Summary
This blog post compares the business software NetSuite and QuickBooks (QBO), with a focus on user-friendliness, features, integration, scalability, and pricing. It concludes that while NetSuite might be suitable for businesses with complex intercompany entries and multiple entities, QuickBooks is generally the superior choice due to its user-friendly interface, versatile features, scalability, and competitive pricing.
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Lot’s of business decisions are difficult to make, thankfully, today we’re tackling an easy one – NetSuite vs QuickBooks (QBO). There’s a clear winner. One will fuel business growth while the other… is also an accounting software. Read on to learn which one stands head and shoulders above the other and why.
Round 1: User-Friendliness
In the left corner, we have Quickbooks Online—sleek, intuitive, and user-friendly. QBO understands that time is money, so it serves up an interface that even your grandma could master in a heartbeat. From setting up accounts to generating financial reports, QBO’s got your back.
And in the right corner, making a grand entrance, and then falling flat on its face, is NetSuite. Overall, it’s a clunky and antiquated interface.
There are some reasons putting up with NetSuite’s clunky interface may be worth it, which we’ll get into later. But if you’re judging Quickbooks and NetSuite purely on user-friendliness, there’s no competition. QBO wins hands down.
If you haven’t personally experienced both softwares, you may wonder if the difference between them is really so vast. To which I would point to NetSuite’s outsourced implementation team.
To implement NetSuite, you need the assistance of a special team. Have you ever had user friendly technology that required a team to help you implement it? I didn’t think so!
Netsuite is not user-friendly compared to QBO.
Round 2: Feature Extravaganza
Ding, ding! Round two kicks off with a bang.
QBO shines with its essentials for small businesses, offering invoicing, expense tracking, and payroll. It’s like having a helpful partner who knows what you need. No matter how specific your business is, QBO has many apps that work well with it.
Will NetSuite hold its own any better in this round?
Nope.
Here’s why.
NetSuite’s Bank Feed Integration: Not the Most User-Friendly Interface
NetSuite’s way of linking bank feeds can be particularly challenging, especially for smaller banks or new credit cards. Users often encounter issues during the process, making it less user-friendly compared to other platforms.
Bill.com Integration: A New Account Required for Netsuite
If you were hoping to link your existing bill.com account to Netsuite, there’s bad news.
Netsuite requires users to create a new bill.com account specifically designed to work with their platform. This can complicate the conversion process and may be also inconvenient for those already familiar with bill.com.
Additionally, Netsuite does not support integration with Zapier. Thus limiting automation possibilities. This can hinder your startup’s growth and efficiency by creating bottlenecks in your workflows. However, it’s important to remember that with the right strategies and guidance, these challenges can be navigated successfully. Read Our Blog on Zapier for Startups.
Constraints of NetSuite’s Reconciliation Feature
NetSuite designed its reconciliation function primarily for bank and credit card accounts. However, businesses that need to reconcile customer debt and other valuable accounts, such as cryptocurrencies, might face some restrictions.
Unlike QuickBooks Online, NetSuite restricts access to the reconciliation feature for non-bank accounts. This can create challenges for businesses with strict check and balance policies or complex financial management needs.
Monthly Revaluation in NetSuite: Potential Challenges for FX and Cryptocurrencies
In NetSuite, you can only revalue once a month, unlike QBO, where you can do it at any time. Businesses dealing with foreign exchange or cryptocurrencies may face a problem.
The problem arises from knowing asset values only once a month. This can be a significant issue for them. For businesses that rely on precise financial tracking, the lack of real-time updates is a major drawback.
Round 3: Integration and Scalability Showdown
Finally, NetSuite manages to hold its own for a round.
QuickBooks lacks an inter company function, while NetSuite does have one. So if you’re a company with several entities, you may be better off with NetSuite. They truly excel at keeping intercompany entries in order.
NetSuite is good for businesses with lots of data. It costs more, but it’s worth it because NetSuite offers more options. QuickBooks doesn’t offer more data, even if you’re willing to pay more. NetSuite wins a round.
Round 4: Price Match
Ah, the ever-important round of pricing. You’re probably thinking this is where NetSuite will finally flex its muscles. If QuickBooks is so clearly superior, it must cost more.
Right?
Wrong.
QBO dominates in this final round with its competitive pricing.
NetSuite is pricier than QuickBooks, and it gets even worse because NetSuite adds extra fees and charges. It’s like flying Spirit but paying Delta prices. When you’re ready to check out, you might find that NetSuite is way too expensive.
QBO is great for all types of businesses, from startups to larger companies. It’s a steal and a fantastic option. I run a company with all the complexities of a bank, we handle billions in customer assets all in QBO.
Muhammad Ali, the QBO of Boxing, Overcoming the Netsuite Challenge” – Bettmann Archive courtesy of Time.com
Final Verdict: Who’s the Champ?
QuickBooks vs. NetSuite: Making the Right Choice for Your Business
Is there a hypothetical scenario where NetSuite might have the upper hand?
It’s possible, especially for businesses dealing with complex intercompany entries and having multiple entities. In such cases, where money is not a constraint, NetSuite could be a preferred option.
However, for the majority of businesses, QuickBooks emerges as the clear champion. Winning 3 out of 4 rounds, QuickBooks proves its superiority in user-friendliness, integration, scalability, and competitive pricing. Read out blog on the pros and cons of Quickbooks Online and Quickbooks Desktop.
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