NetSuite vs. QuickBooks
Are you at a crossroads with your growing company and tired of struggling with an outdated accounting system, fragmented reporting and expensive IT costs? Was QuickBooks Pro initially the best fit for your business because it was quick to install and easy on your budget? Did you then continue with upgrades to QB Premier or QB Enterprise to find that it still isn’t matching all your needs? Are you wondering if QuickBooks is the right choice to help drive your company to the next stage of growth?
These are similar questions that thousands of QuickBooks users have faced when considering making the switch to NetSuite.
This list provides the top differences between NetSuite vs. QuickBooks.
Top 3 Differentiators
1) Cloud Business Software Suite
With 30,000+ customers and growing, NetSuite is the #1 complete cloud business suite, integrating ERP/financials with CRM, eCommerce, human capital management and service resource planning. This means that with NetSuite outsourced accounting, you can manage your business end-to-end with one integrated software application for all of your core processes. You no longer have to juggle between different on-premise applications or continue to upgrade programs.
As your business grows, simply managing the books and basic financial reporting does not help you stay competitive or streamline processes. QuickBooks does offer add-on applications for order management, inventory control, payroll and employee management, but typically, these are stand-alone solutions that require integration or spreadsheets.
The NetSuite base platform falls under three categories:
- Limited Edition = 1 – 10 users
- Mid-Market Edition = 11 – 1000 users
- Enterprise Edition = 1000+ users
In addition to ERP, with General Ledger, A/P, A/R, Purchasing, Inventory, Order Entry, Expense Reporting, and CRM with quote and order management, see what is included in each base platform for NetSuite.
2) Real-Time Visibility & Automation
- Lower ownership and IT costs with cloud ERP or SaaS (Software-as-a-Service)
- Continual and automatic upgrades and enhancements
- Improved system performance and accessibility
- Faster deployment speed
QuickBooks does not support team collaboration the way NetSuite does. There is no way to assign tasks, implement approval processes or automate accounting steps with configurable business rules.
Read White Paper: Achieving Real-Time Visibility
3) Global Expansion & Complex Accounting
Since a growing business means expansion, whether that be within its home country’s borders, or globally, it is inevitable that accounting will become more complicated. Businesses cannot be expected to creak along with an ever changing global market while others fly at on-demand speeds.
“Not only does NetSuite support our business growth, but it also benefits our investor and strategic partner relations, with its support of financial transparency, information accuracy, and regulatory compliance. This is incredibly important because it takes strong partners – as well as customers – to maintain a high growth rate.” GoPro
Expansion and growth does not come as easily as one would expect with QuickBooks. It only supports simple accounting with rudimentary budgeting and forecasting capabilities. In addition, there are significant functional gaps in order and billing management, shipment and fulfillment and financial reporting. When comparing a system like NetSuite vs. QuickBooks, you must take into consideration that QuickBooks has no built in logic to manage and address global accounting rules. It does not support multi-currency which evokes the use of more spreadsheets and third party software to handle the data and currency rates.
With NetSuite, complex accounting information and currency rates are updated real time. NetSuite OneWorld gives today’s businesses the ability to expand and transform their organizations. It supports tax compliance in more than 100 countries, 20 languages and 190 currencies, along with the capabilities for global businesses to transact in more than 200 countries and dependent territories around the world.
Datasheet: NetSuite OneWorld – The Platform for Your Global Business