- Jan 11, 2022
- Category: Enterprise Resource Planning
In the current scenario, businesses are overgrowing facing many challenges. They couldn’t manage the finances with the expansion of the operations. With that, there are other difficulties, such as the complex processes that can have ramifications if not looked into at the right time.
In such instances, one needs the right software that can resolve these challenges in a go. These businesses mostly face the common obstacle- managing the finances; they need the proper financial managing or bookkeeping software.
This software is known to execute actions more than just merely the basic accounting steps. They move on to the advanced level of managing the complete financial records, planning, forecasting, and others that help in the seamless functioning of economic activities in an organization.
One could find a good number of financial management software in the market; we’d discuss the two popular software such as NetSuite and QuickBooks. It would cover the similarities, dissimilarities, pricing to help you decide which one would be best for your organization.
But before that, let’s understand what precisely financial management software is?
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It is a software offering companies with a complete range of accounting functions. These functions include tracking activities, where it tracks the operations in organizations, later generating the financial statements that can be on a quarterly or annual basis. When your process becomes time-consuming, leads to manual errors, has less visibility, it’s time to integrate financial management software.
What is NetSuite?
As per a finding, in 2020, almost 57% of the traffic to the accounting software section has been from the SMBs, while the rest, 43%, came from large enterprises.
It shows that small and medium-sized businesses most benefitted from this software.
Some of the top features of NetSuite are
- Time tracking
- Customer management
- Opportunity management
- Campaign management
- Lead management
- Email marketing, and others.
All these help in better reporting and integration.
There are many benefits of NetSuite in different industries. The solution helps in inventory and warehouse management, allowing warehouses’ storage practices, leading to the smooth functioning and the processes sync with the other. It has already served more than 24000 business customers worldwide and looks promising to potential customers.
What is QuickBooks?
It is the accounting software that meets the complex needs of small and mid-sized businesses. The solution helps keep the accounting data safe in the cloud environment. It has a time tracking feature, which aims to improve the employee’s performance, and they can check how much time they are spending on a specific task.
The different features of QuickBooks are that it helps track sales and expenses, immediate access to the reports and the crucial data, managing the invoices, among others.
What are the similarities and dissimilarities between the two?
Both the software is rightly tailored to meet the needs of the SMBs. They aim to streamline the process in organizations to make it easy to execute the tasks. The solutions are cloud-based software, and they both help in the visibility of the businesses to be on the right track.
One of the significant differences between the software is that NetSuite offers global fluency, aiming to align with the monetary and regulatory rules globally. Now, most growing businesses look for short-term fixes as they don’t have enough time to meet their target regularly. But if any company wants to survive in the market for a longer time, they need to have a 360-degree outlook to avoid future challenges. The global fluency feature of NetSuite is a useful one that every business would need in the future.
The reporting feature in NetSuite helps in the informed decision-making process; you can even access all your data anywhere at any time. Here, the solution has the multicurrency feature where the user can function by using the local currency of a specific country. This is a complex task that NetSuite takes over.
If you compare it with QuickBooks, the solution has built-in reports. With the changing times and scenarios, the tool needs to be upgraded with the latest functionalities. The answer needs to have advanced features to make the reporting easier and efficient.
NetSuite has a great feature that significantly eliminates the double data entry process. Now, repeated data could be a concern for any organization as it hampers the efficiency of the process. This great feature helps execute the action by looking over this challenge and resolving it correctly.
How do prices differ when you compare both the software?
Prices play a significant role in the popularity of a product or service. When you compare NetSuite and QuickBooks, you find a considerable difference in their prices. The economical pricing of QuickBooks is what attracts many customers. But as a business, you should look into the overall features and factors that could help your organizational growth. It is observed that although pricing is impressive, you might need additional resources for managing this software.
The NetSuite user license is $99 per month, while QuickBooks has $20 to $60 per month.
One can see the difference in pricing here, but this shouldn’t be only the factor to acquire software. You need to make the right decision for your organization, just as NetSuite software works on the pay-as-you-go model, which is an excellent attraction for smaller and large companies.
Who won’t like to pay only for that?
This is a good process, and every business would like to benefit from such an offer.
Which industries use this software?
The industries that use NetSuite software are:-
- Financial services
- Non-profit, and others.
In comparison, the industries that mainly use the QuickBooks software are:-
- Transportation services
- Professional services, and other industries.
Both the software are useful to meet the growing needs of organizations. It helps in circumstances where the professionals are drained out in aligning the complex process of organizations continuously expanding every year. They can’t keep track of the financial activities as it needs the assistance of experts at each step. The right financial management software resolves these challenges, but one needs to have software that is entirely in sync with the process of organizations and generates the desired results.