Netsuite vs QuickBooks: Which Accounting And Management Software Should You Use In 2021?

By Bill Acholla November 5, 2020
Netsuite vs QuickBooks 2021 Comparison

If you are here reading this, the chances are that you are a ‘big dreamer.

’You may be an aspiring entrepreneur with the next ‘it’ idea or maybe a businessman who plans on catching the big plane of expansion.

Everything is going well, but now you have to bring life into your plans.

And for any business plan to be successful, you need excellent accounting and management software.

But the big question is which system to get?

The availability of options is no joke here.

Options are many, but no software has reached the standard set by ‘Intuit QuickBooks’ and ‘Oracle NetSuite.’

These two accounting giants can be the source of some giant confusion as well.

So, NetSuite vs QuickBooks- which one to go for?

Should you stick with the classic QuickBooks or go for the growing NetSuite?

 Worry not! Because this article is here to help you do just that.

To help you choose between NetSuite vs QuickBooks according to your custom needs.

Full Disclosure: Please note that some of the links below are affiliate links. As an affiliate, I receive compensation if you purchase through these links, at no extra cost to you. You can read my complete disclosure statement here.

Introducing Netsuite vs QuickBooks: The Two Competitors

NetSuite is a Cloud ERP software. It helps you manage all key business processes in a single integrated system.

Netsuite Comparison Guide

It helps in Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), managing inventory, tracking finances, and hosting e-commerce stores.

QuickBooks is a software design that mainly focuses on ‘traditional commerce’ functions of small and medium-sized enterprises.

It offers both an on-premise and cloud-based version.  It makes management of bills and payroll easier.

Though both help in accounting, there are differences between the software.

When it comes to QuickBooks, it is like the default accounting software.

Many new business owners naturally go for it because it is easier to use and has been around for quite some time.

But as the business grows, you realize that it is no longer only about accounting.

Your business needs some serious management.

  • NetSuite
  • Microsoft Dynamics
  • Sage Intacct
  • Xero

…you’ve heard about it all.

All are claiming to make the management of your business a problem-free, side-hustle.

Among these available options, NetSuite has emerged as ‘the’ favorite software for upgrade.

It’s like a question of picking between NetSuite vs. QuickBooks. This can be quite daunting.

After all, the stakes are high, and the choice of software can help to either make or break your dreams.

Going for comparisons will help you understand the better choice between both.

Features of the Netsuite software application

1. Functional features of NetSuite

It helps in performing the following functions-

  • It performs Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) from all perspectives.
  • It has Professional Service Automation (PSA) features, which helps to track and execute projects efficiently.
  • It has an integrated database that manages operations throughout multiple countries, languages, currency, and subsidiaries.
  • NetSuite helps in all e-commerce activities. From sale, order, and inventory management to marketing, merchandising, and supporting customers.
  • NetSuite  Electronic Invoicing Presentment(EPI) is an excellent added feature.
  • It helps provides manufacturing and retailing functions for customers.

2. Financial features of NetSuite

  • It maintains payable and receivable accounts.
  • It manages fixed assets, multi-currency and multi- taxes.
  • It manages the consolidation of multi- companies, revenue recognition, and subscription billing.
  • It analyzes and plans budgets while creating statistics as well.
  • It manages the projects, resources, timesheets, and expenses of the companies.

3. Features of Human capital management

  • It Manages human resources and has a center for the employees.
  • It manages the payroll of the employees.

Wow, NetSuite can manage! But this does not mean that QuickBooks is any behind.

However, the availability of features depends on the plan you choose.

Intuit QuickBooks have both on-premise and cloud-based application.

For the desktop application, you can choose between QuickBooks Pro, QuickBooks Premier, and QuickBooks Enterprise.

Going for QuickBooks Online means that you can access and manage your accounts directly using an internet server.

Features of the QuickBooks software application

1. Functional features of QuickBooks

  • It manages sales, income, bills, expenses, and payrolls.
  • It manages payable and receivable accounts.
  • It generates financial reports at regular intervals.
  • It manages inventories, online payments, and deposits through Intuit’s GoPayment.
  • It provides a facility for automated tax payments by entering data on an excel sheet.
  • Customers can easily download and inspect receipts.
  • It manages the orders and procurements.

2. Financial features of QuickBooks

  • It manages both Accounts payable and Accounts receivable.
  • It handles general ledger and budgets.
  • It manages multi-currency features.

3.  Features of Human capital management

  • QuickBooks provides payroll service and manages human capital development.

Overview of Netsuite and Quickbooks

If we compare the features of NetSuite vs. QuickBooks, we can easily comprehend some facts.

 We notice that QuickBooks go for traditional commerce activities.

NetSuite provides high-class enterprise applications. It provides ERP and CRM solutions.

In terms of financial features, both have similarities. However, NetSuite has more functions as it can host multi-companies and other consolidation.

In the management of human resources, NetSuite is just a notch above QuickBooks with its employee center.

Pricing

When talking about the ‘Top 2’ accounting giants, facilities comes at a price. Some feel that they both are entirely on the higher end.

But judging by both software’s popularity, we can assume that ‘the pros outweigh the cost’ here.

Cost of NetSuite

It is designed according to the company’s size and needs, including ERP configuration, add-on modules, and users.

The contract is on an annual basis, and you have to pay for professional and technical service. There is a base fee of 999$ per month.

Cost of QuickBooks

Depending on the plan you choose, it can be relatively cheaper. It can range between 7$ to 15$ monthly.

The contract is monthly and includes the cost for limited setup, integration training, and support.

Cost Overview

NetSuite is costlier compared to QuickBooks. QuickBooks gives a more affordable option to new startups.

Integration

Here, integration means the facilitation of the interaction between two machines or systems over a network.

NetSuite Integration

Talking about NetSuite, it is a Software as a Service (SaaS) that brings together accounting, ERP, and CRM tools.

It allows necessary data to be accessed using an internet connection and a web browser.

NetSuite integrations can be usually done in three ways – By using either NetSuite connectors, integration platforms, or going for customized integrations.

Some popular  NetSuite integrations are with:

  • Action
  • Celigo
  • Google apps
  • Netsuite CRM
  • Jitterbit Harmony
  • Quickbooks integration

No one enjoys tedious manual data integration, and QuickBooks know this.

Over the past year, QuickBooks has increased its integration with over 650 business apps.

It has also integrated with more than 25 different payment processing options.

The QuickBooks online advanced plan provides integration for free. API is available to developers. Some popular QuickBooks integrations are with

  • E-mail estimates
  • Gmail
  • App integration with QuickBooks POSv18.0
  • QuickBooks Mac 2016

Integration Overview

QuickBooks integration reduces the need for manual entry of data.

But NetSuite goes beyond ERP needs by integrating with CRM and web investment software.

Reporting

Reporting features are essential for any accounting software.

The statistics provided enable the company to determine the next steps for further success.

NetSuite can create all traditional accounting and commerce reports like balance sheets, cash flow statements, etc.

It has an expansive library which includes real-time reports. From revenue forecasting to consolidated parent-subsidiary reports, all are up-to-the-second data.

NetSuite multi-currency and global reach enable it to report in the local currency of subsidiary countries.

Access to all business information and report is possible anytime and anywhere using any device.

QuickBooks have above 100 regular built-in reports, which you can customize.

This handy software reports on profit and loss, sales tax, and receivable accounts.

It gives a balance sheet summary, cash flow, and income statement. It helps to meet customers’ goals with standard reports.

Advanced reporting is added to customize the reports and unlock other critical insights.

Reporting Overview

Looking into NetSuite vs. QuickBooks reporting features, both perform the traditional reporting functions.

However, it is no secret that NetSuite has more elaborate features.

Customer Support

Customers matter, and both the applications care for them.

NetSuite customer service – It can range from a simple help desk to a do-it-yourself training course.

The services can range from basic, premium to advanced level.

  • Basic support – Customers will get this support with any NetSuite subscription. It includes 10 hours of daily online support, online case submission, two authorized contacts, etc.
  • Premium support – Customers with premium support get access to 24/7 service along with some other sweet service. It includes four authorized contacts, 24/7 non- critical access, and support during weekdays.
  • Advanced Customer Support (ACS) – The third tier of support for premium customers is Advanced Customer Support. They have the help of an effective team with a customer success manager. They provide three levels of service, i.e., monitor, optimize, and architect.

They have other support modes in the form of training classes and professional services.

QuickBooks customer service– It supports the customers through the following ways.

  • Technical support -12 hours of technical support is provided to the customers on weekdays.
  • Online support and User training – QuickBooks often provides for live and online pieces of training.
  • User groups – There are various trainers and local groups to help out the users.

Customer Support Overview

You can notice that NetSuite has a more categorically structured customer support plan over QuickBooks, depending on the subscription plan.

Key Takeaway

Looking at the comparisons, QuickBooks is hands down the champion when it comes to accounting solutions for small companies.

If yours is a new startup and you have ‘zero idea’ about accounting or managing, go for QuickBooks.

It so simple to use, and you don’t need to know all the technical jargons to master it.

But as your company grows more prominent, the chances are that the champion may run out of breath.

This is where NetSuite kicks in. Management of subsidiary, book accounting, usage-based billing, and multi-language makes it a great product.

It is more complex, and pricing is also higher, but the features are great.

Thus, in the question about NetSuite vs. QuickBooks, the choice is tough. The applicability of any system depends on its industry fit, its flexibility, and its pricing.

But looking at the features, options, and support, it’s safe to conclude that NetSuite is ‘the worthy’ package deal.

The features, integration options, excellent reporting package, customer service, and resource management gives it the crown of glory here.

It far surpasses the features and usability provided by any other application.

And if you are someone who is thinking about going for expansion, then this is it!

Over To You

Well, this was about NetSuite vs. QuickBooks.

But what about you?

Do you agree with our verdict, or do you think that QuickBooks is still the undisputed champ for all seasons?

Comment in the section down below to let us know or drop some of your ideas for more exciting blogs.

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