NetSuite vs. QuickBooks: Should You Make the Switch?

No matter what industry you’re in, or the size of your business, you need an accounting system that can meet your requirements. The right system can help you to lower operational costs, boost productivity, and streamline and automate key processes. But with so many kinds of accounting software out there, how do you choose the best option? 

Two well-known heavyweights in this arena are Oracle NetSuite, and Intuit QuickBooks. At Fusion CPA our accounts have extensive knowledge of both systems. Below, we’ll take a deep-dive into the main differences between these two platforms.

Chat-to-a-Fusion-CPA-about-choosing-Quickbooks-vs-Netsuite

NetSuite
QuickBooks
Target user
  • Mid-size and large businesses, especially international businesses with revenues ranging from $1 million to $200 million.
  • Businesses that require a complete solution for managing all aspects of their operations.
  • Businesses with complex operations and an in-house accounting team.
  • SMB (small and medium-sized businesses) or self-employed individuals.
  • Businesses that require basic accounting tasks.
  • Businesses that outsource their bookkeeping and accounting.
Target industry
  • Retail
  • E-commerce
  • Financials Services
  • Advertising
  • Media & Publishing
  • Healthcare
  • Life Sciences
  • Energy
  • Education
  • Transportation & Logistics
  • Nonprofits
  • Social Venture
  • Services
  • Software and SaaS
  • Manufacturing
  • Wholesale Distribution
  • Accounting Firms
  • Financial Services
  • Franchise
  • Church / Religious
  • Insurance
  • Landscaping
  • Legal Services
  • Nonprofit
  • Property Management
  • Restaurant and Bar
  • Retail
  • Transportation
  • Wholesale Distribution
  • Software and SaaS
Size of customer base
  • Approximately 20,000
  • Approximately 1.8 million
Number of permitted users
  • Allows for an unlimited number of users, at a per-user fee.
  • Maximum limit of 25 billable users, and 3 accountant firm users.
  • Unlimited users for time tracking and reports.
Core functions
  • Fully featured ERP software, including financial & accounting software.
  • Purely accounting software.
Software limits
  • No built-in payroll capabilities, but integrates with third-party payroll providers.
  • No batch invoicing or expense management capabilities.
  • Not ideal for freelancers or small businesses with basic needs.
  • The mobile app does not allow you to scan receipts, receive payments, or invoice customers.
  • Can be very difficult to learn and master.
  • Doesn’t handle revenue recognition or subscription billing.
  • No production management or procurement software.
  • No fixed asset or lease management features.
  • Does not provide any purchasing controls.
  • Does not support multi-subsidiary consolidation.
  • Limited project management and project billing.
  • Lacks CRM features.
How does it scale?
  • While not ideal for small businesses, it supports businesses at every stage of growth.
  • An excellent starting point for small businesses in need of bookkeeping software.
  • Not ideal for larger businesses with more complex operations.
Does it offer custom options?
  • Offers extensive customization options to tailor the software to your specific needs.
  • Includes custom dashboards and views.
  • The module-based system lets you customize an ERP solution without using third-party applications.
  • Limited customization.
  • Can be customized to a degree using third-party app integration.
Pricing
  • Premium-tiered software.
  • Not set prices – the software requires a custom quote, and potential costs for optimization or consulting.
  • More budget friendly, featuring discounted pricing schemes and a range of pricing plans.
  • It’s important to budget for any add-on software.
Contract term
  • Annual contract
  • Monthly contract
How to license?
  • Directly from Oracle or through a NetSuite Solution Provider Partner.
  • Directly through Intuit or through an Authorized Partner.
Update schedule
  • Two updates are offered twice a year.
  • Updates are free and automatically installed.
  • Updates must be done manually, or can be set to update automatically.
  • A system restart is necessary after every update.
Ease of Use
  • Good, although you’ll need some training and accounting knowledge to start with.
  • NetSuite provides users with training resources and to navigate the software.
  • The implementation process can be complicated, requiring input from IT professionals and financial experts.
  • Very good, the software is known for its simplistic design and user-friendly interface.
  • Only requires additional guidance for the more advanced features.
Ease of sharing
  • Can be shared with additional accountants, by using what is called the user “seats” in your subscription.
  • Can be shared with up to three accountant firm users.
How does it integrate
  • Integrated ERP, CRM, and e-commerce functions are built into the core offering.
  • Integrates with third-party apps (including automation and global mass payments software) to broaden its range of action.
  • Features Professional Services Automation for project management, resource management, timesheet management, and expense management.
  • Complex integrations and data migrations must be done manually.
  • Can integrate with several third-party add-on apps.
  • App Store also offers add-on software integration (including payables automation software).
  • Does not offer a CRM platform.
  • No Professional Service Automation
HR options
  • Offers SuitePeople HR for employee center access, employee record management, time-off management, on- and offboarding, employee recognition, HR workflows, as well as metrics and reporting.
  • Requires external app integration for HR functionality.
Reporting
  • Offers standard accounting reports, such as profit and loss, and cash flow.
  • Includes consolidated reporting (intercompany) and multi-currency report
  • Includes real-time reports, from revenue forecasting to consolidated parent and subsidiary reports.
  • Offers standard accounting reports, such as profit and loss, and cash flow.
Customer support
  • Tech support is available 24/7 on a toll-free worldwide phone number.
  • Live or online end user training.
  • Online Support: Offers an extensive knowledge base (SuiteAnswers) to all users.
  • Tech support is available weekdays 6AM – 6PM (PST).
  • Live or online end user training.
  • Online Support: Offers an extensive knowledge base to users, including training videos, forums and live support.
Cloud-based access
  • Designed as cloud software.
  • Also provides cloud-based ERP, CRM, e-commerce, PSA and human capital management (HCM).
  • Only one offering (QuickBooks Online) is cloud-based.
How to manage inventory
  • Has strong, real-time inventory management features.
  • Includes advanced inventory management, like serialized inventory bar coding; lot management; pick, pack, and ship; and automated reorder.
  • Has limited inventory management.
  • The software can integrate third-party apps for additional inventory management.
Data security
  • Offers advanced features like data encryption and access controls.
  • Meets audit and security standards like SOC 1, SOC 2, PCI-DSS, and EU-US Privacy Shield frameworks.
  • ISO 27001:2013 certification.
  • ISO 27000 and NIST 800-53 compliance.
  • Offers SSL encryption, password-protected logins, and firewall-protected servers.
  • Comes with DigiCert® certification.
Access to KPIs
  • Allows access to approximately 75 KPIs.
  • No access to KPIs.

NetSuite vs. QuickBooks: Which Accounting Software is Right for You?

The Bottom Line 

When it comes to the QuickBooks vs NetSuite debate, it’s clear that both are excellent software options for businesses of all sizes. However, each platform has its strengths and weaknesses. 

Our team can assist you in choosing the best option for your business or help you decide if it’s time to upgrade from QuickBooks to NetSuite. Schedule a discovery call today! 

Schedule a Discovery Call


The information presented in this blog article is provided for informational purposes only. The information does not constitute legal, accounting, tax advice, or other professional services. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained herein. Use the information at your own risk. We disclaim all liability for any actions taken or not taken based on the contents of this blog. The use or interpretation of this information is solely at your discretion. For full guidance, consult with qualified professionals in the relevant fields.