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Quickbooks vs NetSuite: Which one is the best in 2021?

Quickbooks vs NetSuite: Which one is the best in 2021?

We’re often asked about which one is better between Quickbooks vs Netsuite to manage the accounting side of a business.

If you are still not sure what NetSuite is, don’t forget to check this post about NetSuite and all its uses.

As NetSuite experts, we always say that NetSuite, acquired by Oracle Corporation, is the #1 business management system on the market, the leading cloud-based ERP solution. 

However, we know QuickBooks, by Intuit, has been a go-to solution for most startups or smaller companies looking for an easy, user- friendly software as a quick fix

For many companies that have outgrown QuickBooks, NetSuite is the natural next step for businesses looking to scale their organizations.

Remember that NetSuite has many modules that you can acquire, depending on your business needs. We’ve created a list of NetSuite modules, its features, and pricing, remember to read it!

However, in any case, it’s always important for you to consider the needs of your company, and your short and long-term plans, before the selection of an ERP system, so you won’t regret it later. 

netsuite and quickbooks

This is why we made a comparison guide between NetSuite and QuickBooks, so we can help you decide which is the right option for your business, saving you time and money in this apparently hard task.

Keep reading and take note!

Quickbooks vs NetSuite: Pros and cons

Both NetSuite and QuickBooks offer cloud-based financial management software solutions, designed to help companies run their businesses. But, one of the key questions here is: what are the differences between QuickBooks and NetSuite?

QuickBooks provides a set of software solutions designed to manage payroll, inventory, sales, and other needs of a small business, focusing mainly on financial management. 

QuickBooks offers two types of solutions according to the size of your business, QuickBooks Online and QuickBooks Enterprise, which is a little bit more advanced.

On the other hand, NetSuite offers an entire suite of enterprise- grade applications, combining core finance and accounting functions with strong compliance management. 

It allows all kinds of companies (small, medium, or large-scale) to automate front and back-office processes like financial management, revenue management, fixed assets, order management, billing, and inventory management, and more.

quickbooks vs netsuite: QuickBooks Online and QuickBooks Enterprise

Some of the pros and cons of each one are:

  • NetSuite’s real-time reporting provides analysis and informed decision making based on up-to-the-moment data. Besides, access to all of your business information and custom reports is available anytime and from any device. On the other hand, advanced reporting in QuickBooks must be added to customize reports and be able to have critical business insights.
  • If you do business with other countries, you can manage it all in the same system with NetSuite, as it offers “global fluency” in regulatory, monetary, and linguistic areas. QuickBooks software, however, does not support multi-currencies.
  • NS offers synchronized data streams throughout your entire business, including inventory management, accounting, fulfillment and shipping, project management, and workflows. In the case of QuickBooks, it provides business finance and accounting tools only, but any other solutions will need to be integrated.
  • NetSuite enables accounting teams to meet revenue recognition requirements and schedule revenue to be recognized automatically. Also, financial statements and forecasts are updated in real time, which is really useful for software and services companies dealing with multiple deliverables, such as upgrades, services delivered over time, or additional licenses. QuickBooks is very limited in this aspect, with complicated and unclear recognition schedule spreadsheets.
  • Inventory management truly outshines QuickBooks, allowing companies to have clear visibility of their inventory. It automatizes real-time tracking of inventory levels, orders, and sales throughout the inventory lifecycle, minimizing manual processes, and provides insights needed to make data- driven decisions, maximize sales and gain greater control of their business. 
  • With NetSuite, you can manage an asset’s complete cycle and easily report on all fixed assets, which makes it easier to document and maintain an accurate record of all capital assets, including acquisition costs and asset status. QuickBooks, however, does not offer these fixed asset or lease management features.

Last, but not least, NetSuite provides multiple user roles and permissions by role, which means that multiple users can use one NetSuite simultaneously without any problem. Quickbooks, however, limits user access to only one user per instance at a time, which means that if another user signs on to the same Quickbooks instance, the previous user will be disconnected. This, of course, is a very important aspect, and one that should be considered according to your business size and modality of work.

Quickbooks vs NetSuite: Pricing

Surely there’s another aspect that you may be wanting to know about when it comes to comparing both software: how much QuickBooks and NetSuite cost?

Costs are always hard to estimate because they vary according to the needs of every business.

quickbooks pricing

NetSuite operates on a customized pricing system, which means that you have to contact NetSuite directly and work with them to come up with a plan that works for your business, with a corresponding price. 

However, there are some areas in which we can compare QuickBooks and NetSuite, regarding prices:

QuickBooks starts between $20 and $150 per month, depending on the type of plan you choose (simple plan start is about $25 per month, essentials plan is $40 per month, plus plan is $70 per month, and advanced plan costs $150 per month) and the contract term is month to month.

These plans will depend on the specific needs of your company; however, you likely will have to upgrade it as your business grows

NetSuite user licenses, on the other hand, are $99 per month, and require a year-long contract, renewed annually.

NetSuite user licenses

Also, in order to update Quickbooks, users have to pay to update to the latest version and access new features. NetSuite, on the other hand, releases two updates twice a year that include new features and enhancements, which are free and installed automatically.

Regarding fees, QuickBooks has limited setup fees, which means your business will most probably have to incur additional fees for integrations, training, and support. In the case of NetSuite, additional fees will only be needed for professional services, such as implementation, customizations, data migration, and support.

In both cases, annual recurring fees for the software subscription and ongoing consulting or optimization can apply, always depending on the needs of the clients

In conclusion, we could say that although QuickBooks may have a lower price at a glance, choosing this software usually involves extra expenses, related to e-commerce, customer relationships management, and other departments solutions, and it may end up being a more expensive option than NetSuite in the long run.

Reviews

Although ultimately you will decide which is the best option according to your company, it’s always a good idea to know how users and experts value both software, and the reviews they have.

About this subject, Software Advice gives both software a 4- star rating.

G2Crowd has appointed QuickBooks as the Leader of Summer 2018, while the same platform awards NetSuite as the Best Accounting Software of 2018 and the Best ERP Software of 2018. 

the best software for your business

On the other hand, NetSuite was named a Leader by Gartner in the Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises in 2018, while QuickBooks isn’t recognized in Gartner’s Magic Quadrant Review.

Quickbooks vs NetSuite: Which one is the best?

So let’s cut to the chase: Quickbooks vs NetSuite? Which is the best one for me?

Many small businesses choose QuickBooks as the starting point when they need to pick a software, mainly because of its accessibility and low price point.

However, it’s a software that it’s limited strictly to accounting, and relies on third-party integrations for advanced features. 

NetSuite ERP on the other hand includes a vast amount of features designed to accommodate any business, offering a complete financial management solution, with superior features and functionality, which are vital when it comes to managing your business. 

quickbooks vs netsuite

Choosing NetSuite will allow you to have advanced financial functionality, with complete visibility of your business; share data between departments, ensuring that everyone has access to the same data when they need it; consolidate all your financial data, while minimizing the risk of error and delay of manual processes; and comply with international accounting standards, centralizing your accounting, order management, customer relationship management (CRM) and eCommerce processes, in a unified, cloud-based system.

Quickbooks Alternative: Why moving from quickbooks to netsuite?

As your company grows, it will need an accounting software solution that increases efficiency. That’s why when considering an accounting / ERP solution, your company should choose one that can meet both its short and long- term needs, one able to meet your business requirements as it evolves. 

Although QuickBooks Online is often considered a good accounting solution for small businesses on the market, it doesn’t reach the level of specificity or breadth of the features of NetSuite ERP. 

If you want to avoid paying a variety of solutions to support your company’s growth and expansion, or the need to switch to another accounting system in just a year or two, choosing NetSuite from scratch is the best option for your company.

Also, if you are having some complications in your business management, as lack of visibility into departments or business processes as your business grows; spreadsheets processes to connect data leads to errors and excessive manual labor; inability to consolidate financials containing multiple subsidiaries or foreign currencies; or adding sales channels, revenue streams, and product lines become overly complicated, this is a sign that you should upgrade your accounting solution.

And you should consider moving from QuickBooks to NetSuite. 

After all, we all know that financial management is key to the success of your business, so there’s no doubt that a software that is capable of keeping up with your company’s needs is the best purchase you can make

Thanks to its expansive list of features and modules, and the ability to scale with you, NetSuite will always be a good ally, no matter how large or how fast your business grows.

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