NetSuite vs. QuickBooks Enterprise
When it comes to managing financial and operational activities, businesses today have a wide range of software solutions to choose from. Two of the most popular are NetSuite and QuickBooks Enterprise. However, while both solutions offer unique management tools, they have distinct differences that might make one more suitable for your business.
Whether you’re researching different accounting software or just looking for a comparison of NetSuite vs. QuickBooks Enterprise, here’s how the two compare in terms of features, pricing, and suitability for different business types.
What Is NetSuite?
NetSuite is a cloud-based business management software that provides virtually every application imaginable, including financial management, enterprise resource planning (ERP), customer relationship management (CRM), professional services automation (PSA), eCommerce functionalities, inventory and supply chain management, and more.
Essentially, it’s designed to be a comprehensive solution that can handle various business aspects, from sales and marketing to financial accounting and reporting.
What Is QuickBooks Enterprise?
QuickBooks is the most widely used accounting software by small businesses. It offers various ways to manage your financial data, such as invoicing, bookkeeping, payroll, and tax reporting.
QuickBooks Enterprise is an advanced version of QuickBooks intended for larger businesses with more complex accounting needs. It’s the most comparable to NetSuite’s financial reporting and has added capabilities from QuickBooks Pro and Premier, including advanced inventory management and enhanced security features.
NetSuite vs. QuickBooks Enterprise: How They Compare
NetSuite and QuickBooks Enterprise offer many of the same accounting and financial management features. Plus, they’re both cloud-based software, giving users the flexibility to access data from any device.
Similarities aside, some differences between the two platforms include:
- Scalability - QuickBooks Enterprise targets medium-sized businesses, while NetSuite can scale for enterprise-level companies.
- Functionality - NetSuite offers a broader range of financial management features, including advanced revenue recognition, financial planning, and analysis tools. On the other hand, QuickBooks Enterprise focuses primarily on accounting and bookkeeping functions, such as accounts payable, accounts receivable, and inventory management.
- Customization - NetSuite provides extensive customization options, allowing users to tailor the system to their business needs. QuickBooks Enterprise allows for some customizations, but the system isn’t as flexible as NetSuite.
- Integration - QuickBooks Enterprise integrates with various third-party applications but may require some data entry. NetSuite seamlessly integrates with other business applications, such as customer relationship management (CRM) and eCommerce platforms.
While NetSuite was designed to handle virtually every business process, its financial management capabilities include, but aren’t limited to, the following:
- Accounting - General ledgers, accounts receivable and payable, cash management, payment management, tax management, and fixed assets management.
- Budgeting - Create models for departmental and companywide budgets.
- Billing - NetSuite supports invoice consolidation, automated invoicing, and multiple pricing models. It’s also compliant with ASC 606 and IFRS 15 accounting standards.
- Reporting - Offers reports, role-based dashboards, KPIs, and financial statements that comply with US GAAP and IFRS accounting standards.
- Audit-ready solutions - Integrated reports, certificates, and capabilities for managing governance, risk, and compliance.
QuickBooks Enterprise Features
QuickBooks Enterprise includes various features designed to help businesses gain insights into their financial data, including:
- Financial reporting - Create customized financial reports, including profit and loss statements, balance sheets, and cash flow statements.
- Accounts payable and receivable - Easily manage your accounts payable and receivable with QuickBooks Enterprise. You can also create and send invoices, receive payments, track expenses, and more.
- Inventory management - Access advanced inventory management features, including tracking inventory levels, setting reorder points, managing multiple locations, and more.
- Payroll management - Process payroll, manage employee benefits, and track time and attendance.
- Budgeting - Create and track budgets and forecasts for your business.
With QuickBooks, your subscription plan dictates the number of uses and available functionality you can have. You’ll need to pay for the highest level of QuickBooks Online or QuickBooks Enterprise to match the accounting features NetSuite offers.
Another key difference between NetSuite and QuickBooks Enterprise is their pricing models. NetSuite is a cloud-based solution that requires a monthly subscription fee, whereas QuickBooks Enterprise is a one-time purchase with annual updates and support fees.
NetSuite’s pricing is specific to your business’s needs. The cost usually depends on the number of users, your required modules and features, and the level of customization you want.
Starting off, you can purchase the software directly from NetSuite or through a licensed NetSuite solution provider. Then, you can choose the duration of your license — generally, the longer the license, the lower the annual cost of NetSuite.
The implementation process could increase initial costs if your business’s integration needs custom development work. There could also be additional costs for needed support and training once everything’s up and running.
QuickBooks Enterprise Pricing
QuickBooks Enterprise’s pricing is based on a tiered system, from $1,830/year to $4,440/yr for one local access user license. For remote access, QuickBooks Enterprise can cost anywhere from $206/per month to $424/per month, depending on your chosen level. If you need more than one user, there’s a bulk discount.
Overall, NetSuite’s pricing tends to be higher due to the software’s advanced features, level of customization, and cloud-based deployment. QuickBooks Enterprise might be more affordable for businesses that require basic accounting and inventory management features, though it’s less suitable for larger organizations with more complex needs.
Netsuite and QuickBooks Enterprise offer similar reporting capabilities. However, NetSuite’s reporting system is more advanced, with customizable dashboards, real-time analytics, and drill-down capabilities. Additionally, NetSuite offers industry-specific reporting options and the ability to create personalized reports using SuiteAnalytics.
NetSuite’s reporting capabilities include a wide range of features to help businesses analyze and visualize their financial and operational data, some of which include:
- Customizable dashboards - NetSuite allows users to create personalized dashboards with real-time data and visualizations. That way, you can monitor key performance indicators (KPIs) and business metrics at your fingertips.
- Pre-built reports - Comb through hundreds of pre-built reports across financials, inventory, sales, and other areas. You can customize these reports to suit your specific business needs.
- Custom reports - Create custom reports using drag-and-drop tools and build reports from scratch using SQL queries.
- Drill-down capabilities - Use NetSuite’s drill-down functionality to click on data points and view more detailed information.
- Industry-specific reporting - Choose from pre-built reports tailored to specific industries such as retail, manufacturing, and professional services.
QuickBooks Enterprise Reporting
While QuickBooks Enterprise’s reporting capabilities are less flexible than NetSuite’s, they still provide valuable insights. The program can help you track inventory, sales, and financial performance and identify areas for improvement. Some key features include:
- Customizable templates - Customize templates for financial statements, sales reports, and other reports to match your business needs.
- Basic financial reports - QuickBooks Enterprise includes several standard financial reports, including profile and loss statements, balance sheets, and cash flow statements.
- Inventory reports - Track inventory levels, value, and cost of goods sold.
- Sales reports - Analyze sales performance, customer buying patterns, and product sales.
- Custom fields - Create custom fields to capture additional data not already included in the standard reports.
Only the highest level of QuickBooks Online and QuickBooks Enterprise offers business analytics and insights. Also, because QuickBooks is solely an accounting software, it doesn’t store additional types of data like NetSuite does.
Which One Is Right for You?
Whether NetSuite or QuickBooks Enterprise is suitable for your business comes down to a few factors: your financial and accounting needs, size, and industry.
QuickBooks Enterprise might be your best choice if you’re a small or mid-sized business looking for a powerful financial management solution with user-friendly features. However, if you’re a growing business that needs a comprehensive business management solution with advanced capabilities, such as CRM or project management, NetSuite is the better option.
Stuck Between NetSuite and QuickBooks Enterprise?
Do you need help determining which software is right for your business? Want a free demo of NetSuite? Contact SCS Cloud to schedule a free consultation. Our cloud software experts have decades of experience and can help guide you through decision-making.