Making the right accounting system choice is essential to building a strong business foundation. Albeit one-size does not fit all, and with numerous accounting software available in the market, making the right choice becomes more indispensable than ever. Zoho Books and NetSuite ERP are two of the most well-known accounting platforms available today. Each stands out as a powerful contender. They both represent distinct capabilities, ranging from unique features to business-specific prices.
Before delving into these two platforms, let’s first examine the significance of accounting software. Accounting software systems are made to manage financial transactions, optimise business operations, and produce insightful reports.It empowers businesses to manage invoices and payments, track income and expenses, handle payroll, and generate financial statements. Making the incorrect software choice may hinder the company’s ability to expand.
In this article, we’ll dissect the key functionalities of NetSuite and Zoho Books and help you settle the NetSuite ERP vs. Zoho Books debate.
Let’s get started!
NetSuite ERP: An Overview
NetSuite ERP is an AI-powered, business management software that unifies various business processes in a single platform. It provides a wide range of features, including real-time insight, financial management processes, and accounting task automation.
Being an Enterprise Resource Planning (ERP) tool, NetSuite empowers businesses to handle accounting and budgeting, track inventory levels, manage stock, and customer relationship management (CRM). Additionally, businesses are able to oversee every step of their supply chain, from sourcing to delivery.
This holistic approach from NetSuite allows businesses to carry out their business operations efficiently.
Key Features
Financial Management
Transaction recording and accounts payable (AP) and accounts receivable (AR) administration are facilitated with NetSuite’s accounting solution. It allows for quick daily financial transactions while ensuring compliance, thereby expediting the entire financial close process.
It takes global financials into consideration by offering multi-currency options and abiding by international business tax laws.
Additionally, it offers diverse billing models such as usage-based, subscription, and transaction-based billing. It also provides real-time financial consolidation
Customer Relationship Management
NetSuite puts a strong emphasis on customer relationship management. It automates marketing campaigns and also tracks them from start to finish to measure their effectiveness. Not only that, but it supports sales force automation by streamlining lead management, sales forecasting, and opportunity tracking.
With NetSuite, you can easily manage your customer interactions and resolve any issues by using its advanced tools.
Multi-entity Unification
One of the most significant features of NetSuite is its business consolidation functionality. It caters to businesses with multiple entities or subsidiaries, providing intercompany transactions. Businesses with complex structures benefit from the centralized view of financial data across entities.
Zoho Books: An Overview
Zoho Books is an online, cloud-based accounting software intended to facilitate SMBs (small and medium-sized businesses). It makes system interfaces, bank reconciliation, project accounting, inventory management, invoicing, and expenditure monitoring smoother.
Key Features
Automated Invoicing
Zoho Books allows the creation of professional invoices that optimize brand value. Businesses are offered brand customization and the ability to generate multilingual invoicing. You can easily expand your business globally with Zoho Books’ multiple currency support.
Increasing efficiency is just a step away with Zoho Books. It sends timely, recurring payments with maximum automation. This enables you to reduce manual labour and save time.
Inventory Management
Zoho Books enables you to track every item in your inventory with precision, along with its levels. In addition, you can organize your items through their definition, cost, SKUs, product photos, and quantity units.
Apart from the basic features, Zoho Books also offers advanced inventory controls like packages, composite items, shipments, and bulk adjustments. Through this, businesses can ensure customer satisfaction, profitability while reducing costs.
Integration
One of the most prominent features of Zoho Books is that it integrates natively with the rest of the Zoho Finance suite. These include Zoho CRM, Zoho Analytics, Zoho Payroll, and others like project management, email, messaging, personnel management, and recruitment etc.
This integration is possible under the product Zoho One, which offers access to 40+ applications.
NetSuite and Zoho Books: How Do They Differ?
Now that we’ve thoroughly reviewed both NetSuite ERP and Zoho Books, it’s time we break down their differences and draw a comparison.
Although both NetSuite and Zoho Books are feature-rich accounting software, each provides special benefits. However, to understand how they differ, we’ll have to take a closer look. However, to understand how they differ, we’ll have to take a closer look.
Basic Accounting
NetSuite is an Enterprise Resource Planning (ERP) system, meaning it extends its services to business operations on top of handling accounting tasks. Carrying a centralized view of all business activities, it offers more advanced features using broader technology.
When it comes to accounting, Zoho Books handles the basics well. It supports features like tracking bills, generating invoices, and managing bank accounts. All in all, it handles the everyday financial tasks efficiently.
Ease of Use
Due to its greater feature set, NetSuite is inherently more difficult to understand. A wider range of functionalities makes it less user-friendly and more challenging to use.
With a clean and simple design, Zoho Books ranks higher on the scale of user-friendliness. It has a simpler learning curve and is quicker to adapt to.
Scalability
NetSuite accounting solution is made to scale. It easily adapts to the increasing complexity as your company grows in terms of data volume, operations, and users. Businesses with huge scalability potential can benefit from this software.
In contrast, Zoho Books is built for small and medium-sized enterprises. It can, however, expand as your company grows. That being said, it may not be the most ideal choice for large, complex enterprises due to its limitations.
Cost
Talking about costs, NetSuite ERP comes with enterprise pricing. The cost is determined on the particular modules and degree of customisation needed. However, the standard license costs roughly $999 a month, and each user must pay $99 for extra access.
Zoho Books, on the other hand, provides a simple, three-tiered price plan. The monthly pricing starts from $15. It also offers a 14-day free trial to help businesses understand its features and determine whether it’s the right choice for them.
Choosing the Right Accounting Platform with Techloyce
One of the top providers of specialised ERP and CRM consulting services is Techloyce. It offers consultation and integration with both Zoho Books and NetSuite ERP.
NetSuite vs. Zoho Books is a difficult decision, especially since both products provide numerous benefits. However, when choosing the right accounting platform for your business, the decision ultimately comes down to these five points:
- Make sure the solution can grow with your business.
- Ensure that the software is easy to adapt to for you and your team
- Make sure the software can handle your unique business needs
- Notice if help is available when you have questions
- Check if your financial data is secure with this software
Here is how Techloyce helps you make the right choice of accounting software for your business:
Consultation and Migration Services
Techloyce offers experienced advice on picking and installing Zoho Books and NetSuite ERP based on your individual requirements. It helps businesses optimize their use of the platform. Furthermore, Techloyce assists with data migration from other systems, like from Zoho to NetSuite and vice versa. It ensures a smooth transition with minimal disruptions.
Integration and Training
Techloyce makes it easier to integrate these two platforms with other systems. It serves as a partner for companies trying to get the most out of their investment. Additionally, it allows the integration of Zoho Books with Zoho CRM, ensuring a frictionless data flow between sales and accounting processes.
Taking it a step further, Techloyce offers training and support services to assist you in using both of these platforms effectively. It guarantees a seamless onboarding process by responding to questions, offering live help, and resolving problems.
Wrap Up
NetSuite vs. Zoho Books is not an easy decision to make. However, with the unerring understanding of your business, you can be directed towards the best solution that works for you. In the end, it depends on your company’s size, preferred pricing, usability, particular requirements, and security.
Allow Techloyce to resolve the NetSuite vs. Zoho Books debate and allay your concerns. Our team is ever-ready to help you choose the most suitable accounting software for your business.
Ready to take the next step? Connect with our experts today!
