Selecting the right business management software is a crucial decision for companies of all sizes. NetSuite and QuickBooks are two popular options, but they cater to different types of businesses. This comprehensive guide compares NetSuite and QuickBooks across key factors to help you determine the best choice.
We’ll cover:
– Overviews of NetSuite and QuickBooks
– Key feature and capability comparisons
– Ideal customer profiles
– Pricing models
– Key takeaways and recommendations
Whether you’re looking to scale up or streamline operations, read on to find the software that aligns with your business goals.
NetSuite Overview
NetSuite is a cloud-based business management suite that unifies CRM, ecommerce, accounting, inventory and order management, HR, and more in one platform. It provides complete visibility and control across your entire company in real-time.
Some key NetSuite features include:
– Financial Management: General ledger, accounts payable/receivable, multi-book accounting
– CRM and Marketing: Sales force automation, marketing automation, customer service and support
– Ecommerce: Webstore, POS, and order management
– Supply Chain Management: Inventory, manufacturing, and production management
– HR, Payroll and People Management
– Business Intelligence and Reporting
As an end-to-end platform, NetSuite enables seamless information sharing across departments. This gives companies a “single source of truth” for improved efficiency and data-driven decision making.
QuickBooks Overview
QuickBooks is an accounting and financial management software for small businesses. It’s best known for core accounting features like invoicing, expense tracking, account reconciliation and financial reporting.
Some main capabilities include:
– Invoicing
– Expense Tracking
– Account Reconciliation
– Inventory Monitoring
– Financial Reporting
– Payroll Management
Designed for simplicity, QuickBooks Online has an intuitive interface so companies can get up and running quickly. It integrates with many third-party apps to augment functionality in areas like CRM, ecommerce and inventory.
Comparing Key Features
Now that we’ve introduced both platforms, let’s compare how they stack up across essential business functions:
Financial Management
QuickBooks offers solid general accounting and financial reporting for basic business needs. NetSuite provides more advanced and complex accounting functionality for sophisticated financial management.
Winner: NetSuite for scalable FP&A needs. QuickBooks better for basic accounting.
CRM and Sales Management
NetSuite has native CRM, sales force automation and marketing campaign functionality. QuickBooks must integrate with third-party systems for advanced CRM and sales capabilities.
Winner: NetSuite
Ecommerce
NetSuite delivers end-to-end ecommerce on its unified platform, including webstore deployment, customer management and order fulfillment. QuickBooks integrates with ecommerce platforms like Shopify for front-end selling while synchronizing back-office financials.
Winner: NetSuite for unified commerce. QuickBooks better for separate accounting/ecommerce.
HR and Payroll
Both platforms offer payroll processing and people management capabilities like managing employee records, timesheets, expenses and PTO. NetSuite has more advanced talent management functionality while QuickBooks provides better payroll features for U.S.-based employees.
Winner: Tie. Choice depends on the complexity of HR and payroll needs.
Inventory Management
QuickBooks provides real-time inventory monitoring and order tracking. For product-based businesses, NetSuite offers more robust capabilities like assembly management, batch/serial control and supply chain/warehouse management.
Winner: NetSuite for manufacturing/distribution inventory needs. QuickBooks better for simpler requirements.
Platform and Architecture
NetSuite is cloud-native, accessing all data and applications through a web browser for ease of use. QuickBooks offers both cloud-based and desktop options. The cloud platform enables anytime, anywhere access while the desktop version provides offline accessibility.
Winner: Tie. Depends on a company’s preferences. Both are user-friendly.
Ideal Customer Profile
Now that we’ve compared features, let’s look at ideal buyer profiles to determine alignment with business goals.
QuickBooks Best For:
– Small businesses with basic accounting needs
– Companies with under 100 employees
– U.S.-based organizations needing localized payroll
– Businesses seeking straightforward financial software
NetSuite Best For:
– Mid-size and enterprise organizations
– Companies planning aggressive growth
– Global businesses requiring multi-subsidiary management
– Industries like manufacturing and retail with complex operational needs
Pricing Comparison
In terms of cost, QuickBooks offers more budget-friendly pricing starting at $25 per month. NetSuite pricing starts around $1,000 per month and scales based on number of users and functionality required.
QuickBooks offers simple pricing at a lower price point. NetSuite delivers greater value for complex organizations with specialized needs that warrant larger investments into technology.
Which Should You Choose? Key Takeaways to Help Decide
– QuickBooks shines for simpler small business accounting. NetSuite excels at unified business management for larger, global companies.
– QuickBooks has better payroll specifically for US-based employees. NetSuite brings global payroll support.
– QuickBooks brings simpler inventory monitoring. NetSuite enables robust supply chain and warehouse capabilities.
– QuickBooks integrates various third-party apps to meet needs. NetSuite delivers an integrated suite covering most requirements.
The choice ultimately depends on your business goals, scales of complexity and budget. Define your unique needs and assess how well each platform can satisfy them.
For many larger mid-market and enterprise organizations with complex requirements, NetSuite is the best choice for complete business management on a unified global platform.
Why Choose SuiteRep for Your NetSuite Implementation?
While NetSuite is a robust platform, realizing the full benefits requires careful planning and configuration tailored to your business. SuiteRep is a 5-star NetSuite implementation partner with over years of expertise helping over 800 companies successfully deploy and adopt NetSuite.
Some key reasons to have SuiteRep as your NetSuite implementation partner:
- Deep NetSuite Product Knowledge from 2,000+ Projects: SuiteRep holds 7 NetSuite certifications and has an average consultant experience of 7+ years specifically with NetSuite products. You benefit from experts who can quickly understand needs to configure the optimal solution.
- Proven NetSuite Methodology: SuiteRep follows a 7-step process with built-in leading practices to ensure implementations are on time, within budget and built for scalability.
- Vertical Expertise Across Industries: Get an industry-specific perspective across manufacturing, distribution, retail, services, food and beverage, and more.
- Ongoing Post Go-Live Support: SuiteRep offers support subscriptions for long-term optimization and continued adoption of NetSuite.
By having SuiteRep guide your NetSuite implementation, you mitigate project risk and set your organization up for long-term success.
Conclusion and Next Steps
Selecting business software is an important decision that can have long-term implications. This guide provided an in-depth comparison of the strengths and weaknesses of the two most adopted options—QuickBooks and NetSuite.
The next step is to thoroughly assess your strategic goals and business requirements. From there, you can better match a solution to fit your needs.
To dive deeper and receive tailored guidance for your organization, contact SuiteRep for a consultation. An advisor can provide specific recommendations based on your industry, size, challenges and growth objectives.