Are you debating between Quickbooks and NetSuite? Both provide effective account resource planning tools. Yet, which one will meet your requirements the most? The core function of QuickBooks is accounting. ERP features like cost and inventory, and industry-specific management, are optional. NetSuite is an ERP system that offers accounting management along with other modules.
One will serve you better than the other depending on your business nature. QuickBooks is great for companies with the need for accounting and payroll solutions. Often, small businesses prefer QuickBooks. Bigger businesses choose NetSuite as it centralizes financials within the entire ERP platform.
Both software systems incorporate a variety of business applications. They track revenue and expenses, provide in-depth reporting tools.
Let's learn more about the differences that might be significant for your business.
The first thing to review is the structure of QuickBooks vs NetSuite. Intuit's QuickBooks is an enhanced version of its Quicken software. It helps start-ups and small businesses organize their financials.
Oracle NetSuite is a complete ERP system. In fact, it competes more with SAP than QuickBooks. ERP consists of many modules. The data flows through various departments, generating the incorporated company overview.
Business profiles of NetSuite and QuickBooks are different. NetSuite's resides on Oracle's Relational Database Management System (RDBMS). This is a versatile collector and retriever of data. It provides NetSuite with extra speed for information processing.
Intuit is the parent company of many cloud-hosted products. Additionally to QuickBooks, they offer Quicken and TurboTax packages. Intuit sells monthly subscriptions. Limited Quicken and TurboTax features are available in QuickBooks.
Currently, QuickBooks is higher in user volume than NetSuite. To date, this number is close to 2 million customers. The Oracle ERP has a little more than 20 thousand.
In the QuickBooks vs NetSuite contest, the former leads the race in the amount of features. Some of the software's main modules are:
Inventory & Warehouse Management
In NetSuite ERP, information syncs between all modules, including financials. For instance, a sale might alert the Inventory & Warehouse that a product is out of stock. If an employee works on commission, their earnings get sent to the Payroll module.
QuickBooks can transfer data from one module to another, but it doesn't feature the larger scope of ERP modules. Its functions include:
Point of Sale
The license base prices between the two products are comparable. QuickBooks ranges between $20 and $60. Start-ups that need only the basic accounting modules pay less. NetSuite has a flat rate of $99 per license.
The main differences are in the frequency of payments. QuickBooks allows users to make monthly payments. NetSuite requires upfront annual payments.
Both companies apply fees for extra support. NetSuite solution will cost you more because of professional implementation, customization, and integration. The reason is its size and the complexities of RDBMS platform. QuickBooks implementation fees are lower.
Besides the license payments, recurring costs occur in both. QuickBooks adds fees for external bookkeeping or consulting. NetSuite for continued optimization of their product.
Both applications receive excellent performance reviews. QuickBooks' average is 4.5 stars. Users recommend the cloud-based application and integrations with other products. The biggest disadvantage is the multiple licenses expense.
NetSuite also receives 4.5 starts for its features, reports, and integrations. It gets low rates for its costs, learning curve, and the inability to use it for smaller businesses.
QuickBooks and NetSuite have a major difference in live communications. The Intuit product provides phone support during normal work hours Monday through Friday. NetSuite has toll-free phone support available 24/7.
Online information centers of the two products are similar. They have extensive online knowledge bases to help users navigate through the modules. Intuit and Oracle also support a wide range of user groups for training and help.
On the subject of training, both products have live or online demos. The standard user guide comes as part of the software package. But, live training with an instructor might cost extra for both products.
In the contest of NetSuite vs Oracle, there's no winner. The reason is they're designed for different consumers. NetSuite ERP covers a wider range of tasks. QuickBooks can handle some extra tasks like eCommerce. Even so, its main purpose to simplify accounting operations.
Small business prefer Intuit. Hence, the reason for lower costs per license. NetSuite helps manage operations within larger businesses and enterprises. It also covers a majority of needs for growing companies.
When choosing the right option for you, determine your company size and where you expect to go. If your path is a long-term growth process, QuickBooks is the solution. Fast expanding companies will benefit more by investing in NetSuite. As NetSuite will grow with you, adding new modules on the top of existing.
In either case, to avoid data loss and costly troubles implementation and data migration should be handled by professionals. It's important to work with certified software consultants. It guarantees you get a functioning ready-to-go product. Chetu helps with everything you might need for a system deployment and maintenance. For over 20 years we have been providing software solutions to companies around the globe.
Our ERP consultants leverage industry expertise, and a passion for excellence in enterprise-grade solutions. Our client list speaks to itself. It includes successful start-ups, SMBs, and Fortune 5000 companies. Reach out now to get a free consultation, and learn how our solutions have alrady transformed businesses like yours!
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