Decoding The Best Accounting Software In The Market: NetSuite v/s QuickBooks
Amongst the key indicators of how well your business is doing and where you might need to make robust changes is staying on top of your finances along with accounting for revenues and expenses on a regular basis. While NetSuite covers a spectrum of products and services critical for the smooth running of your business under its large portfolio of ERP capabilities, QuickBooks is also often referred to for its core functionality in managing accounting.
While there are endless options when it comes to choosing a business accounting software, the buck stops at the two biggest names in the industry: NetSuite and QuickBooks. Both offer cloud-based financial management, however, as you grow and scale your business it becomes imperative to understand key differentiators that help you and your enterprise. Here, we decode everything that you need to know before you choose what’s best for your business.
1. NetSuite v/s Quickbooks Origin Story
NetSuite is a leading cloud-based ERP (enterprise resource planning) business management suite that makes 360 degree automation possible for businesses across industries. It covers financial platform, capital management solutions, omni-channel commerce systems, fixed assets, order management, billing, inventory management and a lot more.
QuickBooks was founded in 1998 and provides a set of software solutions that are designed to manage payroll, inventory, sales, and other needs of a small business. Unlike NetSuite that comes with a host of capabilities, QuickBooks focuses entirely on accounting software for small businesses.
2. NetSuite v/s QuickBooks Features And Pricing
NetSuite has a host of features which makes it a highly detailed and expansive platform. From Financial management (accounting, billing, revenue recognition, financial reporting, global accounting and consolidation); Financial planning (planning, budgeting and forecasting); Order management (pricing and promotions, sales order management, returns management); Production management (product data management, work order management, planning and scheduling, quality assurance); Warehouse and fulfilment (inbound logistics, outbound logistics, inventory management, warehouse solutions) to procurement (sourcing, purchasing, payments).
Under the finance and accounting functionality of NetSuite, features that you need to manage your books, taxes and payments include: a) Customizable general ledger; b) Accounts receivable and accounts payable management; c) Automated domestic and global compliance tools; d) Fixed asset management; e) Cash management; f) Payment management with SuitePayments for payment processing. Along with these, other tools offered by NetSuite include g) Recurring billing and subscription management; h) Advanced reporting and forecasting tools; i) Inventory tracking across multiple locations; j) Pricing tools, sales orders and purchase order.
QuickBooks finds favour with small business which are just starting up or getting established with an easy to navigate system where you can create and manage custom-created invoices, check printing and automated online banking. It offers four plans that can manage your business: a) Simple Start that includes basic business bookkeeping and accounting functions; b) Essentials includes bill management, time tracking, reporting; c) Plus allows you to have more than five users along with all the features of Essential plan. You can also track your inventory, profits and check your reports; d) Advanced is the most comprehensive plan which offers revenue stream, google sheets, workflow management, simplified bill payments along with other capabilities.
With customized pricing, NetSuite hand holds you through the entire process and directly works with you, offering the best plan for your business. On the other hand, QuickBooks has a monthly subscription model based on featured plans.
3. NetSuite v/s QuickBooks Real-Time Reporting And Data Entry
As we move from one decade into another at a pace where we are constantly catching up to technology, it has become increasingly clear how important remote working capabilities are and how quintessential data is for your business to grow.
Real-time reporting that makes it easy for you to access all your business information, anytime, anywhere gives NetSuite the competitive edge. There is endless reporting and custom reports for you to dive into within NetSuite. In the case of QuickBooks, you would have to add Advanced reporting to unlock critical business insights.
NetSuite’s inbuilt global fluency makes it easy to manage business with other countries, plus, it completely eliminates double data entry, setting the standard for synchronised data streams that include inventory management, accounting, fulfilment and shipping, project management, and workflows. In comparison, QuickBooks offers business finance and accounting tools only which means the capability would have to be integrated.
The ease and overall comprehensiveness that helps build synergy between departments make NetSuite implementation favourable and future ready. If one is thinking long-term on the lines of scalability and growth, NetSuite is a one-stop-shop for all your business needs.
Disclaimer: The views expressed above are a matter of personal opinion
Whitepaper: From Quickbooks to Cloud Financials
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