So your side thing has become a proper business and you need to start thinking about accounting software. Maybe you just need help tracking sales and profits. Maybe you need something slightly more in depth though, where you can set up a chart of accounts to track the accounts receivable, accounts payable, profit and loss, cash flow, and everything that can help your company succeed for years to come. What if you have inventory? Will you need somewhere to record and manage the detailed value of this. These are all the kinds of things you need to consider when choosing your accounting software.
Once you begin your search you are going to come across both QuickBooks and NetSuite. They are both fantastic pieces of software but for different reasons and they possibly serve different parts of the market.
NetSuite is a comprehensive business management software package. It’s an intelligent accounting solution but also builds beyond that with CRM, HR, and ecommerce to name just a few of the additional modules. This makes it more suitable for organizations needing a more sophisticated system or businesses that are planning for future growth.
QuickBooks, on the other hand, is a simpler accounting solution designed mainly for SMBs. QuickBooks is designed around basic bookkeeping tasks and functions. It isn’t as robust as NetSuite and lacks the extended features NetSuite provides, but it is simpler to use and is popular among small businesses who don’t need complex features and functions.
It’s important you understand which of these routes, if any, is right for you, as implementing the wrong piece of software will be an expensive mistake. Let’s take a look at NetSuite vs QuickBooks.
Benefits of NetSuite Accounting
NetSuite accounting offers a wide range of benefits compared to QuickBooks. It provides users with real-time data from multiple sources which allows them to make better decisions at any given moment. The business intelligence gained from NetSuite eliminates the risk of inconsistency or inaccuracy in reporting and provides organizations with the accuracy they need to make wise decisions. Additionally, NetSuite accounting automates manual processes, so companies do not have to waste valuable time and resources on tedious tasks.
NetSuite allows companies to track and analyze their financials through the use of financial dashboards and reports. These reports help management to make better decisions by giving them insight into their financials in real-time as well as historical trends. Additionally, NetSuite allows organizations to generate custom reports and searches based on specific criteria. Reporting capability is one of the major strengths of NetSuite.
NetSuite is a cloud-based system so the same instance can be used by multi-national organizations. Along that same vein, NetSuite is right at home with multi-currency and multi-subsidiary businesses and handles all advanced accounting processes well (see NetSuite OneWorld).
There are endless options for automation and process integration with NetSuite. A business can manage everything from HR practices to IT Ticketing or Project Management in the same system as their accounting. This improves the quality and breadth of data as well as minimizing any risk of inconsistencies or errors.
Overall, NetSuite is an effective and scalable accounting solution that provides organizations with the accuracy, reliability, and automation they need to successfully manage their finances. The combination of real-time data, custom reports, financial dashboards, and automated processes allows users to make more informed decisions, saving their organizations time and money in the process.
Benefits of QuickBooks Accounting
QuickBooks accounting software has been the go-to choice of small business owners for years and for many good reasons. It is, however, a very different offering to NetSuite.
One of the primary benefits of using QuickBooks is its cost savings. QuickBooks offers a range of products, from a basic version to full enterprise solutions. It is possible to choose the version that best suits your company’s budget without overspending. Their costs are transparent and easily sourced online for the full range of products. If you are unsure if QuickBooks is for you, they even offer a free trial for some of their online packages or a discounted first month.
The software is designed with a user-friendly interface and is straightforward to set up. This makes QuickBooks ideal for the small business owner who may not have a large budget for basic payroll and accounting software.
QuickBooks’ reporting capabilities offer a great way to manage the presentation of your data. As is the theme with this software, it is incredibly easy and intuitive to generate reports to track income and expenses in real-time. It also makes it easy to track cash flow, accounts receivable and accounts payable. In addition, QuickBooks offers features such as bank reconciliation, tracking of employee payroll, and invoicing. It is a really complete accounting package
Finally, QuickBooks is compatible with multiple platforms such as Windows, Mac, iOS, and Android. This makes it possible, if using the online version, to access, edit, and analyze all financial data in real-time and from virtually any device.
|Learn more about QuickBooks by contacting their Sales Team here.
Difference Between NetSuite and QuickBooks
NetSuite is a true cloud-based solution that provides an end-to-end solution for small, medium, and large businesses. It is an all-in-one platform that provides an integrated suite of business applications including finance, inventory, sales, and customer service. In addition, NetSuite offers a wide variety of third-party applications that can be integrated with the software to improve its functionality and make it better customized to meet a specific business’s needs.
QuickBooks has a variety of formats. It does have an online version but also a desktop-based solution and the software is primarily geared towards small businesses. It offers basic accounting functions, such as invoice tracking, expense tracking, payroll calculation and a general ledger but lacks a number of the more advanced features offered by larger solutions like NetSuite.
QuickBooks requires little set up and their pricing model is very transparent. This makes them a far simpler choice for new businesses or established small businesses moving from a very simple accounting tool.
The cost of NetSuite vs QuickBooks is hard to spell out. NetSuite are not as open about their licensing cost as QuickBooks. It generally requires a large implementation, and the expected pricing is not as clear until the implementation project has been scoped. NetSuite is therefore a long term commitment and normally one for a larger organization or at least one with a higher level of income than those looking at QuickBooks.
Where NetSuite and QuickBooks really differ is in their scalability. NetSuite is designed to be an all-encompassing enterprise-level software solution, which allows businesses to expand their accounting capabilities as their business grows. QuickBooks, however, is much more limited and can only handle accounting functions for small businesses.
When comparing NetSuite vs QuickBooks for accounting solutions, it is important to consider your business size and the level of functionality you require. NetSuite is a better choice for larger businesses that need a comprehensive solution, while QuickBooks is a perfect fit for smaller businesses with simpler accounting needs. Ultimately, it is important to do a comprehensive comparison between the features of both products before making a final decision on which tool is best suited for your business.
|If you have decided to go with NetSuite and you are beginning your implementation, make sure you check out this NetFreak article to avoid common implementation errors.
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