When you think of accounting software for small businesses your first thought probably goes to QuickBooks. Often marketed as the go-to as an accounting and financial manager for mom and pop shops, Intuit’s QuickBooks offers a range of features designed to manage the early needs of a small business. But for a growing enterprise, QuickBooks can’t fulfill the complex list of needs an expanding business has. This is where competitors like NetSuite, are beginning to be the new face of all-inclusive business solutions.
Like Quickbooks, NetSuite is a 20-year old competitor with a long-standing prestige. While QuickBooks has made a name in the accounting realm, NetSuite has made a name as one of the best cloud ERP providers on the market. NetSuite provides not only financial capabilities but also ERP, CRM, and eCommerce solutions for clients worldwide. Its long list of features makes it a powerhouse of functionality for businesses looking for a flexible solution.
Both NetSuite and QuickBooks offer cloud-based software. However, where they differ is really in the power of their coverage. NetSuite, ever since its inception in 1998 has been a cloud-only solution provider. It’s fully integrated software allows businesses to access insightful real-time data and metrics on a singular system. Whereas Quickbooks Online began in 2001 after the company received criticism of its desktop version. While this provides more flexible options for clients, it’s disjointed system makes the online platform incomplete.
Additionally, both systems allow you to access your data anytime, anywhere. But only NetSuite guarantees the safety of your data with any offer you choose. Plus NetSuite offers hot backups of data so that there is no interruption to your service and your information is securely stored. In comparison, QuickBooks only offers restoration of company data for its highest tier customer.
QuickBooks provides tools to track project inventory, profitability, business analytics, and insights. They also offer limited customer support and more specialized help as add-on features. While QuickBooks is good for a small business with minimal needs, for more established enterprises it is not enough. This makes adding on services inevitable, time-consuming, and costly for a growing business. Alternatively, NetSuite’s robust features not only match QuickBooks’ features but also vastly outnumber it.
On the flip side, NetSuite offers custom solutions so that no two outcomes are the same. While the specific tools and features will vary all NetSuite solutions include advanced financial management, CRM functions, inventory planning, automated project accounting, personalized business insights, and much more. Unlike QuickBooks’ niche focus on accounting, NetSuite offers a financial, ERP, CRM, and services solution all in one.
When it comes to running an international business Quickbooks can’t compete. Despite being a well-established company, QuickBooks doesn’t include international compatibility and limits itself to few geographies. NetSuite supports multiple languages, currencies, and subsidiary consolidation. Not only that, but also complex accounting functions, like fixed assets, multi-book accounting, recurring billing, and revenue recognition.
All the Bells and Whistles
QuickBooks offers Receipt Capture which lets users take a picture of receipts and match them with existing expenses. Alternatively, NetSuite provides a network of compatible apps to help manage receipts, reimburse employees, and reconcile company cards. For more QuickBooks offers a Live Bookkeeping feature which gets you a certified virtual accountant to manage and maintain your books. For small businesses looking to save time and expenses hiring a bookkeeper, this is a great feature.
The Cost of Quality
When it comes to pricing, this is where things become muddied as to who takes the cake. To start, Quickbooks does not require a contract which means you’re free to cancel at any time. Prices start as low as $25 a month. However, this does not include additional users or payment management and billing. While that can add on to the total price you’ll pay it is still an incredibly affordable option for small shops. If you have a small staff and are willing to sacrifice advanced features then Quickbooks is your answer for simple needs.
However, if you have a staff exceeds 20+ people it may be time to consider a more robust offering. On the flip side, NetSuite offers a wide range of products and features. As such, each solution is custom-tailored. Because of this, there are no definitive prices but could start anywhere from $10k and up. You can request a free consultation to get a better idea of what your business can expect to pay and if the benefits outweigh the cost. While that price tag can seem high the true value of a NetSuite solution is that it is built to last.
NetSuite Comes Out On Top
In summary, while QuickBooks holds narrow expertise in the scope of accounting software, NetSuite dominates as a complete business suite. In all aspects of accounting, eCommerce, ERP, global operations, and more, NetSuite outperforms Quickbooks. While Quickbooks was the go-to of yester-year’s mom and pop shops, businesses of today need a comprehensive solution like NetSuite.