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Oracle NetSuite vs. QuickBooks (2023): ERP System vs. Accounting Software
Introduction to Oracle NetSuite and QuickBooks
Let’s look at the differences between Oracle NetSuite vs. QuickBooks to understand better what to use in different business situations.
You are a small business or just a startup. You are looking for business accounting software/ERP for streamlining your financial and accounting processes. You come across names like Oracle NetSuite, QuickBooks, etc. In this article, let’s compare Oracle NetSuite vs. QuickBooks.
Be it a small business, a mid-size firm, or a large multinational, businesses need a solution to streamline all business operations. What is the best solution for it? NetSuite. It is an NetSuite ERP solution that helps in managing all business processes, such as:
- Customer relationships
- Human resources
- Financial planning
- Inventory and ordering process
- Supply chain
- Production and procurement
- Accounting processes
- Analytics
- Ecommerce
- Professional services
QuickBooks is accounting software with options like QuickBooks Online, QuickBooks Enterprise, and QuickBooks Premier.
Though not the same, both QuickBooks and Oracle NetSuite make the financial and accounting processes efficient. NetSuite does more than that, while QuickBooks is primarily focused on accounting and financial management. It depends on you, your business requirements, budget, and many other factors to choose one of these.
Oracle NetSuite vs. QuickBooks
1. Oracle NetSuite vs. QuickBooks Software
NetSuite
On the other hand, NetSuite by Oracle has a broad set of functionalities suited to large businesses. It is a cloud-based platform with the capability to handle several business processes. Not only accounting and financial management, but it also has the functionalities of:
- Order management
- Inventory management
- Supply chain management
- Warehouse management
- Point-of-sale
- Customer relationship management
- E-commerce management
- And many others
QuickBooks
QuickBooks by Intuit is an accounting solution for small businesses. It is mainly focused on managing a company’s accounting and financial processes.
2. NetSuite Features vs. QuickBooks Features
NetSuite
NetSuite can handle accounts payable, accounts receivable, and general ledger. You can manage functions like forecasting, budgeting, revenue recognition, financial planning and analysis, and subscription billing. The ERP software supports multiple currencies, languages, tax jurisdictions, and companies.
QuickBooks
QuickBooks can handle accounts payable, accounts receivable, and general ledger. You can do budgeting with this accounting software. It supports multiple currencies.
3. QuickBooks vs. NetSuite Collaboration between departments
QuickBooks
With QuickBooks, you only have the accounting functionality. So you need to integrate with other software to streamline other business functions, such as customer relationships, inventory, procurement, etc. That is an added cost for you. Also, sometimes, the integration does not result in the efficiencies you expect.
Also, reporting becomes challenging because of data storage in one application and analytics in another. You need to generate insights for each business function separately and then relate them for a better perspective.
NetSuite
On the other hand, NetSuite is an expansive platform with seamlessly integrated business functions. So the data storage is a shared repository accessible to all business functions. This allows you to generate comprehensive insights on all business functions in real-time.
You don’t need to integrate it with other software or platforms to generate reports. Thus, everyone in the organization is aware of all the facets of business performance. It helps you make strategic decisions, giving you an edge over others.
4. QuickBooks Enterprise vs. NetSuite Business Performance
QuickBooks
Since QuickBooks is an accounting and financial management software, it gives you all insights into your business performance. QuickBooks Online Accountant has a dashboard with main KPIs, metrics, ratios, figures, and actionable items. Thus, with formulas and charts, you can better view your financial performance.
You can also look at the historical numbers to compare past and current performance. You can also compare your performance with industry benchmarks, peers, your own set goals, and competitors. Thus, QuickBooks allows you to view your business performance quantitatively.
NetSuite
The best part about NetSuite is its capability to perform collective business functions. A single source of data that can help you with decisions in all aspects of the business. It automates all business processes, making your operations smarter, faster, and more accurate. Your hiring and human resources costs reduce, and there are fewer errors in operations.
With an integrated view of all business functions in one place, you don’t need to extract data from several places and collate them for insights. The software generates insights, giving you real-time visibility of your business performance. With complete focus on your performance, you can increase your revenues and walk on the path of growth.
Once you implement the NetSuite ERP software, your IT infrastructure remains free from other integrations required. This reduces your IT costs, which can be used for other strategic initiatives. Thus, you improve your business’s overall productivity.
Thus, NetSuite gives a clear, comprehensive view of your quantitative and qualitative performance. It’s not only about the numbers but also a qualitative performance dashboard that helps in decision-making.
5. QuickBooks vs. NetSuite cost
QuickBooks
You can get QuickBooks on a monthly subscription basis, depending on your chosen plan. The subscription price ranges from US$25.0 to US$180.0 per month. If you want to integrate add-ons, such as Tsheets, Payroll, etc., you have to pay additional monthly costs. You need to renew your subscription every month, either directly or through an authorized QuickBooks partner.
The other costs include upfront costs and recurring costs. The initial setup charges are minimal, but you need to pay additional money for add-ons, support, and user training. You might be required to pay for any consulting or bookkeeping services, depending on your in-house capabilities. Also, there is an annual software subscription fee.
NetSuite
In the case of NetSuite, you need to sign a yearly contract, which requires annual renewal. You can do it directly with Oracle or with a NetSuite partner. But, the pricing structure is customized depending on the features you need, the number of users, business size, and other factors.
There are additional upfront and recurring cost elements as well. You have to pay the annual software subscription and support fees. If needed, you might have to pay additional money for consulting or optimization requirements. Besides, you have to spend your dollars on support services for NetSuite implementation, data migration, NetSuite integration, customization, and other support.
6. Customer training and services
QuickBooks
QuickBooks trainers and its partners provide essential live or online training to QuickBooks users. Also, many user groups can help you with your doubts or issues in QuickBooks use. Besides, there is a large base of knowledge available to users online.
NetSuite
NetSuite trainers and its partners provide essential live or online training to NetSuite users. Also, many user groups can help you with your doubts or issues in NetSuite use. Besides, an extensive knowledge base is available to users online for assistance.
QuickBooks vs. Oracle NetSuite
If your requirement is everyday accounting and financial management, QuickBooks is the right solution. But if you are looking for an enterprise-level solution for streamlining all your business processes, NetSuite is for you. You can get a detailed, clear view of all aspects of your business with insights into every KPI. Such real-time visibility into performance helps you in decision-making and accomplishing business goals.
Wait, no further. Take a decision. Weigh your budget. Consider your requirements. Define your goals. It will give you clarity on what to buy for your business needs.
If you are looking for a NetSuite partner, Cloudiotech is there for you, providing implementation, customization, integration, and training support. Cloudiotech is a leading Oracle NetSuite partner in the UAE with clients in different industries and geographies. A preferred outsourcing partner for NetSuite cloud-based ERP solution, we help you with anything and everything related to NetSuite.
Want to make your business better, more productive, and growth-oriented?
Share your business requirements with our team; we will help you with Oracle NetSuite.
