NetSuite vs Quickbooks: Why We Think NetSuite is Still the Best Option for Small Businesses

When to Use QuickBooks

Consistently, we have selected QuickBooks Online, a cloud-based platform, as the best small business accounting software because of its flexibility, ease of use, and robust features, which include a mobile app and add-ons like payroll and time tracking:

• • Property management companies: The class and location tracking features that are available with QuickBooks Online Plus and Advanced allow property management companies to separate net profit by type of property and location, making it our leading real estate accounting software.
  • Businesses that work on the road: Its mobile app includes nearly all of the functions available with the desktop interface, plus mileage tracking and receipt capture. This made it one of our top-recommended mobile accounting apps.
  • Freelancers and small businesses that invoice clients: QuickBooks Online has a powerful set of invoicing features, with the ability to customize invoices for any industry. It even lets you apply sales tax automatically to any industry and customize forms, such as adding a logo to your invoice, making it our best invoicing software.

When to Use NetSuite

NetSuite is software-as-a-service (SaaS) that combines accounting and ERP programs, CRM tools, and ecommerce capabilities in a single packaged offering. With it, users from different departments, such as sales, accounting, and support, access customer information through a single record, eliminating data inconsistencies:

• • Midsize and large businesses, manufacturers, and companies with complex needs: If your business has a need for inventory management other than the basic inventory tracking features that QuickBooks Online offers, NetSuite provides an efficient solution.
  • Businesses seeking automation solutions: As part of its robust ERP offering, it offers an intuitive cloud-based financial management system that allows businesses to track their financial data and automate many essential accounting functions. If your business wants to expedite its A/R and A/P and accelerate deal closings, this is worth considering.
  • Businesses that want an all-in-one solution: In addition to its accounting software, it offers a full suite of powerful business management features, including the ability to keep up with financial compliance obligations. This makes it an ideal accounting tool for businesses looking for an all-in-one solution.

How NetSuite Wins Over QuickBooks

NetSuite 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 a business’s processes from quote-to-order fulfillment.

Here are just a few key features of NetSuite 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 compensation, and expense reimbursement.
  • Integrated budgeting and forecasting tools to help manage financial projections for improved decision making.

2. 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.

3. 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 businesses 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.

Summary of NetSuite Advantages Over QuickBooks

• • 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 user 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.

NetSuite is a global cloud ERP software that allows businesses to run a multinational 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 with 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 Consultants now so we can help you fully leverage NetSuite’s functionalities for your business.