
The dashboards of these two platforms, surprisingly, aren’t dissimilar. QuickBooks is fashioned the same way: the main dashboard provides navigation to all the pertinent reports you need in the form of tabs. QuickBooks interface doesn’t come off as jumbled as NetSuite’s and has a cleaner look.
QuickBooks main dashboard gives you access to:
- Profits/Losses: This allows you to generate custom reports
- Account balances: View all your bank account information in real-time
- Income: Shows anything pertinent to your incoming revenue, including unpaid invoices
- Transactions: Pull reports of specific transactions based on time or category
- Expenses: Your overhead costs are broken down into different categories
- Sales: Reports of sales based on time or quarter
- Cash Flow: Shows income based on the cost of goods or services
- Projects: Current or past project reports
- Payroll: All of your payroll information, including employee list and salaries
- Taxes: Track all tax and write-off information
- Mileage: Track your mileage expense reports
- Accounting/My Accountant: All things revenue related
- Capital: Total working capital
- Apps: Cross-platform applications
- Live Bookkeeping: Additional subscription service
Both platforms provide more than enough revenue and accounting information to run a business efficiently. However, as we mentioned, NetSuite is highly overwhelming for the uninitiated. One attractive option about NetSuite is that users can track different metrics over a specific period. With QuickBooks, this is only available with the Advanced subscription. Both platforms allow management/seniors to set the level of access for all users.
NetSuite and QuickBooks Integrations
The integration department is where NetSuite shines. The platform seamlessly integrates with the most popular business software platforms. If the services and software you use aren’t immediately listed, NetSuite uses open API, so you can bring whatever you need onboard.
QuickBooks allows integration with nearly 700 business applications. Two available integrations are accessible from inside QuickBooks. QuickBooks Payroll and QuickBooks Time are both valuable additions to the software, allowing you to manage employee financial options and track employee time to simplify payroll.
NetSuite is integrated from front to back, avoiding the need to connect clunky, slow-loading applications. Additional advantages include SuiteCloud Connect, a handful of premade additions available to incorporate with Googles Apps, and SalesForce. Training classes and consultation sessions are available for users who want a richer experience regarding integrations and usage elements.
NetSuite and QuickBooks Mobile Accessibility
Both platforms have unique mobile applications users can conveniently download on Android or Apple devices. Users of either service will enjoy the surprising level of capability for each, with QuickBooks being a little more user-friendly. Much like the desktop dashboard, the mobile app is a bit much for novice users to digest.
From your mobile phone, you’ll be able to access expense charts, time tracking, and call logs. Push notifications keep you updated in real-time, and you can even customize reports and formulas while you’re mobile. Typically, mobile compatibility is aimed at providing a diet version of a platform that’s easy to navigate. NetSuite is anything but.
QuickBooks app is also comprehensive, with live updates regarding invoice payment and customer accounts. You’ll also have the opportunity to turn your smartphone into a barcode scanner, allowing you to keep track of expenses that automatically update and attach a copy of the receipt.
If you’re looking for a user-friendly version of the original platform, NetSuite is a little too ambitious in its mobile application offerings. However, QuickBooks does an excellent job of putting together a downgraded version of its cloud version with just enough functionality to get essential jobs done on the fly.
NetSuite vs. QuickBooks: Customer
Both platforms offer beneficial live customer support options via telephone and chat. Each has a unique knowledge bank with access to forums and video guides. NetSuite edges out QuickBooks because their live support is available 24/7, while QuickBooks has designated hours.
NetSuite vs. QuickBooks: The Bottom Line
Comparing these two platforms is an exciting topic of discussion, as both have specific areas they excel in while having pitfalls in others. It’s difficult to proclaim one any better than the other because each platform is marketed toward a different demographic.
NetSuite is focused on enterprise-level businesses that need deeper functionality, while QuickBooks zones in on small, medium, or large businesses with only one location. Based on your goals and ambitions as a business owner, either of these platforms is an efficient solution to your financial and tax needs.