Enterprise Resource Planning (ERP) platforms make it easier to manage a business. The modern ERP is able to automate many of the business functions that are necessary for organizations of any size to focus on what they do best. Two of the leading ERPs on the market today are NetSuite and QuickBooks.
When comparing NetSuite vs QuickBooks, it is important to note that each ERP is marketing to a different demographic. NetSuite is a full business management software platform. QuickBooks is designed more to help a small business or independent contractor manage their accounting needs and benefit from data tracking and mining.
This means NetSuite offers accounting, finance, and front-office management benefits. It can help to manage B2B relationships, coordinate data between departments, and will scale up as your organization grows. QuickBooks offers a low-priced solution that helps manage accounts payable, accounts receivable, and other accounting and financial needs. It does not provide the same front-office management benefits.
Here are some of the key platform comparisons to consider.
1. Inventory Management
NetSuite offers warehouse management and inventory control by providing cost management and visibility benefits. It creates an integrated process workflow and creates a centralized system of vendor management so that routing and approval is fast and simple. This allows you to manage everything from your shop floor to product costing to manufacturing routine all from the same ERP.
QuickBooks also offers some inventory management features. You’re able to manage FIFO inventory costing, track products through serial numbers or lots, and manage multiple warehouse locations. This is done through bin location tracking and barcode scanning. It is also possible to coordinate inventory with your field service management needs, matching billing and mobile payments up with work orders, scheduling, and fulfillment.
2. Accounting Features
Both NetSuite and QuickBooks offer a comprehensive accounting solution for organizations that are looking at ERPs. Payroll, tax management, AR/AP, and audit visibility are all features that both platforms offer. You can then generate the reports that are needed to file regulatory reports, communicate financial health, or mine data for better customer outreach and satisfaction.
NetSuit offers a system of billing management and invoicing that has more specific features that a larger business may require. This includes human capital management, incentive compensation management, and recurring revenue management. QuickBooks can do the same thing, but not as intuitively on a large scale when compared to NetSuite.
NetSuite is available by quote only. The price of this ERP is based on the number of user licenses which are needed, the modules, and the add-ons that will be used.
QuickBooks begins at $119.60 per month for the Silver Desktop Enterprise package with hosting. This includes online backup data storage, advanced reporting features, and automated product upgrades. Tax and employee payments are in the Gold plan, which begins at $142.10 per month.
If you need advanced inventory and pricing assistance, then the Platinum plan from QuickBooks would be required. This plan starts at $164.60 per month.
4. Available Integrations
NetSuite has the capability of integrating with a number of web investment systems and CRM. This includes third-party solutions, such as Birst, Epay, and Bronto, in addition to the NetSuite e-commerce and CRM systems that are available.
QuickBooks integrates with existing files that may have been created from non-enterprise subscriptions that were managed in the past. It also can dump the information generated within its system into an Excel spreadsheet.
5. Supported Devices
NetSuite works on Windows, Android, and Apple iOS systems.
QuickBooks offers a web-based solution that can be accessed on virtually any PC, laptop, or mobile device that has a connection to the internet. It also supports Linux.
NetSuite has a specific learning curve that must be followed. Even users who are familiar with an ERP will need to adjust to the new workflows.
Most who choose QuickBooks Enterprise are upgrading from the entry-level accounting platform they used for personal finances, hobby business, or freelancing effort. The workflows are similar at the Enterprise level, which makes it faster to manage business data.
Size matters in the NetSuite vs QuickBooks comparison. Freelancers, independent contractors, sole proprietors, and small partnership start-ups may benefit from using QuickBooks so that money management becomes easier. The full suite of accounting tools makes it a lot easier for 1-2 people to manage the financial matters of a small business.
For larger businesses, however, NetSuite is likely the better solution. It is a complete ERP that offers real-time visibility in the front of the office, in addition to financial matters, so that better business decisions can be made.