NetSuite and Intacct: A Comparison Guide for Small Businesses

NetSuite and Intacct are often pitted against each other during discussions about accounting software. Both NetSuite and Intacct are cloud-based Software as a Service (SaaS) applications that are cloud-based. Intaact is primarily an accounting focus software that is designed for small, and medium businesses. Intaact focuses heavily on financial management as compared to NetSuite as a full Enterprise Resource Planning (ERP) software.

Intacct is also one of the choices after NetSuite when businesses are growing out of their spreadsheets. Like NetSuite, Sage Intacct also targets small and midsized companies. Intacct provides automated accounting as one of its core features. The software helps business create business and financial reports and automates account reconciliation increasing productivity and reducing the cost attributed by human error and working hours needed.

Sage Intacct allows business to access important data like financial reports, and accounting books from virtually around the world via the internet. Intacct improves the ease of company reporting through an easily accessible and user-friendly interface.

NetSuite vs Intacct

Both NetSuite and Intacct are both cloud-based software. Both software supports customizations and third-party integrations. Sage Intacct’s core focus is on financial management and accounting. Intacct automates several important accounting reports like the General Ledger, this helps make it easier to enter data and reduces human error. NetSuite  is an all-in-one business software that includes accounting, Customer Relationship, Accounting, Financial Reporting, and Enterprise Resource Planning (ERP).

Sage Intacct Overview

Sage Intacct primarily focuses on financial and accounting processes in businesses. Their core financial offerings are the following, Accounts Payable, Accounts Receivable, General Ledger, Purchasing, Order Management, and Financial Management.

Sage Intacct for Small and Medium Businesses

Sage Intacct is primarily for small and medium businesses and is targeted for businesses in various industries like accounting, financial services, hospitality, wholesale distribution, and professional services. Sage Intacct is considered the “best of breed” financial solution with financial management being its core feature.

Strengths

• • Intacct provides strong financial management features that cover all the requirements needed by a financial institution or the accounting department of the company.
  • Intacct has a wide range of finance and accounting capability that covers General Ledger, Accounts Payable, Accounts Receivable, Purchasing, and more.
  • Intacct also has add-on modules like Contract and Subscription Billing, Inventory Management, Time and Expense Management, Vendor Payment Services, and many more.

Things to Consider NetSuite over Sage Intacct

• • NetSuite is designed to be an all in one cloud-based solution for small, medium and enterprise level businesses.
  • Flexible functionalities and add-on suites that are designed for specific industries and business sectors like manufacturing, retail, and, more.
  • NetSuite is built for a global business. It is multi-language and supports multi-currency transactions.
  • NetSuite is highly customizable and is able to integrate with several e-commerce platforms like Shopify, Magento, SalesForce, and more.
  • NetSuite is a cloud-based Software as a Service( SaaS), meaning users can access NetSuite anytime, and in any part of the globe.
  • It is more than just an accounting software. NetSuite is an Enterprise Resource Planning (ERP) software that automates the business process to improve productivity and efficiency.
  • The biggest advantage of NetSuite is its ability to grow with your businesses and its scalability.
  • NetSuite allows businesses to choose between the standard two types of users or user roles. One use role has full access to the entire ERP system This user is designed for business executives, managers and supervisors. The second user role is designed for employees who do data entry roles, accountants, and inventory clerks. NetSuite Solutions Providers like Excelym can also help businesses customize user roles depending on specific business requirements.
  • Real-time reporting and analytics. NetSuite provides businesses with a highly comprehensive and customizable reports dashboard that provides crucial information at a glance or detailed financial reports for accurate and real-time reporting.

Key NetSuite Features and Benefits for Your Business

NetSuite  ERP provides businesses with a long list of benefits and advantages. NetSuite is more than just an accounting software that does payroll or checks the balance it is a comprehensive financial management software that provides complete automation of businesses processes from quote-to-order fulfillment.

Here are just a few key features of NetSuite features that provide positive benefits to businesses.

1. Comprehensive Accounting and Finance

• • NetSuite has full functionalities that help improve transparency in procure-to-pay transactions. This includes requisition, purchase order and invoicing.
  • Seamless inventory fulfillment and costing from factory-to-store. NetSuite also has detailed supply chain management capabilities.
  • Complete fixed asset lifecycle tracking, and reporting from acquisition depreciation and asset retirement.
  • Full-service payroll processing, including support for time tracking, incentive e compensation, and expense reimbursement.
  • Integrated budgeting and forecasting tools to help manage financial projections for improved decision making. Financial Close Management
  • Period locking to prevent incorrect postings to future periods and a period close checklist of tasks to sequentially completed.
  • Financial adjustments for intercompany transactions, foreign currency revaluation, and inventory.
  • End-to-end visibility in account receivables and payables with integrated order-to-cash management systems.

2. Effective Compliance and Controls

• • NetSuite has effective oversight and compliance protocols in place to ensure that businesses have due diligence in every transaction.
  • NetSuite allows business to follow multiple accounting standards like GAAP, and IFRS using multi-book accounting capabilities.
  • Pre-built tax filing and reporting tools that can be configured for local requirements per country.
  • Audit trail visibility into detailed transaction history, reports and saved searches for improving transparency and accountability.

NetSuite is a global cloud ERP software that allows business to run a multi-national enterprise through one platform that integrates Enterprise Resource Planning (ERP), Customer Relation Management (CRM), and Services Resource Planning (SRP). The Omnichannel platform enables retailers, manufacturers, and distributors throughout the supply chain to seamlessly connect and communicate improving business intelligence and minimizing human error.

NetSuite’s scalability is designed for small and medium businesses in mind. The cloud-based software allows small businesses to easily implement NetSuite at a lower cost compared to on-premise systems and allows businesses to quickly and cost-effectively scale up.

Still not convinced that NetSuite is for your Business? Contact our dedicated Excelym Consultants now so we can help you fully leverage NetSuite’s functionalities for your business.