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.
NetSuite vs QuickBooks – Overview
Before discussing the comparison of the two systems directly, let us have a look at their functionality individually.
What is NetSuite?
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.
What Functions NetSuite Software Offer?
NetSuite is used for many purposes that include:
- ERP – NetSuite ERP facilitates businesses in their financial processes like accounting, inventory, and supply chain and order management.
- Customer relationship management (CRM) – NetSuite provides the best CRM system that approaches your customers from every possible perspective.
- Professional services automation (PSA) – NetSuite PSA helps in planning, tracking and executing the projects accurately
- All in one database system – NetSuite is an integrated global business management platform that can manage operations with multiple countries, currencies, languages, and subsidiaries in real-time.
- E-commerce – NetSuite helps in online business activities from the point of sale and order management to marketing, merchandising, inventory, financials, and support.
- Retail – NetSuite offers a powerful, cloud-based retail software solution to fulfill the needs of buyers who shop from different mediums.
- Manufacturing – NetSuite manufacturing services allow a business to focus on delivering products and services while gaining agility for accessible growth.
What is QuickBooks?
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.
What Functions QuickBooks Software Offers?
QuickBooks Software is used for several reasons like
- Sales and Income Management – QuickBooks helps in managing sales and income by generating invoices to analyze sales by customer. It also allows the management of accounts receivable and accounts payable. As both of the accounts are needed for the incoming and outgoing income of the business.
- Bills and Expenses Management – QuickBooks connects banks with your credit card and keeps a track, as all the transactions are downloaded and classified. It also helps in billing tracking by generating reports that will inform you about your paid bills and any previous due bills.
- Generate Financial Reports – QuickBooks allows you to access several daily, monthly, quarterly, or yearly reports. All these reports are generated on a real-time basis. It also helps in the management of cash flows. QuickBooks prints three important reports that include Profit and Loss report, Balance Sheet report and Statement of cash flows.
- Payroll Management – QuickBooks Payroll performs salary payment of employees according to the predefined constraints. It performs payment by direct deposit, and all taxes are calculated automatically. Also, e-payments can be done directly from QuickBooks.
- Inventory Management – QuickBooks also manage inventory on a real-time basis.
- Automated Tax Payment – With QuickBooks, all you have to do is to enter financial data on an excel sheet and your taxes are paid automatically on the specified date as per federal and state laws.
- Online payments – QuickBooks allows customers to pay or deposit online their invoices through an option named as Inuit GoPayment.
- Receipts Inspection – QuickBooks stores all the business-related receipts. They can be uploaded and downloaded from the QuickBooks Mobile APP for free.
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.
QuickBooks vs NetSuite – Enterprise Review
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.
QuickBooks – Company Profile
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 – Company Profile
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 vs QuickBooks – Features Overview
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 – Financial Management Features
NetSuite provides the following features in the department of financial management.
- Accounts Payable and Accounts Receivable
- General Ledger
- Fixed Assets
- Multi-Company & Consolidation
- Revenue Recognition
- Subscription Billing
- Forecasting & Budgeting
- Financial Planning & Analysis
NetSuite – Supply Chain Management Features
NetSuite offers a variety of features in the department of supply chain management that include:
- Order Management
- Production Management
- Inventory Management
- Warehouse & Fulfillment
- Demand Planning
- WIP & Routing
- Work Orders & Assemblies
- Shop Floor Control & BOM Maintenance
NetSuite – Human Capital Management Features
NetSuite provides its assistance in the following areas of human capital management:
- Human Resources Management
- Employee Center
NetSuite – E-Commerce and Retail Features
NetSuite has the following features for E-commerce and Retail
- Point of Sale
- Order & Inventory Management
- Product Content Management
- E-commerce Marketing Automation
NetSuite – Professional Service Automation (PSA) Features
NetSuite also provides its services for professional service automation like
- Project Management
- Resource Management
- Timesheet Management
- Expense Management
NetSuite – Artificial Intelligence and Robotic Process Automation
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 – Financial Management Features
QuickBooks provides the following features in the department of financial management.
- Accounts Payable and Accounts Receivable
- General Ledger
QuickBooks – Supply Chain Management Features
QuickBooks offers a limited set of features in the department of supply chain management that include
- Order Management
- Inventory Management
QuickBooks – Human Capital Management Features
QuickBooks provides its assistance only in payroll management of the human capital department.
QuickBooks – E-Commerce and Retail Features
QuickBooks offers its services for Point of Scale and E-Commerce.
Intuit – Artificial Intelligence and Robotic Process Automation
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 vs QuickBooks – Pricing Review
NetSuite – Pricing
NetSuite Pricing Strategy is as follows:
- Pricing Info – The cost varies for each NetSuite implementation and depends on the scope of the company and size.
- Contract Duration – NetSuite requires a one-year contract that is renewed every year.
- Upfront Cost – NetSuite incurs the upfront cost for professional and technical services that include system implementation, integration, customizations, and data migration and support.
- Recurring Cost – NetSuite charges annual recurring fees for the software subscription and support. It also requires enduring consultation/optimization, according to the clients’ needs.
- License process – You can get NetSuite license directly or through NetSuite Solution Provider Partner.
QuickBooks – Pricing
QuickBooks Pricing Strategy is as follows:
- Pricing Info – The cost of QuickBooks very small in comparison, the software is between $25 and $150 per month, depending on the plan type.
- Contract Duration – QuickBooks requires a monthly contract.
- Upfront Cost – QuickBooks incurs the upfront cost for limited setup and additional fees for integrations, training, and support.
- Recurring Cost – QuickBooks charges annual recurring fees for software subscription and ongoing consulting or bookkeeping services.
- License process – You can get QuickBooks license directly or through Authorized Partner.
NetSuite vs QuickBooks – Enterprise and SME Reviews
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.
NetSuite vs QuickBooks – Customer Support Overview
NetSuite – Technical Support
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.
NetSuite – End-User Training
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 – Online Support
NetSuite has extensive Knowledge-based SuiteAnswers for its users. It is also available for online user groups.
NetSuite – User Group
Several types of User Group of NetSuite are available across the United States.
QuickBooks – Technical Support
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.
QuickBooks – End-User Training
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.
QuickBooks – Online Support
The online Support system of QuickBooks offers an extensive knowledge base that is available online for its users.
QuickBooks – User Groups
There are several trainers, and local groups of QuickBooks are available across the United States.
QuickBooks vs NetSuite – Conclusion
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.
Reduce IT Infrastructure Complexity
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.
Boost Efficiency and Sales
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.
Why Folio3 NetSuite is your Perfect Alliance Partner
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.
- Is NetSuite like QuickBooks for enterprise?
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.
- Does NetSuite integrate with QuickBooks?
Yes, users can use several connectors to integrate NetSuite with QuickBooks for transferring of data.
- Is QuickBooks considered an ERP system like NetSuite?
QuickBooks offers a limited set of functionalities while the NetSuite provides a variety of functionalities as per the requirements of different businesses.