Sage Intacct vs. NetSuite
Did you know that NetSuite and Sage Intacct are two of the leading cloud ERP platforms in the market today? These platforms offer advanced functionality and are built to meet the needs of modern businesses. However, there are some major differences that separate the two.
Here’s our deep dive into the features and benefits of Sage Intacct vs. NetSuite to help you make an informed decision about which platform is best suited for your organization.
Sage Intacct vs. NetSuite: The Basics
Before diving into the details of each platform, let’s start by understanding what Sage Intacct and NetSuite are all about.
What Is Sage Intacct?
Sage Intacct is primarily an accounting solution that focuses on providing deep accounting functionality. It’s considered a "best-of-breed" financial solution, as it specializes in financial management.
While Sage Intacct offers advanced features like allocations, consolidations, fixed assets, and revenue recognition, it doesn’t provide a complete suite of applications like NetSuite. Instead, Sage Intacct integrates with other software applications, including popular CRM and ERP systems. This allows businesses to tailor their software stack according to their specific needs.
What Is NetSuite?
NetSuite is a modern accounting system with a single database that allows companies to manage key business processes in a single, unified system. It eliminates the need for separate applications and seamlessly connects information across the business.
NetSuite offers a range of functionalities, including finance, accounting, billing, revenue recognition, governance, risk and compliance, and global financial consolidation.
With NetSuite, companies can say goodbye to hardware, upfront license fees, and complex setups. The platform is designed to scale with businesses as they grow and offers a proven track record for growth and success. NetSuite also provides real-time information, ease of implementation and customization, and a dedicated team to manage your account from start to finish.
How Do Sage Intacct and NetSuite Compare?
Now that we have a basic understanding of Sage Intacct and NetSuite, let’s compare the two platforms in terms of key features, functionality, and other important factors.
1. Accounting Software
Both platforms offer robust accounting software capabilities. However, Sage Intacct is specifically tailored for accounting purposes, making it a best-in-class solution in this domain.
Sage Intacct: Sage Intacct provides deep accounting functionality, including features like allocations, consolidations, fixed assets, and revenue recognition. It also offers integration with other applications so your business can leverage the best tools for specific needs.
NetSuite: NetSuite provides a broader suite of applications beyond accounting. While it’s also considered a best-in-class financial management tool, its offerings span across various business operations, such as CRM, eCommerce, and inventory management. This makes it a more comprehensive solution for businesses looking to manage multiple aspects of their operations on a single platform.
2. CRM and ERP Integration
Sage Intacct: As mentioned, Sage Intacct can easily connect to other software programs, allowing businesses to use their old CRM and ERP systems with Intacct’s accounting features.
NetSuite: Oracle NetSuite offers a complete suite of business applications, including CRM, so you can keep all your customer data and financial information in one unified system. This means no need for separate CRM and accounting systems.
3. Deployment Options
NetSuite and Sage Intacct are cloud-based solutions, which means they’re accessible from anywhere and don’t need on-premises hardware or maintenance. Cloud deployment offers several benefits, including easy scalability, automatic updates, and top-of-the-line security.
In short, you can access your financial data and perform critical tasks from any device with an internet connection with either Sage Intacct or NetSuite.
Both of these platforms offer flexible pricing models based on factors like the number of users, modules required, and customization needs.
Sage Intacct: Sage Intacct’s pricing structure is based on a subscription model, with pricing determined by:
- Number of users - Intacct charges a monthly subscription fee for each user. The fee is higher for users with more advanced permissions and access to more modules.
- Modules - Modules are grouped into three tiers (core, essential, and advanced). The core modules are included in all subscriptions, while the essential and advanced modules are optional and can be added as needed.
- Business size - Sage offers volume discounts for businesses with more than 100 users.
NetSuite: NetSuite’s pricing is typically influenced by the number of users, the modules and features you need, and the level of customization desired.
There are two ways to purchase NetSuite: directly from NetSuite or through a licensed solution provider. You can choose the duration of your license, with longer licenses having lower annual costs.
It’s worth noting that there could be extra expenses associated with custom development work for integration purposes and support and training once everything is up and running smoothly.
5. Financial Planning and Reporting
Sage Intacct: Intacct allows businesses to create budgets, track performance against targets, and generate accurate financial reports. It also offers advanced features like allocations and consolidations, which are essential for organizations with complex financial structures.
NetSuite: NetSuite’s unified database enables real-time reporting and provides a holistic view of the organization’s financial performance. Its financial planning module can also integrate with other modules, allowing businesses to do everything they can with Sage Intacct.
6. Platform Flexibility and Customization
When it comes to customization, NetSuite offers more flexibility for businesses to tailor the platform to their needs, while Sage Intacct is more rigid and limited in customizations.
Sage Intacct: Sage Intacct has limitations with only nine dimensions, which may restrict the ability to capture and report on specific data.
NetSuite: Provides unlimited reported capability through unlimited dimensions and segments. NetSuite also offers a more intuitive user interface, while Intacct requires multiple sets of login credentials for different functions.
7. Risk Management and Compliance
Sage Intacct: Requires professional service intervention for adding or editing role permissions and restrictions. Revenue recognition is managed at the sales order or invoice level, which may pose control issues for businesses. Additionally, Sage Intacct’s credit card functionality is tied to a specific processor, limiting flexibility and potentially causing difficulties in switching to another processor.
NetSuite: NetSuite provides built-in roles and workflows for effective internal controls and segregation of duties. It separates billing from revenue recognition, so you can be sure you’re getting paid for what you’ve earned. NetSuite also offers potential misstatement notifications if there’s a problem with your finances and protects your credit card information.
Which One Is the Better Choice?
At the end of the day, the choice between NetSuite and Sage Intacct depends on your needs and business goals.
If you’re looking specifically for best-in-class accounting software, Sage Intacct might be the best choice. After all, it’s designed for financial management and can be integrated with other software applications.
On the other hand, if you’d prefer a comprehensive suite of tools to handle multiple aspects of your operations on one platform, you’re better off with NetSuite.