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.
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.
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 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:
While NetSuite was designed to handle virtually every business process, its financial management capabilities include, but aren’t limited to, the following:
QuickBooks Enterprise includes various features designed to help businesses gain insights into their financial data, including:
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’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:
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:
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.
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.
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.