Many small businesses need help managing their finances because accounting is manual. Fortunately, accounting software can automate many of the tasks related to financial management.
Two of the most popular ERPs today are Oracle NetSuite (formerly NetSuite Accounting) and quick books (formerly QuickBooks Accounting). These software solutions can save you time and money by automating many accounting tasks. However, the two have some critical differences in features, business scope, ease of use, and price.
Let's examine both options to help you decide which is ideal for your business.
Oracle NetSuite: at a glance
Oracle NetSuite is more than just a business accounting solution. Delivers a unified platform for enterprise resource planning (ERP), customer relationship management (CRM), e-commerce, inventory and fulfillment management to simplify operations, improve data visibility and scale efficient way. Additionally, NetSuite's analytical tools enable businesses to make better decisions and accelerate growth.
Oracle NetSuite is highly scalable and can be deployed on-premises or in the cloud. You can customize NetSuite to fit the needs of any size business, but it is best for multinational companies with complex accounting or ERP requirements.
Quickbooks: at a glance
Intuit QuickBooks is software that helps businesses manage their finances. You can track income and expenses, create invoices and receipts, and generate reports. Businesses can also connect to their bank accounts and credit card companies, making it easy to keep track of all their financial information in one place.
QuickBooks comes in two different versions: QuickBooks Desktop and QuickBooks Online. The first is installed on the user's computer. Its Online version is a cloud-based program that is accessed from any device connected to the Internet. Both versions of QuickBooks offer similar features, but QuickBooks Online has additional features, such as real-time collaboration on the go and hundreds of app integrations.
NetSuite vs QuickBooks: Feature Level Comparison
Ledger
One of the most basic requirements of any ERP: both tools have a general ledger to record, analyze and report financial transactions. Quickbooks has a slight advantage in ease of analysis with tags and dimensions, while NetSuite is overall more complete and better at journal entries and audit testing.
Accounts receivable and accounts payable
NetSuite has a robust AR section with invoice customization features, but Quickbooks' automation features make AR and collection much more accessible.
Both are capable of automating accounts payable, but with the support of integrations like Nanonets, advanced ai can take accounts payable automation to the next level.
Reports and analysis
Both software support reporting and analysis, and Quickbooks is praised as one of the easiest to use for generating reports.
Netsuite offers custom reports that are more in-depth and flexible, but they come at the cost of ease of use. Setting up custom reports in NetSuite is a tedious task.
Platform and integrations
NetSuite is known for its customization capabilities and Quickbooks is better known for its performance and reliability. They come with integrated workflow management, user access management and internationalization. NetSuite, like QuickBooks, has a dedicated store with all supported apps and connectors.
Both software make integrations easy while supporting apps and modules to extend the functionality of Quickbooks and NetSuite. With APIs, integrations, and import/export features, all your existing applications and data sources are in good hands.
Cash flow
With NetSuite, you can create cash flow forecasts, monitor cash balances, and create cash flow statements. With QuickBooks, you can monitor your business's cash flows and outflows, forecast cash needs, and make financial decisions. NetSuite and QuickBooks support them and allow data import and access to historical data for budgeting and forecasting.
Paysheet
With QuickBooks Payroll, Quickbooks has an advantage over NetSuite in this area and comes at an additional price. That said, whether it's tax calculation or W2 printing, NetSuite makes all day-to-day payroll-related activities easy.
Inventory
With NetSuite or QuickBooks, you can manage inventory levels, purchase orders, fulfill orders, and generate inventory reports. With NetSuite, you can get more automation and customization, automate inventory workflows, and manage inventory across all channels.
Support and ease of use
NetSuite's interface can be more complicated than QuickBooks because NetSuite has more features and tools. The NetSuite implementation process can also be more complicated, requiring the involvement of IT and financial professionals to ensure everything is configured and integrated correctly.
In comparison, QuickBooks is highly praised for its simplicity and ease of use. Its easy-to-use interface and friendly design make it a great choice for beginners as it is easy to learn and use without much training.
NetSuite vs QuickBooks: Pricing
QuickBooks is aimed at SMEs and its price is the same. QuickBooks Online starts at $18/month and goes up to $38/month for your QuickBooks Online Plus+ plan. As more QuickBooks services like QuickBooks Payments are added, this is sure to increase.
NetSuite, on the other hand, focused on medium and large companies. It does not have transparent pricing as it requires a customized price quote on a case-by-case basis based on requirements. However, An average NetSuite license typically starts at around $10,000 a year.
NetSuite's strengths include modules and integrations, meaning it can extend functionality and integrate with existing services efficiently when configured. These integrations and configurations mean custom onboarding and pricing quotes for each business based on their requirements.
NetSuite vs QuickBooks: Alternatives
There are multiple alternatives to NetSuite and QuickBooks depending on your requirements; you can also look at them. Some of the popular options are listed below:
Microsoft Dynamic 365
Best for businesses without an existing CRM as it offers a CRM-like experience. It also has unique sales and marketing automation tools that many NetSuite/QuickBooks alternatives lack. third party integrations to meet many business needs.
Advantages:
- Scale with your company
- Improve efficiency by providing real-time data
Cons:
- Navigation requires some trial and error due to a cumbersome user interface
- Pricing for small business budgets.
intact sage
Best for large or enterprise customers due to advanced integrations, such as Salesforce, and a robust marketplace including Nanonets, which offers features such as Optimized benefits of AP automation.
Advantages:
- Accounting workflows are easy to manage
- Cloud-based platform ensures constant access
Cons:
- No international payment features
- Initial setup takes a long time
xero
Best suited for internationally focused clients, serving small businesses and startups seeking efficiency and optimization. cross-border payment options
Advantages:
- Cross-border payment processing and tax compliance
- Cloud-based and accessible from anywhere
Cons:
- Fewer reporting features than other platforms
- Some say customer service is not as responsive as they would prefer
Other options include Zoho Books and cool books.
NetSuite vs QuickBooks: Conclusion
Whether you're a small or large business, NetSuite or QuickBooks are two great accounting software options that can help you manage your finances. Each has its strengths and weaknesses, but NetSuite is best suited for businesses that need a comprehensive accounting and ERP solution. On the other hand, QuickBooks is a simpler accounting program that can be used for basic accounting tasks such as invoicing, payroll, and mileage tracking.
Which one is better for you?
NetSuite is a Powerful business management solution that provides advanced features such as CRM (customer relationship management), ERP (enterprise resource planning) and e-commerce (e-commerce) solutions. It is perfect for companies that want a comprehensive solution to manage all aspects of their business.
QuickBooks is a simple accounting program for small businesses and self-employed who need basic accounting functionality.
Both come with awesome integrations like Nanonets to simplify your life. Nanonets takes care of automating your accounts payable and bank reconciliation with its advanced artificial intelligence for optical character recognition (OCR). Schedule a call with a nanogrid expert to take your ERP experience to the next level.
