As your business grows, you will soon realize that you need strong systems for efficiency. Using standard accounting software may have some limits. You no longer have to use spreadsheets or substandard applications to handle your business operations. Modern businesses are adopting QuickBooks and NetSuite.
Are you seeking knowledge about these tools? Worry no more. In this article, we have a comprehensive guide about NetSuite and QuickBooks. Let’s take a look.
A Brief Overview
Both QuickBooks and NetSuite provide software solutions to aid businesses in accounting processes. But, there are significant differences in the features and pricing. NetSuite is a cloud-based ERP software developed for businesses with high growth expectations.
It’s used to manage most business activities, including accounting. NetSuite provides order management, customer relations, marketing automation, and warehouse management solutions.
QuickBooks is divided into QuickBooks Desktop and QuickBooks Online. It’s the starting point for most startups, probably due to its ease of use and discounted prices. Users can track expenses and income, connect credit cards, and generate financial reports.
NetSuite Overview
NetSuite is an ERP-based software created for businesses that need cloud access. It is ideal for companies with branches in various locations. NetSuite ERP provides enterprise-level services for organizations that require strong tools for day-to-day financial and accounting practices.
NetSuite ERP is made with developing businesses in mind. You can meet your business goals through the visibility of real-time data. That helps you to make informed decisions. Businesses can also evade high costs resulting from outsourced applications.
It operates as an end-to-end accounting platform where users can manage cash flows, revenue and integrate budgets. It operates past basic bookkeeping, thus eliminating the need for further headcount.
The ERP updates twice a year, making it persuasive to incorporate changes in business and technology. It has high data security because it operates in the cloud. This way, you can operate your business without worrying about data loss.
QuickBooks Online
QuickBooks is one of the most popular accounting software used to track the financial well-being of businesses. It includes some solutions that fit everyone, from freelancers to midsized companies.
QuickBooks Online is a cloud-based tool that is specifically used for accounting. The platform helps to track expenses, drawing invoices, and tracking financial reports. You can also download or reconcile your credit card and other bank transactions. The platform also allows you to track your bank deposits and create timesheets weekly. QuickBooks Online allows users to take pictures of their bills and share them with other stakeholders. You can also get a customizable template that allows you to insert your brand’s logo.
New users can enjoy their 30-day free version. The easy-start plan goes for $10 per, the essentials package costs $20, while the Plus plan goes for $30. The plus package enables you to track inventory and track data for different business locations. QuickBooks Online is compatible with common-end devices.
QuickBooks Enterprise
QuickBooks enterprise is a desktop application that does not use a real cloud offering. The software is designed for developing businesses and non-profit organizations. It’s a stand-alone program that comes with customizable features depending on the type of industry the business serves.
The system carries out payroll management, pricing, and inventory tracking services. The tool handles complex inventory management and support to entities with the same features and user interface.
This platform also combines with other QuickBooks applications for a great accounting experience. It goes beyond the old financial management technique, thus allowing you to manage multiple sales and stock management across different warehouses.
The platform has a set of 13 user roles. These roles help to limit usage to certain parts of the software based on the user’s role. These roles include:
• Banking
• Accounts receivables
• Accounts payable
• Accountant
• General access
• Inventory
• Stock manager
• Payroll processor
• Sales
• Purchasing
• Time tracking
• Finance
• View only.
QuickBooks Enterprise uses a strong SQL database to help in the growth of your business. It’s a relational database that operates using client-server automation to control usage in the business file. You don’t need to be an SQL database guru to install and access the database.
Although the solution has user limits, you can add a code with API, allowing your business to exceed the 30-users limit. Typical QuickBooks pro has a limit of up to 3 users, while the premier package has a 5-user limit.
QuickBooks provides some discounts on some of their products, including the enterprise version. When purchasing the software, make sure you request a quote for add-on costs, per-user fees, and other costs.
The QuickBooks Enterprise Gold version is $1577 per year. This version has everything you need for basic accounting. The subscription sometimes may come with a 10% discount during the first year of service.
NetSuite VS QuickBooks- which one is better?
In a nutshell, Netsuite is an ERP system that offers cloud-based solutions, enabling users to scale their businesses for rapid development by enabling them to perform all business processes. It improves the efficiency of the accounting and finance department in budgeting and forecasting.
QuickBooks, on the other hand, is accounting software. The online version is cloud-based, while the enterprise version relies on remote hosting. The standard QuickBooks software is limited to 30 users, and the charges are per user.
NetSuite offers more features than QuickBooks, thus the high prices. However, the choice depends on your budget, growth expectation, and business type. If you’re operating a startup with high development expectations, you can start with QuickBooks and later switch to NetSuite.
Are you seeking to find a reliable ERP, CRM, IT, BI, and WMS dealer? Contact us for tech solutions to take your business a notch higher. Our priority is to take you through your business development.
NetSuite vs. QuickBooks: The 2021 Comparison Guide
