QuickBooks vs NetSuite - Which is the superior accounting software?
How is NetSuite Superior to QuickBooks? We Can Count the Ways!
Let’s face it, QuickBooks is basic accounting software that can’t keep pace when your business is growing and evolving. QuickBooks can’t support your business processes and can’t scale with your business. Oracle NetSuite, on the other hand, offers businesses the full suite of tools to grow and thrive, from order-to-cash to managing essential functions.
NetSuite’s Enterprise Features Offer a Competitive Edge Over QuickBooks
Oracle NetSuite is much more than a basic financial management solution. NetSuite is a fully featured, cloud-based ERP application that offers accounting, CRM, eCommerce, HR management, integrations, automation, and a suite of other professional services, all in real-time without any need for additional IT infrastructure. Overall, NetSuite goes beyond average book-keeping to fully support your essential business functions.
QuickBooks, however, doesn’t support critical business operations including subscription billing, revenue recognition, asset management, and multidimensional reporting. Manual keying of data, unpredictable reporting, and redundant processes mean using QuickBooks can affect your efficiency and productivity.
NetSuite offers preconfigured KPIs, workflows, reminders, and customizable dashboards to show how operations and accounting processes are being carried out in real-time, running your business better and smarter.
| Comparing NetSuite and QuickBooks Features | |||
| Features | NetSuite | QB Online | QB Enterprise |
| True Cloud | Yes | Yes | No |
| App Store | Yes | Yes | Third-Party |
| Seamless Upgrade | Yes | Yes | No |
| Customization | Yes | No | No |
| Multi-Entity Consolidation | Yes | No | No |
| Flexible Chart of Accounts | Yes | Third-Party | Third-Party |
| Segregation of Duties | Yes | Third-Party | Third-Party |
Here’s a brief comparison of important accounting features between NetSuite and QuickBooks, demonstrating why moving from QuickBooks to NetSuite gives you faster and more efficient accounting processes.
- Revenue Recognition: NetSuite can easily manage complex billing processes, from subscriptions to delayed revenue to retainers, and update them automatically according to the revenue cycle. QuickBooks only features a manual journal entry, resulting in a mesh of hardly recognizable spreadsheets to track ongoing engagements and lean data visibility.
- Subscription Billing: NetSuite offers complete subscription billing features compared to QuickBooks. There is an automated process for subscription renewal, completely removing the need for any manual monitoring like you would in QuickBooks. NetSuite also offers the facility to schedule subscription changes and set customer-centric pricing and discounting. NetSuite further adds more transparency to subscription billing through consolidated invoicing, automated rating processes, and the support of multiple pricing models.
- Inventory Management: Inventory and warehouse management are exceptional features of NetSuite that are not even available in QuickBooks. NetSuite inventory management provides businesses clear visibility into their inventory coupled with automated processes that require minimum manual intervention. It automates real-time tracking of inventory levels, orders, and sales throughout the inventory lifecycle with additional business insights for making informed business decisions.
- Reporting: QuickBooks and NetSuite both have standard accounting reporting features, but NetSuite has an edge over QuickBooks by featuring a robust library of real-time reports. Plus, NetSuite supports subsidiary companies and multicurrency, making it easy to manage your complete business in today’s global economy.
- General Ledger: NetSuite’s general ledger (GL) drills down individual transactions to customized entries matched to specific business needs. Thus, a customized general ledger minimizes time and efforts for account reconciliation, period close, audit processes, and financial close across invoices, vendor bills, single and multiple accounting books.
- Accounts Payable: Above all NetSuite provides purchasing control that is not possible in QuickBooks. NetSuite’s workflow engine ensures that purchasing, accounting controls, and policies are followed. This leads to faster approval rates when stakeholders are working from multiple locations, offices, and work-from-home environments.
Conclusion
Kompete Business Solutions is a leading NetSuite partner with extensive experience and exposure to the complete NetSuite solution set. We can help make migrating from QuickBooks to NetSuite easy for your business, and we are confident NetSuite’s much broader functionality will make your business more efficient and smarter overall. Request a Consultation today.