The software service market is worth almost half a trillion dollars.
While there are tons of software services designed for consumers, business software solutions take this to an entirely different level. Business software can help optimize entire processes and even help monitor and track various KPIs for your company.
When it comes to accounting software for businesses, many agree that it’s NetSuite vs. QuickBooks. Both software solutions have pros and cons, so it’s important to look at which would work best for you.
If you’re interested in learning more about the different accounting software options for your startup, here is everything you need to know about QuickBooks and NetSuite to help you decide.
What Is NetSuite?
NetSuite is a dynamic accounting tool for businesses and organizations. This innovative software solution is designed and developed by Oracle, one of the leading technology companies in the world. This software solution offers a truly custom experience with no limit on the number of users.
Oracle’s cloud-based technology completely powers NetSuite — all your information is securely stored and analyzed in the cloud. This can help keep your data safe and make the entire experience much smoother and more reliable.
Oracle’s NetSuite offers real-time insights into several different financial metrics. You can configure or adjust these metrics at any time to track the specific, priority business KPIs.
The platform is also accessible on your mobile phone, making it the perfect solution for modern businesses, regardless of where your location.
Features of NetSuite
NetSuite includes a wide range of accounting tools and features. Here’s a quick list of the most important features.
- Income tracking
- Expense tracking
- Mobile application
- Cloud-based analytics
- Generate statements
- Real-time access to financial data
- Built-in CRM
Benefits of NetSuite
Here are some of the benefits of using NetSuite for your business.
- Custom solution for your business
- Customer relations management tool
- Dynamic cloud-based analytics
- Access the platform anywhere
- Instantly generate statements
What Is QuickBooks?
QuickBooks is one of the most versatile and popular accounting software solutions available. This innovative piece of software is available online and through their desktop application. These options make it one of the most accessible and versatile business tools you can get for your startup.
QuickBooks was developed by Intuit, a leading technology company dedicated to creating some of the most advanced software solutions for small and large businesses. While more advanced systems are available, QuickBooks makes tracking company finances easier than ever.
This innovative platform breaks everything down with a simple and clear dashboard that keeps track of all vital information for you.
Features of QuickBooks
QuickBooks is a simple and efficient accounting solution. Here’s a quick look at the most impressive features of QuickBooks.
- Inventory tracking
- Income tracking
- Expense tracking
- Mileage tracking
- Receipt organization
- Tax deduction identification
- Advanced Analytics
- Employee expense management
Benefits of QuickBooks
QuickBooks is one of the most popular accounting tools for startups. Here are some of the most notable benefits of QuickBooks.
- Simple interface
- Affordable monthly fees
- Live bookkeeping
- Quick tax calculations
- Free mobile application
- Valuable business insights
- Simple collaboration with team members
Difference Between QuickBooks vs. NetSuite
Both NetSuite and QuickBooks are incredibly capable software solutions for business accounting. While both services offer similar features, NetSuite is a far more comprehensive solution. This is because NetSuite includes features such as a customer relationship management tool that companies would otherwise have to get separately.
Even though NetSuite comes with more features and services, QuickBooks has its pros as well, including a simpler interface that’s incredibly easy for anyone to learn. This makes it the perfect solution for small businesses and startups that need a quick and easy solution to handle their finances.
The learning curve is one of the most important aspects of business software. Complicated software can slow down operations and decrease productivity within an organization. In this way, the more intuitive user interface of QuickBooks stands out as the best solution for most startups that are new to accounting software.
NetSuite is more complicated but also includes more advanced features than QuickBooks. However, this robust program comes at a much higher price. While the exact pricing can differ from company to company, you can expect to pay an implementation fee and an annual license fee to get fully set up.
You will also have to contact NetSuite’s sales team to get an accurate quote for your business. This quote depends on the services you want and how many users you will need.
QuickBooks is a much more affordable solution that starts at just $15 per month. However, QuickBooks desktop version will set you back around $349 per year. Despite being more expensive than QuickBooks Online, it s still more affordable than most other accounting software solutions.
How To Choose Accounting Software
Now that you understand the difference between NetSuite and QuickBooks, you can make the most informed decision for your business. To help you make your decision, here are a few tips to help you choose the right accounting software.
1. Size of Your Business
The size of your business is often the first place you should start. Startups have different needs than medium-sized businesses or large corporations. While larger companies may want to track hundreds of metrics and transactions daily, startups may want to focus on just a few.
If that is the case, you won’t need to find and pay for a software solution with as extensive capabilities.
2. Important Features
Not all accounting software comes with the same features and services. While some offer customization options, others are entirely static. This is why it’s important to take a close look at each option and evaluate all its features.
Once you can list all the features of each option, you can see which features your company needs and which may be superfluous.
While the most important features of comprehensive accounting software surround accurate income and expense tracking, modern solutions include a wide variety of other services such as automatic invoicing, payment tracking, contract management, and advanced analytics.
3. Your Budget
While many amazing accounting programs are available, they come at a cost. It’s important to consider your budget when deciding on an accounting solution. However, remember that your chosen solution should still provide you with all the features your company needs.
Sometimes it can be worth spending a bit more. If you’re unsure of what you need or don’t need, working with an experienced finance firm can help you determine the essentials and can guide you toward the right choice.
Why QuickBooks Is Perfect For Small Businesses
While NetSuite is an instrumental piece of business management software, QuickBooks offers a holistic package that’s perfect for most startups or smaller businesses working with reduced operating costs.
In addition to its simplicity, QuickBooks is one of the most affordable solutions. This makes it accessible for freelancers, contractors, and micro-businesses who may not yet have the resources to invest in custom systems.
QuickBooks is also a scalable solution that can still provide value as your business grows. With QuickBooks, you won’t need to worry about changing systems or transferring to new platforms as your business grows, making QuickBooks the perfect long-term partner.
Integrating QuickBooks With Zeni
Accounting software is an essential tool for all businesses as it helps support financial management and ultimately growth.
While software is incredible, working with an experienced finance team like Zeni can help make a massive difference to your company’s accounting practices. We even integrate directly with QuickBooks to gather a complete picture of your financial health in one easy-to-read dashboard that gets updated daily.
With Zeni, we can help you with a wide range of bookkeeping services and financial reporting (cash flow projections, accounts receivable, net burn, operating expenses) so that you can worry less about managing your accounting software and focus more on business strategy and actions that will move the needle for your company.
Interested in learning more? Start with a demo to see how it works.
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