Managing and monitoring everyday business activities is not an easy task. There is a great need for a robust and efficient accounting and operations management system to manage business activities in a single platform. For this reason, business owners rely on NetSuite and QuickBooks to help make their management tasks easier and quicker. NetSuite and QuickBooks are two different systems. Let us discuss their comparison in detail.
Before discussing the comparison of the two systems directly, let us have a look at their functionality individually.
NetSuite by Oracle is a top cloud computing company that provides software to handle business finances, operations, and customer relationships. Small, medium and large-scale businesses use it. It provides modules for Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Professional Services Automation (PSA) and e-commerce. This flexible platform can apply to several different business applications.
NetSuite is used for many purposes that include:
QuickBooks by Intuit is an accounting software package. Small and medium-sized businesses mainly use it. It provides cloud-based versions that implement business payments, bill payment, and its management and payroll functions. It also offers on-premises accounting applications. Typically small business owners use QuickBooks to manage their invoices, pay their bills and track their cash flows. It also helps them in generating month and year-end reports and quarterly or annual business taxes.
QuickBooks Software is used for several reasons like:
QuickBooks Software is used for several reasons like
Considering the functionality of NetSuite and QuickBooks, both offer financial management software developed for businesses to facilitate them with their business activities. But as you can see, there is a difference between them. NetSuite provides a complete set of enterprise-class applications that offers beyond the needs of accounting and finance like ERP, CRM, e-commerce and Inventory management, etc.
Whereas QuickBooks emphasizes only on financial management and it functions for a small business accounting solution.
Now let’s have a look at the company profiles of QuickBooks and NetSuite individually that include the year of invention, place of origin, number of customers, targeted industries, and a brief review of acquisitions.
Intuit developed QuickBooks in 1998. It is a set of software solutions built for payroll management, inventory and sales management, and other business activities of a small business. There are around 1.8 million customers of QuickBooks around the world. QuickBooks is leading around the globe for 21 years. The target industries of QuickBooks are Accounting Firms, Financial Services, Church / Religious, Insurance, Lawn Care & Landscaping, Legal Services, Nonprofit, Property Management, Restaurant, Caterer and Bar, Retail, Transportation, Wholesale Distribution, Software, and SaaS, etc.
NetSuite Inc. was an American cloud computing company founded in 1998. Its headquarters are located in Redwood Shores, California. Later, on 7th November 2016, Oracle Corporation acquired NetSuite for approximately 9.3 billion US dollars. It was the world’s first cloud computing company dedicated to offering business applications through the Internet. There are over 19,000 customers of NetSuite in more than 200 countries and territories. And it has been ruling around the world for 21 years. The target industries of NetSuite are Retail, E-commerce, Financials Services, Advertising, Media & Publishing, Healthcare, Life Sciences, Energy, Education, Transportation & Logistics, Nonprofits, Social Venture, Services, Software and SaaS, Manufacturing, and Wholesale Distribution, etc.
NetSuite and QuickBooks both consist of a variety of features for business assistance according to the business requirements. The following are the features presented in categorized business departments.
NetSuite provides the following features in the department of financial management.
NetSuite offers a variety of features in the department of supply chain management that include:
NetSuite provides its assistance in the following areas of human capital management:
NetSuite has the following features for E-commerce and Retail
NetSuite also provides its services for professional service automation like
NetSuite also can enhance the efforts of employees in all the departments, as mentioned above by Artificial Intelligent powered and machine learning applications. Also, NetSuite provides services in Robotic Process Automation (RPA) to automate everyday business operations like billing, coding invoices, sending reminders, etc. Since AI replicates human intelligence, RPA mimics human actions. As AI follows the learning and thinking of functions carried out by a system, RPA is about acting as a correspondence of that learning. To improve the efficiency and effectiveness of your business’s financial activities, NetSuite provides you with the solution in one platform.
QuickBooks provides the following features in the department of financial management.
QuickBooks offers a limited set of features in the department of supply chain management that include
QuickBooks provides its assistance only in payroll management of the human capital department.
QuickBooks offers its services for Point of Scale and E-Commerce.
Through RPA bot boot camps, Intuit initiated to educate the employees to automate simple, iterative financial tasks like invoice processing with the help of Artificial Intelligence and Machine learning (AI/ML) and Robotic Process Automation. And these services are soon be implemented in QuickBooks software.
NetSuite Pricing Strategy is as follows:
QuickBooks Pricing Strategy is as follows:
NetSuite achieved 4 out of 5 ratings with 91 reviews by Software advice. It is recommended by 78% of users. G2Crowd also listed NetSuite as Best Accounting Software and Best ERP Software of 2018. Also, Gartner includes NetSuite as Magic Quadrant Leader for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises.
QuickBooks achieved 4 out of 5 ratings with 1,736 reviews by Software advice. It is recommended by 81% of users. G2Crowd also listed QuickBooks as Leader Summer of 2018.
The tech support system of NetSuite is efficient and responsive. It is available 24 hours a day and 7 days a week, which means it seldom goes offline. Users can contact the tech support team of NetSuite at any time without any delay.
The end-user training program of NetSuite is also quite efficient. NetSuite training department makes necessary arrangements to carry out live or online training for end-users. For this purpose, there are experienced representatives, and authorized partners of NetSuite ERP solutions are available.
NetSuite has extensive Knowledge-based SuiteAnswers for its users. It is also available for online user groups.
Several types of User Group of NetSuite are available across the United States.
The tech support helpline for QuickBooks is available for 12 hours a day, from 6 am to 6 pm (PST) only on weekdays (Monday to Friday). The timings may vary from country to country.
Like NetSuite, the end-user training process of QuickBooks is live or through online training. QuickBooks trainers and authorized partners carry out the training process.
The online Support system of QuickBooks offers an extensive knowledge base that is available online for its users.
There are several trainers, and local groups of QuickBooks are available across the United States.
Considering and comparing all the above- mentioned aspects of two systems, QuickBooks vs. NetSuite, we would make the comparison of the primary differentiators of each that includes:
NetSuite is an all in one platform. It offers business processes, departments, and divisions at one system where every user is using the same data repository within an application. Also, it updates on a real-time basis.
However, the case with QuickBooks is quite the opposite. QuickBooks is not as connected as NetSuite that ultimately makes it impossible for owners to get detailed business insights. Keeping a single data repository and storage of crucial data somewhere else makes report generation a problematic task.
QuickBooks comes with multiple apps that need regular updates and support. It eventually creates a lot of complexities and makes it difficult to operate.
However, NetSuite offers the customers an ability to manage their businesses and organizations through a single suite, thus reducing the IT infrastructure complexity. NetSuite is a scalability ready solution that grows with the business.
In terms of boosting efficiency and sales, it is quite hard to stay agile and responsive by using QuickBooks. It doesn’t allow you to do multiple tasks simultaneously.
On the other hand, NetSuite provides a variety of features to fulfill plenty of requirements of an enterprise. It eventually helps in making the business swift and independent of problems. With increased speed, efficiency comes inevitably increasing sales at a considerably higher pace.
QuickBooks can be a feasible solution for numerous small businesses, but it does not mean to be your forever accounting software solution. It is smart to consider an accounting / ERP software that provides you instant, short-term solutions. Initially, companies choose QuickBooks solution, and later on, they require another accounting system to support growth and expansion. To avoid trouble and expense, accounting / ERP solution like NetSuite is the best option against QuickBooks.
Folio3 is a renowned solutions provider that is famous amongst businesses because of its progressive approach towards development and services. Folio3 is also a certified NetSuite Integration partner that provides its services for implementations, integration, and customization of NetSuite as per the requirements of individual businesses.
Folio3 has NetSuite expertise that is unmatchable to any other solutions developer in the category. It also has significant knowledge about various industries and their specific requirements. It also allows Folio3 to offer customized NetSuite implementation and integration services. Also, it has the extensive expertise needed for the development of NetSuite mobile apps as per clients’ preferences. Folio3 provides NetSuite integration connectors for Shopify, Magento, Salesforce, eBay, Amazon, and Woocommerce integrations.
No, in terms of specifications, NetSuite is way more efficient than QuickBooks. Small enterprises may prefer the use of QuickBooks as per their requirements. However, medium and large-sized enterprises prefer to use NetSuite because of its more extensive range of functionalities.
Yes, users can use several connectors to integrate NetSuite with QuickBooks for transferring of data.
QuickBooks offers a limited set of functionalities while the NetSuite provides a variety of functionalities as per the requirements of different businesses.