NetSuite vs QuickBooks Online are the most popular cloud accounting options out there, both software are right for meeting your requirements for your business. QuickBooks Online is the best accounting package for small and medium-sized businesses and it has an easy-to-use interface. It manages all the basics, like invoicing, expense tracking, bank reconciliation, payroll and light inventory.
NetSuite and QuickBooks Online show different levels of maturity in their platform. You should consider overall growth and company size. If any business owner wants to start their own startup, even with a low budget, then they should use both of these accounting software. It supports tempted startups and fast growing businesses with huge budgets that can help trade so strongly and completely with NetSuite ERP Software.
What is NetSuite?
NetSuite is a Software-as-a-Service (SaaS) based Enterprise Resource Planning (ERP) solution used by companies for suites including not only financials but CRM, inventory, supply chain, E-Commerce and Human Resources, all completed in a single engineered cloud. Tailored primarily to small and medium-sized businesses, but scalable for even larger organizations, NetSuite is intended to streamline business processes, eliminate data surplus and support real-time decision-making.
One of the best things about NetSuite is automation. It eliminates the pain of manual financial reporting, billing, procurement and order management with faster, more accurate financial processes. Its cloud-based infrastructure, developed by Oracle, provides secure access anywhere, supporting remote work and inter-departmental and location real-time communication.
What is QuickBooks Online?
QBO is designed for small business accounting software to manage your business anywhere and anytime. It enables users to manage income, expenses, invoices, payroll, and financial reports, which people can access from any device that connects to the internet. QuickBooks Online also puts its power features in, stuff like bank syncing, automatic transaction sorting and real-time reporting, to make it as simple as possible for business owners to stay on top of their books. It’s multi-user-capable, plays nice with your favorite apps and does it all safely with cloud backups for your data.
Key Features of NetSuite vs QuickBooks Online
Here we explain key features of Netsuite vs QuickBooks Online.
Key Features of NetSuite
- Financial Management: Offers accounting software, a general ledger, automation for A/P and A/R, budgeting, forecasting and strong financial reporting that helps your team close the books and report accurately, all while adhering to financial regulations.
- Customer Relationship Management (CRM): It oversees sales force automation, customer service and support, marketing campaign automation and sales analytics to bring the right kinds of customer engagement and loyalty.
- Inventory & Supply Chain Management: Enables a view of inventory, demand planning, procurement management and overall supply chain optimization from supplier to customer.
- Human Capital Management (HCM): Common HR functions like payroll management, employee record keeping and compliance.
Key Features of QuickBooks Online
- Track income & expenses: Through Square into QuickBooks, it provides fast and easy import of your bank transactions.
- Billing & Estimates: Generate, personalize, send as many invoices, quotes, and estimates as you wish to your customers.
- Receipt Capture: Enable your smartphone to snap photos of receipts and have them enrolled with your company’s expenses.
- Bill Management: All manage, track, and pay bills to the vendors.
Pros and Cons of NetSuite vs QuickBooks Online
Here we briefly discuss pros and cons of NetSuite vs QuickBooks Online.
Pros of NetSuite
- Integrated Functioning: NetSuite offers a cloud based platform that brings together managing financial reports, inventory data, supply chain and includes e-commerce in your system.
- Cloud-Based & Scalable: And because it’s delivered over the Web, a business can get information wherever they are, whenever they need it. For the most part, businesses get updated automatically, and it grows and scales as the business grows, so a company can avoid the large capital expenses of managing an IT infrastructure.
- Customization & Flexibility: NetSuite can be customized down to the finest detail using SuiteScript and SuiteFlow, where one can develop custom workflows, forms, and modules in order to meet the specific needs of the greater.
- Strong Reporting & Business Intelligence: Offers advanced reporting, real time dashboards, and powerful data analytics to make the right decisions.
Cons of NetSuite
- High Cost & Potential Add-Ons: The subscription pricing model, as well as set-up, add-ons, and ongoing support, can make it cost-prohibitive, particularly for smaller businesses.
- Complex Learning Curve: NetSuite is complex and requires some serious investment of time and expertise to crack the code effectively.
- Technical Expertise Needed: NetSuite, by design, often has to be implemented and tailored by someone with technical expertise or technical resources, especially for advanced configurations and personalized reports.
- Limited for Heavy Manufacturing: NetSuite is also not ideal for process manufacturers or heavy users of advanced field service management or deep heavy manufacturing support.
Pros of QuickBooks Online
- Cloud-Based & Accessible: It retrieves your financial data from any internet-connected device.
- Extensive Integrations: Integrates with applications and other business systems, such as banks and payment card companies, to automate data flow.
- Comprehensive Features: Provides strong sales, expense, payroll, financial reporting, and tax management options.
- Automatic Backups and Updates: It will back up your data automatically, and provide you a updates of software. It will be free to protect your data and manage your bulk data in a effective way.
Cons of QuickBooks Online
- Scalability Costs: The business and client base have multiple users and accountants. It will be integrated with QBO. The features of integrate will be integrated in workflows within QuickBooks Online accountant.
- Inventory Management Issues: If your business has large inventory tracking needs, the platform may lack the advanced capabilities required.
- Data Security & Backup Concerns: Although it provides backups of your data, there is always the possibility of data loss, and some may not feel comfortable with their financial information being stored in the cloud.
- Invoicing Limitations: Although they have gotten better, those invoicing tools can occasionally be a bit more bare bones, less exciting than other offerings.
Conclusion
The NetSuite vs QuickBooks Online controversy is that QuickBooks is ideal for small businesses and independent contractors and sole proprietors in need of basic accounting features, while NetSuite is a system for growing businesses and large enterprises requiring a robust, highly scalable, fully integrated Enterprise Resource Planning (ERP) program to address complex financial and operational processes in one place.