A Quick Comparison Of The NetSuite Competitors | Elevate2

A Quick Comparison Of The NetSuite Competitors

By the team at Elevate2 | 27 Aug 2021
8 min read

A high-level comparison guide to highlight the strengths of NetSuite against some of its closest and well know rivals on the market.

NetSuite is regarded as the first cloud-based software company established and is one of the most highly regarded brand names when it comes to ERP systems. This ‘true cloud’ functionality is what sets NetSuite apart from its competitors. It has been designed with scalability and adaptability in mind, it grows with your business whilst giving you real-time visibility across the entire organisation from a single suite.

The founding of a cloud-based ERP software gave NetSuite various advantages over the out-dated on-premises solutions, with the most obvious being:

  1. Multi-tenant architecture
  2. Ease of access to the system anywhere, anytime
  3. Options to add and scale back licenses to match company growth

The ability to grow and support regional or even global expansion is a particular strength of NetSuite. It has many features that allow this, including:

  1. Financial consolidation between multiple subsidiaries
  2. Supports 190 currencies and 20 languages
  3. Tax calculation in more than 100 countries and customer transactions in more than 200 countries

All the above means if you’re looking for a true cloud ERP software for your growing business, NetSuite should be the choice you turn to.

However, you might have heard of different alternatives to NetSuite and be wondering “which is the most suitable for my business?”. Below we have pulled together a quick, high-level comparison of some of the most widely encountered NetSuite competitors. By showing you relative strengths of NetSuite with its closest competitors we hope to show you which would work best for your unique business needs.

Oracle NetSuite vs Intuit QuickBooks

QuickBooks is often an accounting software first reached for by smaller business and startups. The cloud-based solution offers a range of basic features that are designed to help manage financial needs such as payroll, sales and inventory. It does still offer an on-premises alternative, but third-party integrations would be needed to add any advanced features to the account software.

However, it remains basic when compared to NetSuite’s full ERP software which includes features to support business functions beyond financial management. Just some of the features NetSuite showcases which QuickBooks does not:

  • Multi-language, multi-subsidiary, multi-currency
  • Fixed asset and lease management
  • Account payable/receivable
  • Recurring billing
  • General Ledger
  • Revenue recognition

Therefore, while QuickBooks might draw you in due to its lower price point (particularly for small businesses and startups), you will find it much easier to scale and grow by investing with NetSuite from the off. Don’t put a cap on your potential!

Choosing between QuickBooks & NetSuite

QuickBooks – if you’re just starting out with your business and have yet to cement future plans.

NetSuite – if you have a concrete plan for future growth and want a solution to support and scale with your business.

 

Oracle NetSuite vs Xero

Xero is a software-as-a-service (SaaS) accounting software, which is why it is often compared to NetSuite. Xero is another affordable solution for small businesses and startups that need basic financial management features.

Unlike QuickBooks, Xero does offer similar accounting capabilities and features to NetSuite, including:

  • Invoicing and billing
  • Payroll
  • Inventory management
  • Expense tracking

However, Xero has system limits on the number of invoices, purchases bills, transactions and contacts it can manage. If your business needs to generate more than the limits in place performance can be negatively affected and some features and reports may be diminished. Xero also begins to struggle when organisations look to expand into multiple territories as it cannot manage multi-subsidiary company structures with multiple currencies in a single solution.

NetSuite therefore can easily distinguish itself from Xero as it not only grows with your business, able to manage multiple subsidiaries and currencies but its financial management is part of a comprehensive suit that combines ERP with CRM, e-commerce, HR and other features.

Frequently businesses are seen to outgrow Xero when pursuing a strategy that grows cross-region and require an ERP who can keep up.

Choosing between Xero & NetSuite

Xero – if you need a cloud-based software that supports regional expansion at a lower price.

NetSuite – if you need a cloud-based software that combines accounting with other core business functions that will support growth goals beyond regional expansion.

 

Oracle NetSuite vs Sage Intacct

Sage Intacct is designed to be the “best in class” SaaS accounting software for SMEs needing support with their finance functions. It does have ability that go beyond core financial requirements such as:

  • Order Management (supply chain and warehouse management)
  • Inventory management (supply chain and warehouse management)
  • Timesheet management (professional services automation)
  • Billing (professional services automation)

Despite the added functionality Sage Intacct offers, it does not support any languages other than English and struggles to expand with companies who will often confront limitations with its functionality. NetSuite supports 27 languages, more than 190 currencies and will continue to grow with your business with a full-service ERP solution.

NetSuite provides a solution much more suitable for fast-growing businesses, particularly those that are targeting IPOs and need more advanced functionality and scale. Companies with international operations or aspirations also find NetSuite as the #1 solutions thanks to its multi-language, multi-currency and multi-subsidiary management features.

Choosing between Sage Intacct & NetSuite

Intacct – if you need a robust accounting and management capability in the cloud.

NetSuite – if you require a full cloud ERP solution with functionality for all core business functions that can be scaled for fast-growing business with an expansion strategy.

Oracle NetSuite vs Salesforce (Financial Force)

Both NetSuite and Salesforce are pioneers in the SaaS field but trying to compare the two can be difficult. Salesforce was designed and built as a dedicated Customer Relationship Management (CRM) software, while NetSuite is a full ERP system that combines CRM functionalities.

As a step towards providing a more complete ERP solution Salesforce acquired FinancialForce, intended to provide ERP capabilities for Salesforce’s large user base. However, it suffers from more limited features focusing on financial management and professional services automation. NetSuite on the other have an extensive list of modules all built within one suite, just some of the core business process these support:

  • Financial Management
  • Supply Chain Management
  • Professional Services Automation
  • Human Resources
  • Inventory and Order Management
  • Customer Relationship Management

For the reasons mentioned above FinancialForce appeals primarily to existing Salesforce customers, particularly those who operate in the professional services sector and do not require robust ERP capabilities.

NetSuite was developed as a software to manage core business functions from one unified business management suite. It goes beyond ‘just an ERP/CRM’ and enables business leaders to have real-time access to information across the organisation.

Choosing between Salesforce & NetSuite

Salesforce – if your committed to Salesforce and do not require a full, scalable ERP feature.

NetSuite – if you need robust ERP capabilities and best-of-breed SaaS financial management.

 

Oracle NetSuite vs SAP Business One

SAP Business One and NetSuite have long been rivals with both applications established in the mid-to-late 1990s. SAP Business one is targeted at smaller businesses who are looking for a single, affordable solution to manage accounting, financial and other business functions.

Unlike NetSuite, which is a true cloud-based solution, SAP Business One has on-premises and cloud options potentially limiting its remote accessibility. Customer’s ability to upgrade and apply customisation can also be limited by SAP Business One as licence agreements permits them to make changes to the code.

Both NetSuite and SAP Business One have their benefits. If you’re looking for a simple ERP application withy reporting and workflow management capabilities, then SAP Business One may be the better option. But arguably NetSuite is the more powerful and effective application as it contains greater functionality, better and more add-ons and integration, and has the advantage of being completely cloud-based.

Choosing between SAP Business One & NetSuite

SAP Business One – you’re committed to SAP technology and have less need for real-time international multi-subsidiary consolidation and reporting.

NetSuite – if you need (or will need) real-time international multi-subsidiary consolidation and reporting because of the growth plans you have for your business.

 

Oracle NetSuite vs Microsoft

Microsoft emerged as a strong competitor for Oracle in the cloud ERP marketing with Microsoft Dynamics 365. It is a comprehensive suite of business solutions which businesses can integrate and implement to solve specific needs.

These range from application tailored for SMEs to those appealing more to larger organisations that target specific functionalities such as Financials, Customer Service and Supply Chain Management. As a Microsoft product Dynamics 365 enjoys easy integration with other Microsoft products such as Office 365, Teams and SharePoint.

If your business already relies heavily on Microsoft products, Dynamics 365 might be the immediate solution that comes to mind. However, it was built upon legacy software that began as on-premises solutions and rebuilt for cloud delivery.

Therefore, when it comes to true cloud-based business management software NetSuite has a significant advantage. NetSuite was built from the very beginning as a SaaS solution; it was the first true cloud ERP software available. Its maturity in this field gives it the advantage of more advanced cloud features which include:

  • Supporting business’s multi-national operations
  • Intercompany accounting capabilities
  • Tax and compliance capabilities in more than 20 countries

Choosing between Microsoft Dynamics 365 One & NetSuite

Microsoft – your business already uses other Microsoft products.

NetSuite – advanced cloud technology with quick deployment, real-time visibility and reporting, and supporting multi-national operations are important for your business needs.

Why NetSuite is the clear winner for your business

With a growing trend of established names joining cloud-based business management software it can become confusing to solidify which option will work best for your business. However, having been established in 1999 as the first ever true cloud-based ERP software platform in the world, NetSuite offers the more mature solution with more features and greater scalability.

NetSuite gives businesses a competitive advantage, able to scale and grow with their business. It integrates business data into one unified suite, making key business decisions both easier and faster to make – driven from one complete truth.

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