NetSuite vs. QuickBooks: The 2023 Comparison Guide
NetSuite has been one of the leading integrated cloud business software suites since the company was formed in 1998. The solution is a top choice for companies looking for a complete accounting software with integrated CRM and eCommerce capabilities.
Intuit, the developer of QuickBooks, has been around since 1983 when they created Quicken, one of the leading personal finance software options to this day. With their roots in personal finance, Intuit eventually transitioned into small business accounting software with the launch of QuickBooks in 1992. The solution has humble beginnings in payroll processing, but would eventually become a full accounting solution.
If you’d like, feel free to skip ahead to our individual comparisons of NetSuite vs QuickBooks software:
While QuickBooks has a reputation as a small business software, NetSuite conversely appears better suited for growing businesses trying to transition into ERP software. Most growing small businesses will want a modern and agile solution that can help save them money, is scalable, and provides room for innovation and growth.
When comparing NetSuite vs QuickBooks products, you might notice some overlap when it comes to functionality. How do you choose which is right for your organization?
Below you’ll find individual analysis of the Oracle NetSuite ERP system, QuickBooks Enterprise, QuickBooks Online, and QuickBooks Premier. This includes a look at their deployment options, their pricing levels, and more.
NetSuite ERP
NetSuite ERP is designed for modern companies that require cloud access and mobile-enabled tools. This works great for companies with multiple locations, as they can access the same information as another in real-time, wherever they are located. NetSuite offers an enterprise-level solution primarily designed for larger businesses that need robust tools beyond everyday accounting and financial planning.
NetSuite ERP is designed to support growing organizations, as it lets you add or customize features as your company grows. The financial management branch of the overall NetSuite product suite can be broken down by a number of categories, including financial planning, order management, production management, supply chain management, warehouse/fulfillment, and procurement via purchase orders.
Business goals are accomplished via NetSuite ERP through real-time data visibility that provides for better business decision making, and the reduced technology support costs via outsourced application hosting and the elimination of dedicated server hardware investment costs.
QuickBooks Enterprise
The closest thing to an ERP software that Intuit provides is QuickBooks Enterprise, which is the most advanced offering from QuickBooks. This means it’s the closest comparison to NetSuite ERP, although it does not offer nearly as much detailed capabilities or available add-ons. However, it will provide a good middle-ground between QuickBooks Online and NetSuite ERP.
QuickBooks Enterprise includes all features of QuickBooks Pro/Premier as well as more advanced features than what is offered in QuickBooks Online. This includes the features QuickBooks is most known for, such as financial management, sales orders, inventory cost tracking, and pricing. It also offers 13 predefined user roles, which lets you control access into the program for each employee. This includes accounts payable, accounts receivable, inventory management, payroll processor, and more.
QuickBooks does have a 30-user cap, which for a growing small business may be more than enough. For a business looking to set up multiple users with predefined roles, they may find themselves eventually wishing they had a system that allowed for unlimited users.
QuickBooks Enterprise offers both locally installed and cloud-hosted offers, which is in contrast to having to pick one or the other via QuickBooks Online or QuickBooks Pro/Premier.
QuickBooks Online
When you think of the most popular online accounting software, QuickBooks Online will always be in conversation. Their easy-to-use web-based platform means you can access it from anywhere at anytime. It also is routinely one of the least expensive solutions for a business looking for simple bookkeeping or accounting for their entire organization.
QuickBooks Online lets you track sales and expenses, create estimates, manage customers, and collaborate with an outside accountant. The software lets you create invoices via the invoicing module and lets your customers pay via credit card or ACH bank transfers.
For any area that QuickBooks Online falls short in, the QuickBooks Apps store has hundreds of apps and add-ons available. These add-ons typically allow for non-financial functionality that QuickBooks doesn’t provide in their base package. This includes expense management, time tracking, CRM, and cash flow forecasting. Due to the flexibility these apps provide, QuickBooks Online can be as simple or as advanced of a program you want it to be.
QuickBooks Premier
QuickBooks Premier is best suited for small businesses needing access for 3-5 users. These businesses typically do under $1M in annual sales each year, although many companies continue to use QuickBooks successfully well beyond that point. The software provides a simple way for businesses to track their inventory, manage their balance sheets, and categorize the financial data by departments, location, among others.
QuickBooks Premier includes the core accounting functionalities offered in all QuickBooks versions such as a general ledger and AP/AR modules. It also has an order management function and minor project management capabilities. In addition, many “industry-specific” versions of QuickBooks Premier have been developed, such as QuickBooks Premier Contractor’s Edition for the construction industry.
One notable downside to QuickBooks Premier is the number of maximum users allowed is 5. This is a step up from QuickBooks Pro, which only offers up to 3 users, but is a huge step below the 30 users allowed with QuickBooks Enterprise. If your company is open to sharing user licenses, or should be set for the next few years with only 5 users needing access, QuickBooks Premier is something worth considering.
Looking for an accounting system for your organization? Check out our list of the best accounting software. Or get free help from one of our software advisors.
