NetSuite Vs. QuickBooks: Which Is Right for You?

You can’t use the same accounting software for every business. Your demands should be assessed according to your firm’s size, location, complexity, and future objectives before you choose the best solution for your requirements.

It might be difficult to choose between NetSuite and QuickBooks, depending on your specific needs. Organizations of all shapes and sizes may benefit from both methods. When you’re just starting out and making just a little amount of money, QuickBooks is a great fit. When it comes to financial management and data analysis, NetSuite Enterprise Resource Planning (ERP) software is better suited.

When it comes to choosing between the two accounting alternatives, do you feel conflicted? Learn about the most important considerations when deciding between NetSuite and QuickBooks in the next section.

NetSuite Vs. QuickBooks: What’s the Difference?

NetSuite vs. QuickBooks comparative considerations include the following:

1.      Cost

Like many ERPs, NetSuite offers a variety of subscription options based on the number of users, licenses, and other features. Pricing for NetSuite ranges from $99 per month for a single user to $999 per month. Depending on your demands and the sort of solution you’re looking for, the price may vary. There is a one-time cost for the first installation. Add new features, plugins, and users as your organization grows. Since some businesses like to make their purchasing decisions based on up-front prices, this may be a problem for them.

QuickBooks has a wide range of products. On a monthly subscription basis, QuickBooks charges for its software based on the plan you select:

·       Simple Start: $25/month.

·       Essentials: $50/month.

·       Plus: $80/month

·       Advanced: $180/month

QuickBooks Payroll, Tsheets, and other premium add-ons may also be integrated for extra monthly fees.

2.      Features

When it comes to accounting software, NetSuite and QuickBooks have similar offerings, but there is a big variation in the number of functions accessible. Automate your accounts receivable and payable, and also communicate with your financial institutions using NetSuite’s accounting software. In addition, it offers a comprehensive report collection, which includes parent and subsidiary reports that may be seen in either the home currency or the currency of the business.

NetSuite and QuickBooks both include modules for tracking the purchase of fixed assets, but NetSuite has a dedicated module for tracking asset value, depreciation costs, and the useful life of a particular item. It is possible for each NetSuite user to create their dashboard with 75+ Key Performance Indicators (KPIs), such as sales, open balances, and receivable turnover for a receivables specialist, thanks to the system’s built-in technology.

Anyone, from a freelancer to a small corporation, may benefit from the QuickBooks product range. The version’s popularity among small enterprises is mostly due to a few significant features.

3.      Affordability and User-Friendliness

Newcomers to NetSuite may feel overwhelmed by the sheer volume of information on the dashboard. Presentation stays constant, regardless of your user access credentials, even if the information you have access to changes. It’s possible to go to different areas of the program by clicking on the menu tabs at the top of the screen.

Compared to NetSuite’s Dashboard, the QuickBooks Dashboard offers a lot of information straight away. An alternative to using the menu tabs at the top of the screen is the left menu bar, which enables you to navigate around the program. There is a noticeable difference between the two, with the QuickBooks dashboard being a little more sparse. From the Settings menu, certain of its functions may need to be activated.

4.      Assisted Bookkeeping

Third-party accounting services are very probably required for NetSuite users compared to QuickBooks, which has its own virtual bookkeeping service called QuickBooks Live. Despite the fact that QuickBooks Live bookkeepers will not assist you with day-to-day accounting, they will assist you with setup and cleaning in order to keep you on track. ‘

5.      Integrations

No matter which accounting software you choose for your business, be sure it has the connectivity and adaptability your business needs. NetSuite integrates with a wide range of well-known business software providers and makes all of its ERP solutions easily accessible. Use NetSuite’s open APIs to add additional connections if your operations are handled by a different company than NetSuite itself. Payroll and time tracking are both available directly from QuickBooks, while the company’s accounting software has 650+ app connectors.

6.      Customer Service

NetSuite and QuickBooks provide live phone and chat support to their clients in addition to their large knowledge libraries. In terms of assistance, let’s take a look:

Toll-free phone help is available around the clock, seven days a week. When it comes to helping, QuickBooks is open Monday to Friday, from 6:30 a.m. to 6:00 p.m. (PST).

On the other hand, NetSuite has a dedicated training department and partners that provide both live and online training for end-users of the software.

7.      Use Cases

Cloud-based financial management software from both QuickBooks and NetSuite is available to help companies operate their operations. Financial management is the primary emphasis of QuickBooks, which is primarily a small business accounting tool. There is a wide range of enterprise-grade solutions available with NetSuite, which go beyond accounting and finance.

NetSuite is an excellent online financial business management solution for enterprises and organizations. It’s worth considering NetSuite ERP if you require software to aid with Enterprise Resource Planning (ERP), inventory management and accounting software, and more.

When it comes to keeping tabs on the financial health of a small company, there are few better options than QuickBooks. Entrepreneurs and anyone looking for low-cost and efficient ways to run their businesses may consider getting QuickBooks licenses.

To Summarize

NetSuite ERP and QuickBooks Online stand out as the two most relevant options for small enterprises. A cloud-based system meant to assist company owners in managing all of their money and simplifying operations is a feature of both systems.