Comparing NetSuite vs. Quickbooks for Accounting

By: Aidan Lavoie-Whittall

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

As a starter system, Quickbooks gives smaller companies an easy way to get their businesses up and 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 and gravitate towards more all-encompassing ERP software options. There are many Quickbooks alternatives, but in regards to accounting software for your business NetSuite accounting software stands above the rest.

But what’s the difference between Quickbooks and NetSuite? Is NetSuite better than Quickbooks? What’s the cost of NetSuite versus Quickbooks?

Read more to find out.

 

NetSuite ERP vs. Quickbooks Comparison Chart

Check out this software comparison chart to learn the differences between Quickbooks’ and NetSuite’s features, separated by License/Module.

Financial Management
Easy Start/Essentials/Plus/Advanced:
 
  • Track Income & Expenses
  • Track Sales & Sales Tax
  • Capture & Organize Receipts
  • Track Mileage
  • Send Estimates
  • Invoice & Accept Payments
  • Progress Invoicing
  • Tax Deductions
Advanced Financials:
 
  • Advanced Budgeting
  • Expense Allocations
  • Amortization Schedules 
  • Advanced Billing Schedules 
  • Milestone Billing (when used with Project Management)
  • Statistical Accounting
  • Dynamic Allocation
Inventory Management
Plus/Advanced Only:
 
  • Track Inventory
Advanced Inventory:
 
  • Matrix Items: automatically manage multiple item options
  • Serialized Inventory
  • Bar Coding: items and transactions
  • Lot Management
  • Pick, Pack, Ship
  • Automated Reorder Point / Lead Time Calculations
  • Workflow to process warranty claims and to refund, replace or repair returned items
  • Printable forms for better supply chain management
  • Pack Station Mobile App
Multi-Subsidiary
Essentials/Plus/Advanced Only:
 
  • Multi-Currency Support
Plus/Advanced Only:
 
  • Track Classes & Locations
Advanced Only:
 
  • Unlimited Classes & Locations
OneWorld:
 
  • Management of multiple subsidiaries, business units and legal entities  
  • Support of consistent processes across countries 
  • Unlimited (dependent on customer's requirements) subsidiaries in a single country for a single currency
  • Includes 1 country/currency combination. Additional purchase required for new country/currency combination
  • Comprehensive Language Management 
  • Support for 27 different languages 
  • Comprehensive Multi-Currency Management 
  • Audit and Compliance Reporting 
  • Always-on audit trail, built-in analytics, access logs and workflow 
  • Supports global compliance of internal and external processes 
  • Real-time global business insight 
  • Configurable Tax Engine 
  • Pre-configuration of tax codes and localized reporting where applicable 
  • Flexible indirect tax engine automates calculations 
  • Cross border sales and Intrastat reporting across EU countries 
  • Indirect Tax Compliance; Payment processing 
  • Pay vendor bills and employee expenses across the globe 
  • Take payments directly from customers. 
Human Resources
*** Requires external app integration for HR functionality.                                                      
SuitePeople HR:
 
  • Employee center access
  • Employee Record Management
  • Time-off Management
  • Job Catalog and Job Management
  • Onboarding/Offboarding
  • Employee Recognition
  • HR Workflows, Metrics and Reporting

 

Additional Info

Contract Term
Month to Month. A year-long contract that is renewed annually.
Update Schedule
Updates must be done manually, or can be set to update automatically through the Help Menu. After every update, regardless, the system must be restarted. NetSuite releases two updates, twice a year that include new features and enhancements. Updates are free and installed automatically.
User Capabilities
Quickbooks provides multiple users roles, but permissions can only be customized with a QB Advanced license. NetSuite provides multiple user roles and permissions by role. Multiple users can use one NetSuite instance simultaneously.

 

Quickbooks vs NetSuite Cost

Pricing Info
$30 - $200 per Month depending on License Level (extra $20 + $4/user per Month for QB Payroll).                             Prices vary depending on industry, users, needed modules, and subsidiaries (if applicable). Use the calculator below to find out your NetSuite package price.

 

Interested in expanding your reporting capabilities beyond what Quickbooks can provide? Check out our Business Intelligence for NetSuite solution here.

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.
  5. And many more.

 

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

Get in Touch With a
NetSuite Professional

The Benefits of Upgrading to NetSuite

Still not convinced that NetSuite is the right choice for your business? Continue reading to learn about the benefits of making the switch.

1. Complete visibility of your business

NetSuite offers a 360-view of your company’s processes, using real-time data and reporting, and personalized 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 advanced accounting features while minimizing the risk of error and delay of manual processes.

 

 

4. Comply with international accounting standards

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 ensures your company has access to the same customer information when responding to customers, cross-selling, and upselling. It allows you to track orders by centralizing your accounting, order management, customer relationship management (CRM), and eCommerce processes in the cloud.

 

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.

Choose a financial software like NetSuite ERP that will support your company's growth and expansion, so you won't have to switch to another accounting system in just a year or two.

No matter how large or how fast you grow, NetSuite will be by your side due to its expansive list of features and modules.

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

About Aidan Lavoie-Whittall

With a background in English literature and Theatre history, Aidan can confidently say that he knows his way around pen and paper. From news articles in local papers, poetry, screenplays and scripts, essays, to blog post - Aidan has tried it all.

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