Introduction to QuicBooks and NetSuite
Based on the information above, one could be asking themselves,
- Why not just sign up for NetSuite?
- Does NetSuite cost more than Quickbooks?
- Is it the right time to migrate to NetSuite?
- How easy will the implementation of either software be?
Key Features Comparison
| Features | NetSuite | QuickBooks Online | QuickBooks Enterprise |
| Cloud Based | Yes | Yes | No |
| Ideal Business Size | Small to Enterprise | Small & Medium | Small & Medium |
| App Store | Yes | Yes | No |
| Multi-Entity | Yes | No | No |
| Unified COA | Yes | No | No |
| Customization | Yes | No | No |
| Modules | |||
| Financial Management & Accounting | Yes | Yes | Yes |
| Budgeting | Yes | Yes | Yes |
| Consolidation | Yes | No | No |
| Intercompany Management | Yes | No | No |
| ASC 606 Revenue Recognition | Yes | No | No |
| Subscription Management | Yes | No | No |
| Amortizationd | Yes | No | No |
| Expense Allocation | Yes | No | Yes |
| Sales Order Management | Yes | No | Yes |
| Purchase Order | Yes | Yes | Yes |
| Auto Sales Tax Calculation | Yes | No | No |
| Inventory Management | Yes | Yes | Yes |
| Supply Chain Management | Yes | No | No |
| Inventory Demand Planning | Yes | No | No |
| Standard Costing | Yes | No | No |
| Payroll | Yes | Yes | Yes |
| Multiple Language | Yes | No | No |
| Drill Down Reporting | Yes | Limited | Limited |
| Automatic Upgrades | Yes | Yes | No |
| Product Support | Yes | Yes | Yes |
| Integration | Yes | Limited | Limited |
Scalability: NetSuite vs QuickBooks
Factors to Consider when talking about scalability:
- Scaling Up
- Scaling Down (Yes this is often overlooked)
- Short Term Goals
- Long Term Goals
- Change Management
- Cost (Opportunity, Direct and Indirect)
QuickBooks – Due to its restricted functionality, but supportive of the pricing it delivers, a firm should adopt a “What you see is what you get” approach when using QuickBooks. In other words, businesses rarely encounter situations where it say, “We didn’t know quickbooks can do this.” Apps from other vendors are available for download on Quickbooks Online to enhance the features of your existing company. A company shouldn’t choose this choice if it anticipates growing or acquiring other companies, or if it has intricate procedures. The only explanation is that using NetSuite would be significantly less expensive than the amount of money a corporation could spend on manual labor.
NetSuite – If there is anything that QuickBooks can accomplish, NetSuite can accomplish it with ease and even more. Many companies, even small ones, choose NetSuite because they understand that their operations may grow or scale in the future and that their company must adapt to these changes. Because NetSuite may be customized, its capability can be expanded to meet various business demands. Therefore, NetSuite has the capacity to grow your business requirements even if the out-of-the-box functionality does not suit your needs.
Pricing Analysis: NetSuite Vs. QuickBooks
Quickbooks Online
- Promotional Pricing: $9/ Month for first 3 months
- Regular Pricing: $30/ Month
- Includes 1 Licensed User
- Year 1 Cost: $300.00
- Year 2 Cost: $300.00
- Year 3 Cost: $300.00
- Promotional Pricing: $18/ Month for first 3 months
- Regular Pricing: $60/ Month
- Includes 3 Licensed User
- Year 1 Cost: $594.00
- Year 2 Cost: $720.00
- Year 3 Cost: $720.00
- Promotional Pricing: $27/ Month for first 3 months
- Regular Pricing: $90/ Month
- Includes 5 Licensed User
- Year 1 Cost: $891.00
- Year 2 Cost: $1080.00
- Year 3 Cost: $1080.00
- Promotional Pricing: $60/ Month for first 3 months
- Regular Pricing: $200/ Month
- Includes 25 Licensed User
- Year 1 Cost: $1980.00
- Year 2 Cost: $2400.00
- Year 3 Cost: $2400.00
QuickBooks Enterprise
The price of QuickBooks Enterprise is divided into multiple categories, including the number of users, local or cloud hosting, and optional extras that businesses pick. It is essentially a QuickBooks Desktop with a subscription model. Tiers of pricing consist of:
Cloud hosting:
- Monthly Pricing: $217/ Month
- Includes 1 Licensed User
- Year 1 Cost: $2,604.00
- Year 2 Cost: $2,604.00
- Year 3 Cost: $2,604.00
- Additional User = Avg. $67 per user/Month
- Monthly Pricing: $254/ Month
- Includes 1 Licensed User
- Year 1 Cost: $3,048.00
- Year 2 Cost: $3,048.00
- Year 3 Cost: $3,048.00
- Additional User = Avg. $67 per user/Month
- Monthly Pricing: $446/ Month
- Includes 1 Licensed User
- Year 1 Cost: $5,352.00
- Year 2 Cost: $5,352.00
- Year 3 Cost: $5,352.00
- Additional User = Avg. $67 per user/Month
Local hosting:
- Monthly Pricing: $194/ Month
- Includes 1 Licensed User
- Year 1 Cost: $2,328.00
- Year 2 Cost: $2,328.00
- Year 3 Cost: $2,328.00
- Additional User = Avg. $67 per user/Month
- Monthly Pricing: $231/ Month
- Includes 1 Licensed User
- Year 1 Cost: $2,772.00
- Year 2 Cost: $2,772.00
- Year 3 Cost: $2,772.00
- Additional User = Avg. $67 per user/Month
- Monthly Pricing: $389/ Month
- Includes 1 Licensed User
- Year 1 Cost: $4,668.00
- Year 2 Cost: $4,668.00
- Year 3 Cost: $4,668.00
- Additional User = Avg. $67 per user/Month
Oracle NetSuite
The pricing of NetSuite can be divided into multiple groups; this is primarily because businesses use ERP software. NetSuite is an operating system with a full suite of features, not just an accounting system. There are three versions of NetSuite: Starter, Mid-Market, and Enterprise. The cost of each depends on the number of users, the subscription, the implementation cost, and the maintenance cost.
Implementation cost is generally $175/Hr to $235/Hr professional services. Depending on the size of the implementation, the number of hours varies.
- Includes: 5 Licensed User
- Year 1 Cost: $12,000.00
- Year 2 Cost: $12,000.00
- Year 3 Cost: $13,320.00
- Advanced Modules Sold Separately
- Additional User = Avg. $100 per user/Month
- Implementation Cost = $1,000.00 to $15,000.00
- Includes: 5 Licensed User
- Year 1 Cost: $30,000.00
- Year 2 Cost: $31,500.00
- Year 3 Cost: $33,075.00
- Advanced Modules Sold Separately
- Additional User = Avg. $100 per user/Month
- Implementation Cost = $40,000.00 to $300,000.00
NetSuite price varies both on Subscriptions and Implementation cost, however above pricing can give clear idea on what to expect when procuring NetSuite as your system of records.
Migrating from QuickBooks to NetSuite
When moving from Quickbooks to NetSuite, data must be taken out of QuickBooks and uploaded to NetSuite by Cut Over for NetSuite implementation. One fantastic thing about the transfer is that the list of records to upload in NetSuite becomes quite simple to upload, as Quickbooks does not have many features. Considerations for migrating:
- How far does a business like to see history? Ideally 3 years is good starting point
- If a business is coming from multiple QuickBooks accounts to NetSuite, ensure data maps to the NetSuite environment.
- Is data that is being brought will break the current process in NetSuite? Or will it cause financial mismatches?
- When Implementing, upload both Master and Historical Trial Balances in NetSuite earlier stages of the implementation.
- Close the period before you bring over any open transactions
Learn more about our ERP solutions
Wish to experience our one-of-a-kind Quickbooks to NetSuite Migration tool?
Conclusion: Which Software is right for your business?
- Cost: Quickbooks is more affordable than other accounting software, making it appealing to a wide range of businesses. However, its limited capabilities may result in additional indirect costs. Will using QuickBooks result in additional potential or indirect costs for the company? On the other hand, is the company prepared to pay more for potential future difficulties? Are you prepared for the long term even though NetSuite may not be worth it today?
- Time: Will the firm save time with either software? Or will the business decide to switch and take more time with the current process? Or is the company being forced to use a different platform by investors or the parent corporation? The bottom line for the company should be that before purchasing any software, it must make sure that it will save time in some way. If not, the company should think about either altering the procedure and reconsidering the issue, or holding off on making a change until it can determine how to save time.
- Scale – It would be obvious to choose NetSuite if the company were to grow by adding additional features or by acquiring other businesses. But if the company is doing well and the business process doesn’t change, then sticking with QuickBooks or choosing Quickbooks is a better choice.
