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Running your own business can be rewarding, but it also requires a wide range of skills. One of the most critical aspects of running your own business is accounting.
Unfortunately, not every business owner has the energy or knowledge to decide between cash vs. accrual or NetSuite vs. Quickbooks. That’s why 71% of businesses rely on outsourced accounting to help them track their financial data.
However, even with an accountant, you still need a way to keep records. That’s why a reliable accounting software is so important. Choosing the right one for your firm will depend on a variety of factors.
QuickBooks and NetSuite Oracle are two popular cloud-based accounting management softwares that can help manage your day-to-day finances. NetSuite and Quickbooks accounting software are both widely popular among small businesses, but they have important differences in key features and functionality that can affect your business.
If you’re fuzzy on the benefits of Oracle NetSuite vs. Quickbooks, or have questions about NetSuite implementation, this guide will help you get started.
Benefits of Accounting Software
If you’ve been tracking your expenses and logging sales into Excel Sheets without issue, you may be wondering why you need accounting software. The benefits of accounting software include:
- Time Savings: Accounting software is optimized for financial data entry, and can save countless hours when compared to old-school alternatives.
- Easy Invoicing: You can create and send invoices in a fraction of the time.
- Financial Reporting: The software simplifies financial reports by generating them with the click of a button.
- Consolidated Data: The accounting software will keep all financial data in one easy to access place, establishing an audit trail and so you never have to track it down.
- Secure Storage: If your customers are trusting you with their personal information, you owe it to them to keep it secure. Accounting software often offers cloud-based storage to protect you from a data breach.
Beyond that, most accounting softwares offer many additional features including, but not limited to, payroll, tax filing, and inventory tracking. Accounting softwares may also feature options for payment processing on the accounts receivable side and vendor payment functionality on the accounts payable side.
Of course, each software offers different features. You’ll need to do your homework to find the one that can accomplish all your needs in one place.
Quickbooks Online Accounting Software Overview
Quickbooks is an affordable accounting solution that can handle the financial data needs of most small businesses. The product is popular because it’s easy to use and works well with other apps from Intuit, including but not limited to Quicken. With Quickbooks, you can create invoices, track cash flow, and record accounts payable and accounts receivable transactions.
You can also create monthly, quarterly, or annual sales reports to track profits and help with taxes.
When it comes to creating financial reports for key business insights, Quibkbooks is very versatile. It has the ability to run many types of reports which provide key financial insights.
Additionally, Quickbook can seamlessly sync with numerous different third-party providers , such as Bill.com, PEO providers, credit cards and bank institutions for easier automation.
Businesses can upgrade to Quickbooks Enterprise for more management solutions such as bill pay, credit card processing, or inventory management. However, with Enterprise you are limited to on-site data storage unless you use a third party cloud vendor, both of which will require IT solutions to address.
Quickbooks offers service plans as low as $15 a month. However, if you want to take advantage of data driven insights, you’ll need to invest in other softwares, or upgrade to a more comprehensive accounting software solution.
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NetSuite Accounting Software Overview
NetSuite offers a Cloud-based ERP and Business Management solution that enables companies of all sizes to manage every aspect of their business in one place. NetSuite includes industry-specific functionality for growing businesses such as customer relationship and order management, accounting, and supply chain management.
NetSuite ERP simplifies accounting by helping businesses manage and centralize core processes, eliminating duplicate data entry, automating business tasks, and providing real-time access to critical information. NetSuite inventory management can offer purchase planning based on historical demand for informed decision making.
NetSuite OnDemand scales to accommodate your business growth without incurring costs for additional resources or hardware. With flexible deployment options ranging from server hosting to managed service subscriptions to hosted applications in a hybrid cloud environment, you can tailor your solution to fit your company’s budget and scalability needs.
However, these products have a much higher learning curve, and you may need help from a NetSuite consultant to get the most out of your purchase. NetSuite is completely customizable with a number of modules and add-ons. However, it tends to be on the more expensive side and most likely not affordable for smaller businesses as a result.
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NetSuite vs. Quickbooks: Which One is Right For You?
When considering whether to choose Quickbooks vs. NetSuite, it’s important to consider all factors. Your specific business needs will play a large role in your choice. There are several other accounting software services that may fit your needs better, so it’s a good idea to consult an expert and do some research before you make a decision.
You should choose Quickbooks if you’re looking for:
- Simplicity: Quicbooks Is easy to use with a simplified pricing mode and solely focuses on financial management
- Affordability: Quickbooks is much more affordable
- Convenience: Quickbooks is a proven solution that offers convenience through customization, online payments, and more.
Quickbooks is the most popular accounting solution for small businesses.
You should choose NetSuite if you’re looking for:
- All-in-One Business and Financial Planning: NeSuite offers comprehensive tools that you can pick and choose based on your company’s needs.
- Consolidation: NetSuite allows you to consolidate your general ledger, which is beneficial for business with multiple subsidiaries.
- High-Level Reporting: NetSuite allows you to set KPIs and track them over specified periods of time so you can evaluate your progress on business goals.
- Automation: You can save time and reduce errors by automating many repetitive processes.
- Integration: NetSuite offers easy Salesforce-NetSuite integration, as well as other leading enterprise applications.
- Growth and Scalability: NetSuite gives you the option to implement elements such as audit controls, revenue recognition and advanced integration that larger companies require.
NetSuite has everything you need to grow your business and operate at an international scale with the information necessary to make decisions.
Whatever the choice between Quickbooks Enterprise vs. NetSuite, or from one of the many alternatives, it’s important to have a reliable expert to fall back on for all of your financial questions.
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How Outsourcing Your Accounting Can Help
Every entrepreneur knows that in order to truly scale their business, they need to make informed financial decisions. The right accounting software can make a world of difference, but putting your financial information to use requires expertise.
In-house accounting is often out of reach for most startups and small businesses, which is why outsourcing your accounting services is such an attractive option. A professional firm will help take on many aspects of finance management, including payroll taxes, bookkeeping, tax prep—so you can free up more time and focus on what’s important: growing your business.
Accounting service providers can help you weigh the pros and cons of Quickbooks Enterprise vs. NetSuite, as well as explore other options. They can also help you implement your software and integrate your financial information without interrupting your business, or losing crucial information in the process,
Beyond that, they can continue to offer support and help you with key financial strategies. Once it’s time to file taxes, they can help you save money, should an audit ever arise.
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Outsourced Accounting for Business at Every Scale
At inDinero, we offer a software-agnostic perspective to help you get the best solution for your company. Our team can help you decide whether to choose Quickbooks Online vs. NetSuite, and how to use them to inform all your business spending.
We offer a broad range of pricing options so you can fit the services you need into your budget. We have transparent pricing models and customization options that will ensure you never pay for services you don’t want.
We offer total support with over 126 experts on staff with teams that specialize in industries and regions across the US. We provide an average of 50%+ tax savings when it’s time to file. Our fast onboarding process means you can take advantage of our insights within 30 days, and address your financial concerns with proven strategies and solutions.
Contact one of our experts today to learn more about choosing the right accounting software, or to find out how we can help.