NetSuite Vs. QuickBooks (2024 Comparison) (2024)

Although both NetSuite and QuickBooks are popular accounting software programs, they each have their own strengths and weaknesses. QuickBooks is better suited for small businesses that have a limited number of transactions, while NetSuite is a more robust system that can handle a higher volume of transactions and it can scale to meet the needs of larger businesses.

General Ledger

Both NetSuite and QuickBooks offer a general ledger for managing your company’s financial records. This includes recording financial transactions, creating financial reports and analyzing financial data. NetSuite’s general ledger allows for greater flexibility and customization, while QuickBooks offers a simpler and more straightforward approach.

Cash Management

NetSuite and QuickBooks include cash management features, allowing you to track your cash flow, reconcile bank accounts and manage expenses. NetSuite’s cash management tools are more comprehensive, offering real-time cash visibility and forecasting, while QuickBooks offers a simpler approach with easy-to-use bank reconciliation tools.

Accounts Receivable

Both NetSuite and QuickBooks have accounts receivable capabilities, allowing you to create invoices, track payments and manage customer accounts. NetSuite’s accounts receivable tools offer greater automation and customization, allowing you to set up payment terms, automate billing and manage collections. QuickBooks offers a more straightforward approach with easy-to-use invoicing tools.

Accounts Payable

NetSuite and QuickBooks also offer accounts payable features, allowing you to manage vendor bills, track expenses and make payments. NetSuite’s accounts payable tools offer greater automation and customization, allowing you to set up payment terms, automate approval workflows and manage payments across multiple currencies. QuickBooks offers a simpler approach with easy-to-use bill payment tools.

Tax Management

Both NetSuite and QuickBooks include tax management tools, allowing you to calculate and manage sales tax, as well as handle payroll taxes. NetSuite’s tax management tools offer greater automation and customization, allowing you to calculate tax automatically, manage tax schedules and generate tax reports. QuickBooks offers a simpler approach with easy-to-use tax calculation tools.

Close Management

NetSuite and QuickBooks offer close management features, helping you to streamline the financial close process and ensure compliance with accounting standards. NetSuite’s close management tools offer greater automation and customization, allowing you to automate the close process, manage period-end close and generate close reports. QuickBooks offers a simpler approach with easy-to-use period-end tools.

Fixed Assets Management

NetSuite offers fixed assets management, allowing you to track and manage the value of your company’s fixed assets over time. This includes managing depreciation, tracking asset values and generating asset reports. QuickBooks does not have this capability.

Payment Management

Both NetSuite and QuickBooks offer payment management features, allowing you to manage and process payments to vendors and customers. This includes creating payment schedules, tracking payment status and generating payment reports. NetSuite’s payment management tools offer greater automation and customization, allowing you to automate payment workflows and manage payments across multiple currencies.

Time Tracking

Both NetSuite and QuickBooks have time tracking capabilities, allowing you to track employee hours, manage time off and process payroll. This includes creating time sheets, tracking time spent on specific tasks and generating time-based reports. NetSuite’s time tracking tools offer greater automation and customization, allowing you to automate time-based workflows and manage employee time across multiple projects.

Inventory Management

Both NetSuite and QuickBooks offer inventory management features, allowing you to track inventory levels, manage purchase orders and fulfill orders. This includes tracking inventory levels in real time, managing inventory across multiple locations and generating inventory reports. NetSuite’s inventory management tools offer greater automation and customization, allowing you to automate inventory workflows and manage inventory across multiple channels.

Cash Flow

NetSuite and QuickBooks offer cash flow management features, allowing you to track your company’s cash inflows and outflows, predict cash needs and make informed financial decisions. This includes creating cash flow projections, monitoring cash balances and generating cash flow statements.

Project Profitability

Both NetSuite and QuickBooks have project profitability capabilities, allowing you to track project costs, revenue and profitability. This includes tracking project expenses, creating project budgets and generating project profitability reports. NetSuite’s project profitability tools offer greater automation and customization, allowing you to automate project workflows and manage project profitability across multiple projects.

Mileage Tracking

NetSuite and QuickBooks offer mileage tracking features, allowing you to track and manage employee mileage expenses for tax and expense reporting purposes. This includes tracking mileage expenses, generating mileage reports and calculating mileage reimbursem*nt amounts.

Payroll

QuickBooks offers built-in payroll features, allowing you to process payroll, manage employee data and generate payroll reports. NetSuite does not have built-in payroll capabilities, but Netsuite’s SuitePeople Payroll System is available at an additional cost. They also offer integrations with third-party payroll providers.

Workflow Automation

Both NetSuite and QuickBooks offer workflow automation features, allowing you to automate repetitive accounting tasks and streamline financial workflows. This includes creating workflow rules, automating approval processes and generating automated notifications.

Batch Invoices and Expenses

QuickBooks offers batch invoicing and expense management features, allowing you to create and send multiple invoices and expense reports at once. NetSuite offers expense management capabilities through its Netsuite Expense Management product, but that comes at an additional cost to the main version of the platform.