As your company grows and accounting becomes more complex, you’ll find that entry-level accounting software has clear limits. Handling mature business challenges using spreadsheets and clusters of disparate applications just doesn’t work—which is why companies often upgrade from QuickBooks to NetSuite.
If you’re interested in upgrading your accounting solution, you need to understand how both QuickBooks and NetSuite meet your business requirements. If you want to lower operational costs, automate key business processes and boost productivity, both now and in the future, you should consider which features and functionality will both increase efficiency and scale with your business.
Both NetSuite and QuickBooks offer software designed to help businesses manage their accounting processes, but there is a significant gap in the depth of features. Below, we discuss NetSuite vs. QuickBooks and compare each platform so business leaders can decide which accounting solution will meet their needs now and for the long run.
Note: NetSuite is a suite of business management applications that includes full-featured accounting functionality so businesses with NetSuite don’t need to manage multiple systems or applications as they do with QuickBooks. But for the purposes of this comparison, we’re going to focus primarily on accounting functionality.
Video: NetSuite vs. QuickBooks
NetSuite’s financial management solution supports businesses at every stage of growth with a cloud-based, unified platform that provides real-time data with customizable fields and role-based dashboards. NetSuite offers an entire suite of business solutions beyond accounting to serve companies looking to increase operational efficiency throughout the business: CRM, ecommerce, HR management software (HRMS), professional services automation and more. And because it is built for the cloud, it provides business data in real-time and requires no added IT infrastructure.
NetSuite works as an end-to-end accounting solution, enabling cash flow and revenue management, automatic quote-to-order fulfillment and integrated planning and budgeting. It goes beyond basic bookkeeping and includes functionality that can reduce the need for additional headcount. And, it’s built to run your entire business.
93% of surveyed organizations increased visibility and control over the business since making the switch to NetSuite from QuickBooks.
80% of surveyed organizations switched to NetSuite because they needed better reporting and tracking.
66% of surveyed organizations had challenges with an inability to handle complex accounting needs using QuickBooks before their company moved to NetSuite.
Source: TechValidate Survey 2021
QuickBooks Online Overview
QuickBooks is the starting point for many small businesses in need of bookkeeping software, thanks in part to its low price point. Users can track income and expenses, connect bank and credit card accounts, and create financial reports like income statements and balance sheet reports.
QuickBooks Online is a standalone, cloud-based product that is limited strictly to accounting. QuickBooks Enterprise has some inventory management functionality, but it’s fairly limited overall and relies on third-party integrations for advanced features. Detailed reporting may require exporting spreadsheets and viewing data in and across multiple platforms.
QuickBooks Enterprise Overview
QuickBooks Enterprise fundamentally remains a desktop program and doesn’t have a true cloud offering; users can pay for a third-party hosting company to take it off-premises, but this adds yet another vendor to manage and does not deliver all of the benefits of the cloud. Inter-company transactions are manual at best; the opportunity for errors is abundant.
QuickBooks Enterprise does not automate or solve for a range of critical business processes like subscription billing, revenue recognition, asset management and multidimensional reporting. Enterprise users must resort to multiple point solutions with predictable difficulties: inconsistent reports, manual re-work, redundant processes and continually multiplying Excel sheets.
QuickBooks Enterprise offers a traditional, hard-wired chart of accounts to minimize complexity—unfortunately, this also limits the ability to capture transactions and organize them into your specific financial structure of assets, liabilities, revenue and expenses.
NetSuite vs. QuickBooks
QuickBooks suits some small businesses because it accommodates bookkeeping: managing invoices, paying bills and very basic cash flow tracking. When bookkeeping is all that is needed and accounting demands are minimal, generating month and year-end reports and helping with annual business taxes is enough.
QuickBooks may check off many boxes when it comes to standard bookkeeping, but NetSuite offers a complete financial management solution that increases efficiency and reduces the need to add to headcount as the business’ financial needs become more varied and complex. More than just a collection of accounting information, NetSuite comes with preconfigured KPIs, workflows, reminders and customizable dashboards that show exactly how operations and accounting processes align and what needs to get done.
Simply put, NetSuite does more.
NetSuite combines core finance and accounting functions with strong compliance management. With real-time access to financial data, you can drill into details to quickly generate statements and disclosures that comply with multiple financial regulatory requirements, including ASC 606, GAAP, SOX and more.
|Feature Comparison||NetSuite||QB Online||QB Enterprise|
|Flexible Chart of Accounts|
|Drill Down, Drill Through Reporting|
|Segregation of Duties and Audit Trail|
= Native and solid capabilities
= Capabilities need add-on or partner integration
= Weak or no functionality
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How NetSuite Features Compare To QuickBooks
The two platforms may serve similar purposes and check off some of the same boxes. But a close comparison shows that there are as many differences as similarities, especially when it comes to the robustness and completeness of the feature sets.
For growing companies, depth of functionality has a direct effect on the time and resources required to complete finance tasks—a recent survey of NetSuite customers shows that superior features and functionality are the primary reasons why CFOs switch from QuickBooks to NetSuite.
Here are a few examples of how some of NetSuite’s easy-to-use key features compare.
Whether a sales transaction consists of a single action, a series of actions across a period of time or different types of deliverables in a bundle, NetSuite enables accounting teams to comply with revenue recognition requirements and schedule revenue to be recognized automatically. Financial statements and forecasts are accurate and updated in real-time.
This is especially helpful for software and services companies dealing with multiple deliverables—such as upgrades, services delivered over time or additional licenses—that require accounting teams to recognize and defer revenue at different points in time. QuickBooks can construct clever workarounds for the limitations, but workarounds inevitably generate a morass of manual journal entries, complicated recognition schedule spreadsheets and unclear or nonexistent forward visibility.
NetSuite helps companies gain real-time visibility into billing and financial activity. This adds more transparency through consolidated invoicing, automated rating processes and support of multiple pricing models to capture setup fees, license counts and variable consumption in one step.
NetSuite’s billing capabilities truly outshine QuickBooks when it comes to subscription billing. Automated renewals help retain revenue and reduce the need for manual oversight. Businesses can also schedule subscription changes, removing the need to manually monitor and track them, and set customer-specific pricing and discounting.
NetSuite SuiteBilling can combine one-time product or service purchases with recurring services on a single bill; for example, a mobile phone, its activation fee and first month of service. SuiteBilling also supports multiple subscription billing options, including fixed rate (annual, multi-year and monthly), consumption-based or a combination. You can also manage promotional pricing, such as a discounted rate with adjusted automatic billing after free trial period, and easily modify contracts or put subscriptions on hold and restart.
NetSuite’s general ledger (GL) provides accounting data from a consolidated level down to individual transactions, allowing you to customize your GL to meet your business needs. Users can add custom GL impact lines to transactions, such as invoices or vendor bills, across single or multiple accounting books, reducing the time and effort required for account reconciliation, period close and audit processes.
A simple chart of accounts makes transactions easier to categorize and report on at the transaction level, removing the need to go through hundreds of lines to see what transactions should be coded to. With prebuilt mapping capabilities between your primary and secondary chart of accounts, as well as book-specific functional currencies, the NetSuite Multi-Book engine can record all book-specific activity based on a single business transaction from the general ledger, revenue recognition, expense amortization, depreciation, P&L allocations and more.
Multidimensional reporting eliminates the need for a complex chart of accounts, letting you add tracking details at the transaction level. QuickBooks tries to make its solution work with tags, but there are a limited number of tags and they are used up quickly as users try to implement workarounds.
QuickBooks doesn’t provide any purchasing controls, but NetSuite’s approval workflow engine reduces risk by ensuring that purchasing and accounting controls and policies are followed. This makes approvals easier in a time when people aren’t sitting next to one another—whether it’s because of multiple offices or a work-from-home environment. Users can automate discount calculation and exception processing when invoices do not match purchase orders, limiting manual data entry errors and decreasing the time it takes to process bills from vendors.
NetSuite helps enforce segregation of duties by controlling the data and functionality users have access to via role- and user-based permissions. By comparison, QuickBooks has a limited approval workflow and a few user roles which does not deliver a strong control environment and true segmentation of duties. For example, an accounts payable process that allows one person to generate, approve and pay a bill creates an environment that is ripe for embezzlement.
NetSuite’s accounts receivable features allow you to manage your customer list, track your receivables and receive payment, all without needing to enter detailed debits and credits. Configurable dashboards, reports and KPIs provide a real-time view into accounts receivable data such as customer aging, invoice analyses, recurring invoices, deferred revenue and exception reports that flag account anomalies.
You can also offer customers self-service access to real-time insights on purchase orders, inventory levels and payment information. This simplifies the payment process with invoices by email with several payment options. QuickBooks can create journal entries, but it can’t handle downloads and schedules. NetSuite Advanced Revenue Management makes it easy to forecast and record revenue from contracts with milestone billing and a contract renewal feature. Forecasted revenue automatically converts to recognized revenue as performance commitments are completed.
Fixed Asset and Lease Management
You can manage an asset’s complete lifecycle and easily report on all fixed assets, tracking depreciating or nondepreciating company assets from creation to depreciation, revaluation and disposal. This makes it easier to document and maintain an accurate record of all capital assets, including acquisition costs and asset status.
NetSuite also addresses the new accounting and reporting requirements for leased assets, specifically setting up amortization schedules and splitting out interest expense from rental expense for reporting purposes on balance sheets and income statements, supporting multiple accounting treatments.
QuickBooks does not offer these fixed asset or lease management features.
NetSuite inventory management gives companies clear visibility of their inventory. NetSuite inventory management minimizes manual processes by automating real-time tracking of inventory levels, orders and sales throughout the inventory lifecycle, and provides insights needed to make data driven decisions, maximize sales and gain greater control of their business. Warehouse management features like inventory counts, pick, pack and ship, integrated barcoding and multi-order picking are also available.
QuickBooks and NetSuite both have standard accounting reports, such as P&L and cash flow. But NetSuite’s expansive library includes real-time reports, from revenue forecasting to consolidated parent and subsidiary reports. And thanks to NetSuite’s multicurrency feature, you can report using the local currency of the countries where subsidiaries are located.
NetSuite allows detailed drill-down and drill-across reporting for any record in the system with simplicity. NetSuite reports do away with static reporting, giving flexible views for reports from department, location, product line or any number of operational perspectives.
Why You Should Choose NetSuite
As you grow, the number of customers increase, you hire more employees, process more data and require greater automation. You need an accounting software solution that increases efficiency and serves as the foundation for your increasingly complex business.
Take for example Brex, a fintech company that switched to NetSuite in preparation for entering markets in new countries. While running on QuickBooks and Excel, company leaders had to manually pull monthly depreciation and amortization reports from spreadsheets.
Now, “it’s just a one-button push for the month-end process,” says controller Kevin Moore.
Brex also uses NetSuite to ensure it’s meeting global accounting and compliance standards while delivering corporate credit cards to startups.
On the other hand, QuickBooks’ limitations mean companies have to layer on more systems or applications for specific purposes: revenue management, fixed assets, procurement, order management, billing, inventory management, services delivery and more. These add costs. And if these systems aren’t integrated, your finance staff must maintain half a dozen different applications and risk errors trying to transfer and consolidate data amongst disparate programs, each with its own configurations and end-to-end processes—and you’ll have to add personnel to manage it all.
“There’s an inflection point where the systems you’re using just won’t work,” says Sy Gray, co-founder of the widely popular Honey Pot Company, a consumer packaged goods retailer.
Gray and his co-founder tried, through consultants, to integrate their company’s order details with QuickBooks so they could meet the EDI requirements of big-name retailers like Target. After many failed efforts—and racking up costs, with the prognosis of more—the company switched to NetSuite.
Once implementation is finished, Honey Pot will be able to house all order data centrally in NetSuite and convert its purchase orders into invoices automatically vs. manually—and more efficiently service 20,000 retail locations worldwide. Migrating customers from QuickBooks to NetSuite is simple with SuiteSuccess Financial First. When considering if it’s time to upgrade, think about current needs and scalability. And before deciding on financial accounting software, think about your long-term business goals—QuickBooks might work as a quick fix, but will it meet your needs during seasons of growth?
NetSuite is a more comprehensive program that offers features such as a customer relationship management (CRM) tool, enterprise resource planning (ERP) and e-commerce solutions. QuickBooks is a simpler program that is mainly used for basic accounting tasks such as invoicing, mileage tracking and payroll.Is NetSuite worth it for a small business? ›
Due to its high price point, Oracle NetSuite is likely not well suited for smaller businesses with basic bookkeeping and invoicing needs. In that case, you may want to consider our review of Intuit QuickBooks, which has plans currently ranging from $15 to $42 per month.Is NetSuite hard to use? ›
Oracle Netsuite ERP is a resource planning software that is used for enterprise resource management & business management. It gives us the option to create reports which is very good. The software interface is friendly & easy to use.Why is NetSuite so popular? ›
Oracle NetSuite can enable customers to grow with their business offering flexibility, scalability, and ease of use. NetSuite Enterprise Resource Planning (ERP) can deliver significant benefits with real-time insights, streamlined processes, and a 360-degree view of performance across the business.What are some potential challenges with NetSuite? ›
- Ad Hoc Reporting. NetSuite's Saved Searches feature is useful for accessing data but isn't suitable for advanced reporting. ...
- Real-Time Analytics. ...
- Third-Party Integration. ...
- Contextualized Reporting.
With the help of NetSuite's products and its fully thriving ecosystem, you'll be able to simplify your entire tech stack into one system, and migrate from QuickBooks to NetSuite seamlessly.Who is NetSuite's biggest competitor? ›
- Sage Intacct. (1,707)4.3 out of 5.
- Acumatica. (632)4.4 out of 5.
- FinancialForce Financial Management ERP. (386)3.9 out of 5.
- SAP ERP. (774)4.1 out of 5.
- Microsoft Dynamics 365 Business Central. (553)3.7 out of 5.
- Kinetic. (358)3.6 out of 5.
- SAP Business One. ...
- SAP S/4HANA Cloud.
This system provides project and resource management, billing, time and expense management and project accounting capabilities.Do banks use NetSuite? ›
In addition, integration with banking partners like HSBC gives NetSuite customers convenient access to a variety of financial services, including a global digital wallet and virtual payment card. HSBC, a leading international bank that is embracing fintech innovation, is the first SuiteBanking alliance partner.What are the disadvantages of NetSuite ERP? ›
- Subscription pricing can change over time. ...
- Basic support is limited, and additional support comes at an extra cost. ...
- Customizing reports can be challenging.
So if you already have basic familiarity with the system as an end user, it technically only takes three weeks to learn NetSuite well enough to start out as a consultant – but you'll be continuing to learn for quite some time afterwards.What is NetSuite best for? ›
What is NetSuite used for? NetSuite helps companies manage key business processes with a single, fully integrated cloud-based system. Some of those processes include enterprise resource planning and financials, CRM, e-commerce, inventory and more.Why do people leave NetSuite? ›
Burnout and underpayment are the most common reasons for consultants leaving NetSuite.When should I change to NetSuite? ›
- Companies begin lacking data visibility into their business' operations: ...
- Reliance on Spreadsheets to connect data: ...
- Financial consolidation becomes unbearable: ...
- Adding sales channels, revenue streams, and product lines becomes overly complicated:
|DWA Media||www.dwamedia.com||United States|
|Hertzbach & Company||www.hertzbach.com||United States|
|Primary Arms||www.primaryarms.com||United States|
NetSuite ERP by Oracle is a single solution for all areas of business. It includes many features that improve and solve key business needs like automating and streamlining processes; instantly gathering and presenting accurate, real-time data; and on-the-fly managing of inventory and supply chain changes.How many US companies use NetSuite? ›
Who uses NetSuite?
|Company||Search Engine Optimization, Inc.|
It's really easy for a hacker to duplicate the front-page of NetSuite and then send traffic to this page in the hopes that someone isn't paying attention and unknowingly gives up their login info. If you ever are unsure if a page is sending you to the right place to login, you can check to the URL to verify.Does NetSuite have an Excel add in? ›
Devart Excel Add-in for NetSuite allows you to connect Microsoft Excel to NetSuite, quickly and easily load data from NetSuite to Excel, instantly refresh data in an Excel workbook from NetSuite, edit these data, and save them back to NetSuite.Do accountants use NetSuite? ›
It's never been easier or more cost-effective for accounting firms to support NetSuite users. With the SuiteAccountants program, accounting professionals receive a free NetSuite license so they can access their clients' NetSuite accounts and perform any needed tasks.
|NetSuite Service||Price||Fee Schedule|
|Implementation||$10,000 - $100,000+||One-time|
|Customizations||$150-225 per hour||As needed|
|Integrations||$0-$4,000+||Annual + One-time implementation fee|
|Training & Support||$2,000 - $15,000||One-time (optional ongoing)|
With Skyvia you can integrate NetSuite with QuickBooks Online in a number of ways. If you need to load data in one direction, from NetSuite to QuickBooks Online or vice versa, you can use Skyvia import. For loading data in both directions, Skyvia offers powerful data synchronization.How much is NetSuite monthly? ›
|Line Items||Price||Fee Schedule|
|Advanced Modules||Starts at $499 per module per month||Annual|
|NetSuite Implementation Cost||$25,000 - $100,000+||One-time|
|NetSuite Customizations Cost||$150-225 per hour||As needed|
|NetSuite Integrations Cost||$0-$3,000+||Annual + One-time setup|
NetSuite's UI is easy to use and understand, which allows users to focus on job-specific workflow training and reduces the amount of time wasted on navigating through unintuitive ERP systems.Why do people hate NetSuite? ›
– “NetSuite support is expensive, ineffective, and not worth the cost. There is a fixed amount you pay (a percentage of your NetSuite Edition + other modules + user license). If you have 1 user, then you are paying a really expensive support fee.”What size company should use NetSuite? ›
The bottom line is, NetSuite provides financial management and data analysis that are crucial for fast-growing businesses with 10 to 1,000 employees.Is NetSuite still relevant? ›
NetSuite is worth considering if you're a medium- or large-sized business looking for a one-stop, scalable solution with impressive customization capabilities. If you know you'll need a CRM and other business tools for functions such as accounting, HR and payroll, it may be a solid investment.Does Walmart use NetSuite? ›
Walmart Integration with Oracle NetSuite helps you streamline the back-end to the front-end. Instead of manual, inconsistent entries of orders, customer details and stock, all transactions will be automated.What software do big banks use? ›
Best Banking Software include:
SAP for Banking, CGI Open Finance, Oracle FLEXCUBE, Temenos Transact - Core Banking, TCS BaNCS, Validis, Mambu, Avaloq Banking Suite, Symphony™, and TurnKey Lender.
Generally, the top 10 banking software tools rely on . NET, Python, Ruby, and Java. Also, there are specific technologies for core banking development: Oracle FLEXCUBE, Finastra, Temenos, etc.
Users are divided on how easy the training is for NetSuite, but they all agree that it is a powerful piece of software that offers lots of customization. Chris Snelling, senior financial analyst at TASC, found NetSuite easy to use and setup. He writes, "NetSuite is easy to use and intuitive.How much does NetSuite cost per user? ›
However the individual NetSuite user cost is $99 per user, per month.Can NetSuite export to Excel? ›
Netsuite, like most ERPs, has an in-built export functionality to help you export data for analysis. There is even an option to download it in a format convenient to you - including as a CSV, XLS, or PDF.Does NetSuite require coding? ›
NetSuite Developer Skills
Salaries at Netsuite, Inc. range from an average of $59,420 to $138,183 a year. Netsuite, Inc. employees with the job title ERP Consultant make the most with an average annual salary of $90,221, while employees with the title ERP Consultant make the least with an average annual salary of $90,221.What programming language does NetSuite use? ›
NetSuite has everything you need to grow, all in one place. We support over 32,000 customers in 217 countries and territories around the world.How good is NetSuite ERP? ›
NetSuite ERP is the #1 ranked solution in top Billing Software, #2 ranked solution in top Cloud ERP tools, and #6 ranked solution in top Activity Based Costing Software. PeerSpot users give NetSuite ERP an average rating of 7.4 out of 10.Can employees clock in and out on NetSuite? ›
With Timeclock, employees can clock in or out of available company departments easily and efficiently. It's a great way for businesses looking to keep tabs on their workforce!How much does an account manager at NetSuite make? ›
The estimated total pay for a Account Manager at NetSuite is $188,508 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.
NetSuite has an overall rating of 4.2 out of 5, based on over 730 reviews left anonymously by employees. 93% of employees would recommend working at NetSuite to a friend and 80% have a positive outlook for the business. This rating has improved by 16% over the last 12 months. Does NetSuite pay their employees well?Is NetSuite a Tier 2 ERP? ›
For these customers, the key to two-tier ERP is NetSuite OneWorld, the first and only on-demand system to deliver real-time global business management and financial consolidation, with local customization and full integration capabilities with SAP or Oracle.Is NetSuite good for startups? ›
Trusted: Designed with leading practices and years of experience in cloud ERP implementations, NetSuite is the #1 cloud ERP software for startups. Single System: SuiteSuccess Starter Edition can help your startup manage the entire business.Is NetSuite a Tier 2? ›
Oracle Netsuite is a popular Tier 2 Cloud ERP software which is used by thousands of midmarket businesses all around the world in various industries such as manufacturing, services, SaaS, healthcare and more.Who are Netsuites biggest customers? ›
- YouGov. Originating in the UK but now spanning 17 countries, YouGov was co-founded by current UK Chancellor of the Exchequer Nadhim Zahawi, and has seen fantastic growth since its inception. ...
- ASICS. ...
- Workable. ...
- PetShop.co.uk. ...
- Charlotte Tilbury.
NetSuite has 4 Service Tiers: Standard, Premium, Enterprise, and Ultimate.Does NetSuite work with QuickBooks? ›
Streamline your operations by integrating QuickBooks Online to NetSuite and other business applications. Automate your workflows by synchronizing orders, customers, products, and more between QuickBooks Online and NetSuite.What system is similar to NetSuite? ›
- Sage Intacct.
- FinancialForce Financial Management ERP.
- SAP ERP.
- Microsoft Dynamics 365 Business Central.
- SAP Business One.
- SAP S/4HANA Cloud.
|Line Items||Price||Fee Schedule|
|NetSuite Software Licensing Price||Starts at $999 per month||Annual|
|Advanced Modules||Starts at $499 per module per month||Annual|
|NetSuite Implementation Cost||$25,000 - $100,000+||One-time|
|NetSuite Customizations Cost||$150-225 per hour||As needed|
An integrated solution that speeds case resolution, ensure customer satisfaction while reducing service costs. A NetSuite Free Trial gives you immediate free access to the entire NetSuite system. There is no software to download and install. Any device!
NetSuite “Case Management,” part of NetSuite CRM, is a ticketing system for organizing, routing and responding to customer inquiries or support issues that arise via email, or any other media channel. Cases are automatically created from emails sent from leads, prospects or customers.