NetSuite vs. QuickBooks: Compare Financial Management Capabilities and More

NetSuite is a cloud-based ERP software that includes a financial management module with real-time access to live data, while QuickBooks is a robust accounting solution for all business sizes. In this post, we’ll compare the two solutions based on several factors.

Key Takeaways

  • NetSuite is a full-fledged ERP system, while QuickBooks is an accounting software that has some ERP features (e.g., inventory management, order management, payroll and time tracking).
  • While both software targets all business sizes and industries, NetSuite is mainly intended for medium and large companies, and QuickBooks is more popular with small- and medium-sized businesses.
  • NetSuite gives prospects a personalized quote based on business needs, while QuickBooks provides flexible pricing tiers.

Product Overviews

The following excerpts from our NetSuite and QuickBooks reviews summarize each software:

NetSuite

NetSuite is a cloud-based ERP software from Oracle that allows companies to streamline business processes and scale fast-growing businesses. It integrates and automates key functional areas like financial management, revenue management, inventory management, order management, billing, eCommerce and customer relationship management (CRM). NetSuite targets medium and large businesses.

QuickBooks

QuickBooks is a robust accounting solution that enables businesses to lessen the effort and time they put into routine accounting tasks. Integrated tools help with drafting invoices, reconciling bank records, monitoring financial reports and tracking expenses. In addition, QuickBooks allows users to import data from third-party apps (e.g., American Express, Square, PayPal), making it easy to record and categorize all incoming and outgoing transactions.

QuickBooks offers both a cloud-based (Online) and on-premise (Desktop) version of its software. QuickBooks Online targets freelancers and small-to-medium-sized organizations, and QuickBooks Desktop is intended for companies of all sizes.

Features Comparisons

Financial Management

NetSuite

NetSuite’s Financial Management module gives users a real-time look into their financial data. They can see an overall picture of their finances and drill down into the data based on location, division or transactions. This module includes core accounting tools, such as a general ledger, accounts payable, accounts receivable and cash management. Additional features include revenue recognition, billing, financial planning and financial reporting. Finally, the module has global accounting and consolidation features, such as multicurrency and multilanguage support, compliance reporting and a custom tax engine, to support enterprise companies with multiple locations or divisions.

QuickBooks

QuickBooks integrates with banking and credit card accounts as well as payment providers. This allows users to track expenses, send estimates and invoices and receive payment. Additional features include job costing, sales tax management and cash flow management. QuickBooks has built-in income statements, balance sheets and other reporting tools for real-time tracking. Lastly, the software has an automatic mileage tracker and other tools to help businesses maximize their tax deductions.

Bottom Line

Both solutions have robust financial management features. However, NetSuite offers features to support global organizations, while QuickBooks does not.

Inventory Management

NetSuite

NetSuite’s Inventory Management module helps users keep track of their items. It automates the replenishment process by calculating lead times or reorder points, and it notifies users if an item is low in stock. The Inventory Count feature lets users group their items in categories based on transaction volume, and users can also manually enter periodic counts of the items. Additional features include lot tracking traceability, serial tracking traceability and multiwarehouse tracking.

QuickBooks

Inventory management is a newer feature for QuickBooks Online. It tracks the inventory in real time and alerts users when an item needs to be reordered. Users can see how fast they’re selling their products and prevent under or over stocking by using the inventory turnover calculator. The QuickBooks Desktop Enterprise software offers advanced inventory management functionality, such as warehouse management and mobile barcode scanning.

Bottom Line

NetSuite has robust inventory management features, while QuickBooks Online’s inventory management functionality is still new. Because of that, advanced functionality is not currently available. Users that need a robust inventory management solution will need to purchase QuickBooks Desktop Enterprise or integrate QuickBooks Online with a dedicated software like Zoho Inventory or Fishbowl Inventory.

Supply Chain Management

NetSuite

With NetSuite ERP’s Supply Chain Management module, organizations can manage their supply chain across multiple locations. It has four main features: Planning, Execution, Collaboration and Support. The Planning feature allows users to analyze supply and demand, predict sales forecasts and set up plans. The Execution feature allows them to monitor all orders (e.g., purchase orders, transfer orders and work orders). With the Collaboration feature, users can engage with clients and vendors using NetSuite’s preconfigured portals. Finally, the Support feature helps users address customers’ issues with case management and warranty management functionalities.

QuickBooks

QuickBooks Desktop Enterprise has a built-in order management system that allows users to visualize all of their orders from a central dashboard. It automates many workflows, such as sending pick/pack instructions and prefilling customer information into an order. Once an order is fulfilled, an invoice is automatically generated, inventory is updated and users can get real-time notifications. QuickBooks Enterprise integrates with Salesforce CRM, so when a lead is closed in Salesforce, a sales order or invoice is automatically created in QuickBooks.

Bottom Line

NetSuite has strong supply chain management functionality. Aside from inventory management and order management, QuickBooks does not.

Customer Relationship Management

NetSuite

NetSuite has a dedicated CRM solution that integrates with its ERP platform. It gives users a 360-degree view of their customers, and it provides several tools to help sales reps manage their pipelines, such as sales forecasting, opportunity management and quote management. In addition, the CRM tool offers marketing automation features (e.g., landing pages, search engine optimization, campaign management) and customer service management features (e.g., customer portal, knowledge management).

QuickBooks

QuickBooks doesn’t have built-in CRM functionality, but it can integrate with CRM solutions like Method:CRM and Salesforce. (Note the Salesforce integration is only available for QuickBooks Desktop Enterprise users.) It’s worth mentioning that there’s also QuickBooks Commerce, an eCommerce software that manages an organization’s orders, fulfillment and inventory for multiple channels in one place. It integrates with QuickBooks Online, as well as other eCommerce software, such as WooCommerce and Squarespace.

Bottom Line

NetSuite’s CRM software allows the sales, marketing and customer service teams to work off of one platform, and its order management and vendor relationship management features can easily integrate with ERP systems. Both QuickBooks Online and QuickBooks Desktop integrate with Method:CRM because it’s specifically set up to work with QuickBooks.

Human Resources

NetSuite

NetSuite has an integrated human capital management platform called SuitePeople that helps companies manage their global employees. There’s an Employee Center where employees can see their paychecks, request time off, recognize their peers and update their information. SuitePeople’s features include payroll, performance management, compensation management, onboarding, job management and time-off management.

QuickBooks

QuickBooks has optional payroll functionality that lets businesses set their payroll runs automatically. It also calculates, files and pays federal and state payroll taxes on behalf of the business owner. Additional features are same-day direct deposit, time tracking and an employee portal. QuickBooks also offers benefits management services through its partners.

Bottom Line

NetSuite offers strategic HR management features (e.g., performance management, recruiting), while QuickBooks does not. As an accounting solution, QuickBooks has strong payroll functionality, although it is optional.

Pricing

NetSuite

NetSuite offers a licensed annual subscription model. It doesn’t publicly provide pricing details, but based on our research, it appears the base license starts at $999 per month, plus $99 per user, per month. NetSuite offers a tailored quote that takes into consideration the client’s specific requirements, as well as ERP configuration, any add-on modules and other factors.

QuickBooks

QuickBooks Online offers five pricing tiers with monthly subscriptions. They are:

  • Self-Employed: The Self-Employed tier is intended for freelancers or self-employed individuals. It costs $15 per month and includes income and expense tracking, mileage tracking, invoicing, the ability to accept payments, quarterly tax estimate calculations and basic reports.
  • Simple Start: The Simple Start tier costs $25 per month and includes all of the features of the Self-Employed tier, plus sales tax tracking, general reports and 1099 contractors management.
  • Essentials: The Essentials tier costs $40 per month for up to three users. It includes all of the features of the Simple Start plan, plus bill payments and time tracking.
  • Plus: The Plus tier costs $70 per month for up to five users. It includes all of the features of the Essentials tier, plus project profitability tracking and inventory management.
  • Advanced: The Advanced tier costs $150 per month for up to 25 users. It includes all of the features of the Plus tier, as well as business intelligence, batch invoicing, customized role access, automated workflows, access to Premium apps and the ability to restore company data.

There are three optional payroll tiers, which are:

  • Payroll Core – $45 per month, plus $4 per employee, per month
  • Payroll Premium – $75 per month, plus $8 per employee, per month
  • Payroll Elite – $125 per month, plus $10 per employee, per month

QuickBooks Desktop offers subscription licenses:

  • Pro Plus 2021 ($299.99 per year)
  • Premier Plus 2021($499.99 per year)
  • Enterprise (pricing starts at $1,275 per year)

Bottom Line

NetSuite doesn’t display its pricing upfront, instead relying on a tailored quote process, which can frustrate prospective users. And it doesn’t offer a free trial, but prospective users can sign up for a product tour. Meanwhile, QuickBooks offers transparent pricing, and users that want to purchase QuickBooks Online can subscribe to a tier that fits their needs. Also, QuickBooks Online has a 30-day free trial, offers discounts for new users and doesn’t require contracts.

Customer Support

NetSuite

NetSuite offers two support plans: Basic and Premium. The Basic plan is included with each subscription, and its features are:

  • 24/7 phone support for Severity 1 (critical) cases
  • The ability to browse articles, watch tutorials and submit tickets through the SuiteAnswers knowledge base
  • Support Community user forum

The optional Premium support plan includes all of the features of the Basic plan, plus:

  • 24/7 phone support for Severity 1 and Severity 2 cases
  • Business hours phone support for Severity 3 and Severity 4 cases
  • Four authorized support contacts

QuickBooks

QuickBooks offers the following support services for all of its products:

  • Support portal that stores articles, video tutorials and a community forum
  • Free and paid self-paced and live training classes
  • Live chat, phone and email support during business hours

It also provides a Priority Circle support plan for the QuickBooks Online Advanced tier and the QuickBooks Desktop Enterprise product. Priority Circle includes:

  • A dedicated account team
  • 24/7 access to self-paced training courses for new and advanced users
  • 24/7 premium tech support by phone or chat

Bottom Line

Both vendors offer a support portal that provides troubleshooting articles and ticket submission, as well as a community forum. And while NetSuite’s phone support is only available for critical cases in its Basic Support plan, Intuit offers flexible ways of reaching QuickBooks support during business hours.

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