Our goal is to do the best independent research possible at zero cost to our readers. When you buy through our links, we may earn a commission. If you found this guide useful, please consider signing up through our link. Learn more
NetSuite is a full enterprise resource planning (ERP) tool, so you can do much more than just accounting. In addition to accounting, NetSuite offers inventory, warehouse, and supply chain management and order management. A tool like NetSuite won’t make sense for your eCommerce business until your revenue reaches around $50M+ a year. You can get by with our recommended accounting tools QuickBooks or Xero until then. These tools aren’t ideal for Enterprise size businesses but are surprisingly scalable.
One user said, “They make the hard things easy, and the easy things hard”, and we think that perfectly encapsulates the software. So you lose features like automatic bank feeds, but gain features like complex inventory tracking. It also has user permissioning and audit capabilities that far exceed our recommended tools. It’s also insanely expensive. The transition will likely be painful as well, so we recommend companies don’t wait too long before making the switch.
NetSuite was founded in 1998 by Evan Goldberg, who had previously worked at Oracle. Goldberg recognized that legacy client-server accounting software was inadequate for modern web-based businesses. He envisioned a cloud-based system that could provide integrated business management software. Along with his team, Goldberg spent two years developing the initial version of NetSuite, which launched in 1999 as the first software-as-a-service (SaaS) financial management system. NetSuite's cloud-based model allowed businesses to access its tools over the internet, without having to install software locally. This innovation enabled smaller companies to affordably manage key business processes like accounting, inventory, and CRM on an integrated platform. NetSuite has continued to grow and expand its product offerings over the years, and has become a leader in cloud ERP solutions.
NetSuite pricing 💰:
NetSuite’s pricing isn’t public, but beware, it’s expensive. Really, really expensive. Annual contracts typically start at $50k and scale up from there. Yes, it has more features than a Quickbooks or a Xero but at a price that matches.
Also keep in mind that along with the annual cost of the software there will be an expensive integration process.
Additionally, you will pay more for additional modules, additional seat licenses, and ongoing support.
This is a tool for the big boys and priced to match.
NetSuite is a full enterprise resource planning (ERP) tool, which offers accounting software in addition to inventory, warehouse, and supply chain management and order management solutions.
Is NetSuite like QuickBooks?
NetSuite is a full ERP (Enterprise Resource Planning) tool whereas QuickBooks is primarily an accounting software. NetSuite is targeted towards Enterprise size customers whereas QuickBooks is targeted towards Small and Medium sized businesses. With third-party applications QuickBooks can mimic some NetSuite features, but it does not have the robust features that NetSuite does for Enterprise size companies. NetSuite has much better user controls and audit trails that become important as a company scales.
Can you convert QuickBooks to NetSuite?
Yes, NetSuite can import QuickBooks data, but there will be a time consuming and expensive transition process. It is a fairly common occurrence that companies scale from QuickBooks to NetSuite, so there are lots of resources with expertise on the transition, but it wont be cheap or quick.
Signup for our email ✉️
Receive email updates when we drop a new guide.
Awesome! You're signed up!
Oops! Something went wrong while submitting the form.