NetSuite vs. QuickBooks: "Which is Right for My Business?"

We hear this question on a regular basis; “Which is better, Netsuite or Quickbooks?”

You may be hoping to see a straightforward answer, but the truth is that this question is riddled with complexities, therefore it’s important to first understand how these systems differ.

In any critical decision-making process, you:

Identify your needs and wants
Gather information
Compare several alternatives
Match them to your needs and wants
Make a decision

This is true when you shop for cars, insurance policies, computers, real estate, and other items both tangible and intangible.

Whether or not you currently use QuickBooks software to manage your business accounting, a growing company needs a system that can keep up with its development. The entry-level capabilities of most accounting software (Quickbooks) may be beneficial for some, but the countless spreadsheets and disparate applications will impede those who face mature business challenges.

Today, we’re going to review both Netsuite and Quickbooks and compare the two to help you understand what is currently best for your business.

NetSuite

Netsuite’s software is geared toward startups, enterprises and even complex manufacturing or retail integration. NetSuite’s financial management solution supports businesses throughout each stage of growth using a cloud-based platform. This unified platform provides real-time data with customizable fields.

NetSuites open-ended nature enables cash flow and revenue management, integrated planning and budgeting, automatic quote-to-order fulfillment. It is built to run your entire business, extending beyond the basic bookkeeping functions offered by Quickbooks.

NetSuite offers an entire suite of business solutions beyond accounting to serve companies looking to increase operational efficiency throughout the business:

ecommerce
HR management software
professional services automation
and more

Furthermore, Netsuite is built to scale and allows you to seamlessly integrate with other applications to benefit your business operations.

Quickbooks

QuickBooks is the starting point for most small businesses who need a bookkeeping software. Quickbooks users can track income and expenses, connect bank and credit card accounts, and create financial reports – including income statements and balance sheets.

Additionally, Quickbooks helps you send invoices, keep a record of receipts, count expenses, and analyze data reports. The tool essentially operates as an online hub that lets you manage your business’s finances from anywhere provided you’ve got an internet connection.

QuickBooks Online is a standalone, cloud-based product that is limited strictly to accounting. QuickBooks Enterprise does offer some inventory management features, but it’s fairly limited overall and relies on third-party integrations for advanced functionality.

Like Oracle Netsuite software, it integrates with different apps, including your bank, so that you save time and can work more efficiently.

If you want to compare Quickbooks with other alternatives, reach out to one of our team members and we will be happy to list out other options that match your business.

NetSuite vs. QuickBooks

QuickBooks is a good choice for some small businesses because it accommodates bookkeeping: managing invoices, paying bills and entry level cash flow tracking. When bookkeeping is all that is needed and accounting demands are minimal, generating month and year-end reports and helping with annual business taxes is enough.

QuickBooks may check off many boxes when it comes to standard bookkeeping, but NetSuite offers a complete financial management solution that increases efficiency and reduces the need to add to headcount as the business’ financial needs become more varied and complex. More than just a collection of accounting information, NetSuite comes with preconfigured KPIs, workflows, reminders and customizable dashboards that show exactly how operations and accounting processes align and what needs to get done.

NetSuite combines links strong accounting functions with strong compliance management- providing you with real-time access to financial data.

Pros and Cons

Netsuite Pros

Powerful online financial management tool.
Ability to store all your data in one system.
Offers a CRM system.
Offers Netsuite ERP system.

Netsuite Cons

Pricing is based on the functionality you need
Does not offer a free trial
You need to be careful during the setup phase to ensure that you’re not paying for more features than you need.

Quickbooks Pros

Affordable
Easy-to-use.
Reliable.
Essential accounting software

Quickbooks Cons

Not as robust as Netsuite.
Not an all-in-one solution.
Lower tiered plans offer basic functionality.

Final Thoughts

The decision to move forward with a powerful all-in-one software solution like NetSuite, or something affordable and effective like Quickbooks should be one based on your unique business needs and budget.

If you’re an enterprise with a budget that can afford an all-in-one business and financial management suite suitable for ERP (Netsuite ERP), CRM, and accounting tools then consider the Netsuite solution.

On the other hand, if you’re just looking for a simple solution that your small business can afford, consider Quickbooks. Quickbooks customized its accounting platform to small businesses and startups, so you’ll have all the functionality you need at an affordable price.

Depending on your level of expertise between these systems, they both may present a bit of a learning curve – especially if you’re trying to integrate your team. If you want to guarantee the success of your ERP or other software implementation, seek out the support of an ERP/accounting software professional. Here at MCDA CCG, Inc, our team of business and automation experts can guide you through each step of the way, from the decision-making process to implementation to ongoing maintenance.

Reach out by calling our office today at 657-258-0577, sending us an email, or even messaging us through our social media channels (@mcdaccginc).

Why wait, get in touch today!

Further Reading on Company Software and Financials:

DIY Quickbooks: Mistakes to Avoid

How Modern ERP Systems can Help Small and Medium Sized Manufacturers

ERP Metrics & Data Visualization

QuickBooks Online Tips for Small Businesses: Chart of Accounts Organization

Five Warning Signs Within Your P&L (Income Statement)