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Tackling up and keeping to business finances has always been challenging. You need to hire a professional, provide all the needy material and keep a check and balance for the mistakes. Still, there remains an anxious and scary feeling of losing the written records and manually recording the data.
Well, not anymore, as with the rise of technology. We also found some pretty excellent software that helps you manage your finances. So, NetSuite and QuickBooks came into the market.
But the main issue is which one of these is best to start the day. Therefore, I am here to sort your difficulties out and provide you with points to make your selection easier. Let’s dig in.
What Is NetSuite?
NetSuite is a financial management system created by Oracle. It has a cloud-based ERP. NetSuite is a powerful tool for anyone dealing with startup to enterprise and complex business integrations. Many unique features come together to make this program worth keeping.
You will get everything in this tool that you need to keep up with daily activities. You get the best experience with ERP and CRM attached. As a plus point, you can also integrate with other apps and grow your business. About 200,000 people are currently using NetSuite.
What Is QuickBooks?
QuickBooks is present in the market to fulfill your struggles and needs in business finance management. This tool gives you every functionality as a small business right here. To grow, increase your sales, changing typical trends, you can take the help of this software.
With the help of QuickBooks, you can send invoices, expense records, receipts, and reports for analyzing stats. Using this software, you can easily manage your expenses and balance from anywhere in the world.
Significant Difference Between NetSuite and QuickBooks
NetSuite And QuickBooks are software that helps you balance all the accounting records. Both of this software have various features. Like,
NetSuite is more complex and broad software with features like customer relationship management, which is known as a CRM tool (ERP), enterprise resource planning, and e-commerce solutions.
When it comes to QuickBooks, you will locate a more straightforward software with basic functionalities like invoicing, tracking, payroll and mileage. So, in terms of integration, QuickBooks lags.
Although both of this software have detailed dashboard that tells you a lot about cash flow, reports, the right to set privileges, and access to information. Still, there are some differences between them like,
NetSuite is more advanced and provides you access to KPIs and noticing trends of a particular period. This feature is quite attractive and increases user experience.
On the other hand, QuickBooks provides little access to information on the main screen. You get hands-on account balance, income, reports, and the business’s financial health illustrations.
Working And Management
To use NetSuite, you must get help from other bookkeeping firms. By getting help from a particular company, you get various features like tax preparation, reporting, A/r, purchasing, and other management tasks like fixed asset management, vendor management, and inventory management. You can also customize the modules according to your need.
However, while using QuickBooks. If you need help, you can quickly get it from QuickBooks Live. They will assign you a virtual bookkeeper to support your activities. You might not get daily tasks like invoicing, A/P, and inventory management. But you get video calls, monthly financial reports, and accurate books.
With other incredible features, you also get live customer support in the form of phone calls and chats. You get free access to their forums, webinars, and video tutorials.
NetSuite provides you a 24/7 customer support. This customer support varies from basic to premium and advanced. You get monitoring, service level, capabilities, and other options.
QuickBooks provides you with limited hours of support. However, you get a chance to locate a ProAdvisor by just signing the QuickBooks Live. So, with an additional cost, you get it all.
NetSuite is more costly compared to QuickBooks. Because of the various advanced tools. You can contact the team for custom quotes, annual license fees, and startup implementation. Remember that your price depends on the number of users, selected platform, and modules. This software pricing starts up from $999 per month.
QuickBooks is cheaper as it comprises basic features just to fulfill your needs as a small business. You get the Desktop and Online versions with an initial cut of $15 per month. But it can cost you about $35 per month.
Pros And Cons of QuickBooks and NetSuite
- A proper and well-managed online financial management system.
- Allows you to keep data in a single system.
- Provides you with an ERP system.
- You can get a CRM system.
- No free trial is present.
- Need to be careful while setting up, as you don’t want to pay extra for spare features.
- It is super affordable.
- Easy to use.
- Gives you the reliability of data.
- Offers your QuickBooks Live option.
- Basic functionalities are there.
- Not a centralized system.
Conclusion: Which Software Is Best for Who?
You now know about both software’s usage, price differences, features, pros, and cons. I hope it might have already caught your attention. So, you can decide which software is perfect for you. But, in case you are still confused about the usage. Let me help you with a short idea about which software is ideal for which type of firm and business. So,
NetSuite is best for any well-established brand and enterprise. These companies need to use a robust and error-free management system. So, NetSuite is best in this case.
Also, for anyone looking for enterprise resource planning, Inventory management, customer relationship management, and accounting software, buying NetSuite is the right decision to make.
QuickBooks is the best and most affordable software for any small business or startup. This tool has all of the basic functionalities available, pus it is super easy to use, manage records and track inventory. Also, you can get the help of QuickBooks Live to make your usage easy.