We'd like to proudly introduce a new weekly series on our blog:
There is a vast number of options to assist your business management needs and most of it depends on your unique processes so for the foreseeable future we will have the Thursday Throwdown to help bring understanding and transparency to the masses regarding what software is available categorically and how each offering sizes up against one another.
In this edition of the Thursday Throwdown, we'd like to highlight the features and functionality of the accounting suites offered by both Netsuite and Acumatica Cloud ERP.
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OVERVIEW
Acumatica's Project Accounting Suite manages budgeting, inventory, time sheets, billing, profitability, and reporting for individual business initiatives. It enables users to create projects that are included in company-wide financial reports. The suite features are integrated with the general ledger, accounts payable, accounts receivable, sales orders, purchase orders, inventory management, and the employee portal.
NetSuite's Financial Management Suite accelerates financial visibility, provides strong expense management, offers streamlined and auditable revenue management and ensures complete real-time visibility into the financial performance of the business. NetSuite financial management seamlessly integrates with all NetSuite order management, inventory, CRM and ecommerce functions to streamline critical business processes, such as quote-to-cash, enabling everyone to work from a single source of finance, sales and customer data.
Round One: ACCOUNTING
- Accounts Payable (A/P)
- Accounts Receivable (A/R)
- Audit Trail
- Depreciation
- General Ledger
- Multi-Currency/Int'l
- Accounts Payable (A/P)
- Accounts Receivable (A/R)
- Audit Trail
- Depreciation
- General Ledger
- Multi-Currency/Int'l
- Time & Expense Management
Here Netsuite pulls ahead in the feature list with their Time & Expense Management module.
Round Two: BILLING & INVOICING
- Automated Transactions
- Contact Management
- Credit Card Processing
- Recurring Billing
- Automated Billing
- Automated Transactions
- Credit Card Processing
- E-commerce
- Invoices
- Purchase Orders
- Recurring Billing
Once again, Netsuite wins functionality in this category by including Automated Billing, E-commerce, Invoices and Purchase Orders.
Round Three: Reporting
- Balance Sheet
- Budgeting & Forecasts
- Cash Flow Statement
- Custom Dashboard Reports
- Depreciation Schedule
- Profit & Loss Statement
- Sales Reports
- Sales Tax Report
- Balance Sheet
- Budgeting & Forecasts
- Cash Flow Statement
- Depreciation Schedule
- Profit & Loss Statement
- Vertical & Horizontal Analysis
Acumatica sets itself apart by offering Custom Dashboard Reports, Sales Reports, Sales Tax Reports while Netsuite includes a Vertical & Horizontal Analysis that Acumatica lacks.
Round Four: FIXED ASSETS
- Depreciation Schedule
- Depreciation Tracking
- Fixed Asset Tracking
- Depreciation Schedule
- Depreciation Tracking
- Fixed Asset Tracking
Here we have an even match!
Round Five: WORKFLOW FEATURES
- Automated Journal Entries
- Bank Reconciliation
- Batch-Posting
- Bank Reconciliation
Acumatica pulls ahead with the Automated Journal Entries and Batch Posting features.
Round Six: TAX FEATURES
- 1099 Support
- Auto-Tax Calculator
- Business Activity Statements
- Multiple Sales Tax
- VAT
- W-2 Support
- Multiple Sales Tax
Acumatica really brings it with 1099 Support, Auto-Tax Calculator, Business Activity Statements, VAT calculation and W-2 Support while Netsuite only offers Multiple Sales Tax, a feature also offered in the Acumatica suite.
Round Seven: Add-On Modules
- Customer Relationship Management (CRM)
- Inventory Management
- Supply Chain Management
- Customer Relationship Management (CRM)
- E-commerce
- Inventory Management
- Payroll
- Supply Chain Management
While both offer the main 3 add-on modules, Netsuite wins this round with E-Commerce and Payroll modules available.
SHOWDOWN SUMMARY
After the seven match up categories above, it is safe to say that BOTH Acumatica and Netsuite offer many features beneficial to a business accounting suite, but ultimately the choice must be down to the business and the specific needs that need to be met with the functionality of one or the other.
NetSuite commits customers to ongoing operational expenditures... forever! Acumatica allows you to switch licensing models as your needs change. If you buy a license, you can stop maintenance payments and still use the software.
Acumatica allows you to switch between SaaS and an on-premise deployment so you control where you run your software and where your data is. NetSuite provides only one option - in their datacenter, under their control.
Both Netsuite and Acumatica have integrated ERP and CRM modules. But Acumatica goes one step further by providing better options to integrate with existing on-premise systems. We can help you access the source code and make changes using Acumatica's web-based tools or standard development tools such as Microsoft Visual Studio.
Aside from all of the above, there are numerous other factors that go into a choosing which Cloud ERP option is right for your business so please let us help with any questions you may have. We'd be happy to get you more information or a quote!
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