Is your business expanding, and its financial management becoming more intricate for your basic accounting software? If yes, relying on spreadsheets and various applications to handle complex business challenges is often ineffective. This is when it is time to switch to more advanced accounting software solutions.
Whether your company is in its initial phase or already established, it needs accounting software. The fabulous features of these software make it easier to transition from a pre-revenue startup to a fast-growing business.
So if you are looking for a better way to run your finances and take your business to the next level, switch to an accounting software .
NetSuite vs. QuickBooks
NetSuite and QuickBooks are exceptional software for managing various accounting processes. However, there are noticeable differences in the level of functionality they offer.
In this post, we compare NetSuite and QuickBooks to assist you in determining which accounting solution is suitable for your current and future requirements.
What is QuickBooks?
QuickBooks is a simple software for fundamental accounting duties like invoicing, payroll, and mileage tracking in many companies. While both software programs offer many advantages and disadvantages, NetSuite is generally more beneficial and versatile.
If you require a comprehensive solution for managing all aspects of your business, from accounting to customer relationship management and e-commerce, NetSuite is a suitable choice. On the contrary, if you only require essential accounting software for everyday tasks such as invoicing and payroll, QuickBooks is a more appropriate option.
QuickBooks is available in desktop and online versions, starting at $15 per month, while the Desktop version starts at $349.99 per year.
When to Use QuickBooks
While NetSuite is a more popular choice for most businesses transitioning from the startup phase, there are certain situations where QuickBooks Online Advanced may come in handy. For instance,
- No In-house se Accounting Team
- No Accounting Expert On-Board
- Suitable for Startups and Small Businesses
Let’s review these in detail
No In-house se Accounting Team
Businesses are giving preference to the software, which makes it easier to perform routine accounting tasks. Most startup businesses don’t have a dedicated account team, so they prefer using accounting software. Since QuickBooks is more affordable than NetSuite, the software dominates the U.S. accounting software market. It is also easier to learn and use.
No Accounting Expert On-Board
While bookkeepers are generally familiar with essential accounting software, they may need to gain extensive accounting and financial expertise to use advanced products. QuickBooks Online Advanced and other QuickBooks products are user-friendly software for accountants; even non-accountants can use them efficiently.
On the other hand, a bookkeeper or an accountant with a higher level of accounting proficiency is required to use NetSuite.
Suitable for Startups and Small Businesses
QuickBooks is more appropriate for small businesses or startups because they have a limited number of transactions. On the contrary, NetSuite is a more complex and sophisticated system that is more appropriate for handling a higher volume of transactions. In addition, the software’s features are robust enough to perform complex financial tasks designed to meet the needs of larger and already established businesses.
What is NetSuite More Suitable to Use
NetSuite is an advanced finance software for accounting and bookkeeping tasks. It offers various features, including a customer relationship management (CRM) tool, enterprise resource planning (ERP), and e-commerce solutions.
Thanks to its advanced tools and extensive capabilities, NetSuite comes at a higher cost. To obtain a quote, you will need to contact its sales team. In addition, expect to pay an annual license fee and an implementation fee for the initial setup.
There is one more thing that makes NetSuite more competent than QuickBooks.
The accounting clerk of your company doesn’t need the same features as your company controller. Likewise, a sales associate should not have access to all the information available to a sales manager.
Although QuickBooks Online Advanced allows you to set user permissions, it can’t beat Net Suite’s customizable dashboards. Thanks to this feature, NetSuite will enable you to create roles as well as customize permissions for these roles, making it easier to protect your business’s private and confidential information.
The price of the software depends on the number of users, the platform chosen, and the number of modules your business requires.
Why Using NetSuite is More Beneficial
NetSuite is a comprehensive enterprise resource planning solution that allows you to oversee most of your growing business’s operations through its features.
Using NetSuite, you can streamline your operations and facilitate employee cross-training, saving you money on both software subscription and efficiency costs.
NetSuite boasts several advantages over QuickBooks Online Advanced. Firstly, it is a fully integrated and modular platform. Secondly, it offers ERP modules for various purposes.
Here are the top uses of NetSuite that you can use in your business operations.
- Order Management System
- Financial Management
- Dedicated Dashboards
- Supply Chain, Warehouse and Inventory, and Management
- Fully Customizable User Permissions
Order Management System
NetSuite allows your order fulfillment and sales team to access necessary functions without revealing sensitive company information. Additionally, it alleviates your accounting team by removing pricing and sales concerns, such as refunds. The OMS emphasizes automation and covers a variety of fulfillment options to manage the order management process entirely.
All the available modules communicate with each other seamlessly, eliminating the need for duplicate data entry and back-end synchronizations. This reduces the likelihood of inefficiencies and errors.
Financial Management
Net Suite’s Financial Management module offers a comprehensive solution for managing your accounting department. With billing, planning, and reporting features, this software provides real-time visibility into your business’s financial performance.
If you are subject to periodic compliance or regulatory audits, NetSuite can help keep your business compliant with current and emerging regulations.
Dedicated Dashboards
If your employees need clarification about focusing on the most critical information, Net Suite makes it easier for you to review all information quickly. In addition, NetSuite custom dashboards are a savior when prioritizing tasks. For example, you can assign different roles to employees based on their seniority levels and job descriptions.
The dashboard features critical performance indicators relevant to that role and a simple reminder list to keep your team on track. The feature ensures everyone works can help improve productivity and towards the same goals.
Supply Chain, Warehouse and Inventory, and Management
Effective inventory management is crucial to ensure the profitability of your business. NetSuite allows you to monitor inventory levels across all locations or sales channels and track when to restock inventory while scheduling regular physical inventory counts.
NetSuite has separate inventory, warehouse, and supply chain management modules. This allows you to maintain the level of control you require for your specific business needs.
Fully Customizable User Permissions
With NetSuite, you can create specific roles for each employee and customize the permissions associated with those roles. This provides a reliable way to safeguard your business’s sensitive information.
For instance, an accounting clerk requires a different level of access than your company controller. Or a sales associate must not enjoy unrestricted access to all the data accessible to a sales manager.
By setting up customized permissions, you can restrict access to confidential information. This ensures that employees can only access the data required for their job responsibilities.
The Bottom Line
No accounting software means your accounting and finance staff may need to juggle between several various applications, each with end-to-end processes, configurations, and data transfer methods. Consequently, it increases the risk of errors and inefficiencies. Managing these systems may require additional staff, further increasing your costs.
NetSuite is a powerful software that provides a comprehensive solution for finance and accounting functions and compliance management. lOn the other hand, QuickBooks requires you to add other systems or applications to meet specific needs such as revenue management, procurement, order management, inventory management, billing, or service delivery. Benefit from professional NetSuite development services to scale your business.
FAQ’s NetSuite vs QuickBooks
Why Do You Need a Feature-Packed Accounting Software for Your Business?
As your customer base expands, employee numbers increase, and data processing becomes more complex, a robust accounting software solution becomes crucial to maintaining efficiency and providing a solid foundation for your business.
How Can You Pick Your Business’s Best Accounting Software?
As your business grows and becomes more complex, you may need a more comprehensive financial management solution like NetSuite, which can increase efficiency and reduce the need for additional headcount.
When choosing between the two software options, carefully consider your business needs to ensure you select the best fit. Knowing which features are essential for your business can save both time and money in the end.
What are QuickBOoks and NetSuite?
NetSuite and QuickBooks are excellent accounting software options for businesses of any size. However, they have their unique strengths and weaknesses.
When is QuickBooks Ideal to Use?
QuickBooks is a suitable option for startup businesses that require basic accounting software to manage their finances. In addition, it is beneficial for small businesses as it includes basic bookkeeping features like invoice management, bill payments, and simple cash flow tracking.
If your business requires only basic bookkeeping and minimal accounting, then QuickBooks may suffice to assist with annual reports and taxes.
When is NetSuite Ideal to Use?
NetSuite is ideal for businesses with sophisticated accounting and enterprise resource planning (ERP) requirements. It goes beyond basic accounting by providing preconfigured key performance indicators (KPIs), workflows, reminders, and customizable dashboards showing how accounting and operational processes align and what actions must be taken.
