NetSuite vs. Quickbooks 2020 Comparison

By: Alyssa Lamberti

When is it time to upgrade from a starter software to a complete ERP solution?

As a starter system, Quickbooks gives smaller companies a simple easy way to get their businesses up running, while managing financial aspects like payables and receivables.

As companies grow internationally or expand their business practices, they begin to outgrow the basic functionality offered by a starter system. 

What’s the difference between a started system like Quickbooks and a comprehensive solution like NetSuite?

Read more to find out.

 

Find Out if NetSuite is the Right ERP

NetSuite ERP vs. Quickbooks Comparison Chart

Check out this software comparison chart to learn the difference between Quickbooks and NetSuite features, separated by module.!

Financial Management Features
  • Accounts Payable
  • Accounts Receivable
  • General Ledger
  • Multi-Currency
  • Budgeting
  • Accounts Payable
  • Accounts Receivable
  • General Ledger
  • Multi-currency/multi-tax,multi-language
  • Fixed Assets
  • Multi-Company & Consolidation
  • Revenue Recognition
  • Subscription Billing
  • Forecasting & Budgeting
  • Financial Planning & Analysis
Supply Chain Management Features
  • Order Management
  • Procurement
  • Inventory Management
  • Order Management
  • Production Management
  • Inventory Management
  • Procurement
  • Warehouse & Fulfillment
  • Demand Planning
  • WIP & Routing
  • Work Orders & Assemblies
  • Shop Floor Control & BOM Maintenance
Human Capital Management Features
  • Payroll
  • Human Resources Management
  • Payroll
  • Employee Center
E-commerce & Retail Features
  • Point of Sale
  • E-commerce
  • Point of Sale
  • E-commerce
  • Order & Inventory Mgt
  • Product Content Mgt
  • E-commerce Marketing Automation
Professional Service Automation (PSA) Features
  • No functionality
  • Project Management
  • Resource Management
  • Timesheet Management
  • Expense Management

 

Additional Info

Pricing Info
Between $20 and $60 per month (pending plan type). User licenses are $99 per month. Get a price estimate for your NetSuite project here.
Contract Term
Month to Month. A year-long contract that is renewed annually.
Update Schedule
In order to update Quickbooks, users have to pay a few to update to the latest version and access new features. NetSuite releases two updates, twice a year that include new features and enhancements. Updates are free and installed automatically.
User Capabilities
Quickbooks limits user access to once user per instance at a time. If another user signs on to the same Quickbooks instance, the previous user will be disconnected.  NetSuite provides multiple user roles and permissions by role. Multiple users can use one NetSuite instance simultaneously.

 

Here are some of the signs that you need to upgrade from Quickbooks

  1. Lack of visibility into departments or business processes begins increasingly difficult as your business grows.
  2. Relying on Spreadsheets processes to connect data leads to errors and excessive manual labor.
  3. Inability to consolidate financials containing multiple subsidiaries, foreign currencies, business requirements, accounting and taxation standards, and more. 
  4. Adding sales channels, revenue streams, and product lines become overly complicated.

 

You may not realize, but once you’ve hit into those roadblocks with Quickbooks, it’s time to make the switch.

The Benefits of Upgrading to NetSuite

You’ve seen the differences between Quickbooks and NetSuite - which do you think reigns supreme? Check out the main benefits of switching to NetSuite

1. Complete visibility of your business

NetSuite ERP is a Cloud-based system that gives you a 360-view of your company’s processes, using real-time data and reporting, and personalized NetSuite dashboards.

 

2. Share data between departments

Automatically extract and share data from marketing, finance, sales, professional services departments, and more, right from the Cloud. Customize role and department permissions to control who has access to certain data.

Users will be able to draw data from the same source, ensuring that everyone, from every department, has access to the same data when they need it.

3. Consolidate all your financial data

NetSuite allows you to automate key accounting processes using Oracle NetSuite financials while minimizing the risk of error and delay of manual processes.

 

4. Comply with international accounting standards

NetSuite OneWorld is a platform designed for handling multiple subsidiaries, currencies, and taxation laws across geographies and subsidiaries. It provides real-time global business management and financial consolidation in a unified, cloud-based system.

 

5. Streamline accounting, CRM, and eCommerce

NetSuite centralizes your accounting, order management, customer relationship management (CRM) and eCommerce processes, in the cloud, to ensure that your whole company has access to the same customer information when responding to customers, cross-selling, upselling, tracking orders.

 

6. Advanced financial functionality

Access advanced financials features that allow you to:

  • Manage inventory across multiple sales channels
  • Access insight into your company’s inventory and resources 
  • Streamline your sales, order and delivery ordering processes
  • Manage and share large amounts of data across departments
  • Easily add and manage new sales channels

Upgrading to NetSuite

QuickBooks can be a good starter solution for many small businesses that are just getting off the ground. However, it's not designed to be your forever accounting software solution.

To avoid the need to switch to another accounting system in just a year or two to support your company’s growth and expansion, choose a solution like NetSuite ERP to be the last accounting / ERP solution you’ll ever need.

Due to NetSuite’s expansive list of features and modules, and the ability to scale with you, NetSuite will be by your side, no matter how large or how fast you grow.

Are you looking to upgrade from Quickbooks to NetSuite?
Talk to a specialist today!

About Alyssa Lamberti

Alyssa Lamberti is a resident Blogger, Writer, and Marketing Content Specialist for GURUS Solutions. She comes from a background in English Literature, having graduated with a degree in English Literature from Concordia University, and has worked in Marketing and copywriting for companies in the tech and media industry.

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