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What are the differences between Xero and NetSuite?

As a small business owner when you’re growing at a rapid pace, it can be hard to keep up with everything. You might find that your processes are becoming inept, your employees are overworked utilising manual spreadsheets and workarounds to get things done due to the limitations of the existing systems.

Then you find that your customer service is starting to slip. One solution is hiring more people to manage the demand and operational bottlenecks, like more sales, accounting, and warehouse staff to compensate for your disparate inefficient systems.

But you are under a lot of time pressure. As companies grow and prepare for the future, they find that the complexity of managing their sales and operations is increasing and limiting entry-level software packages become a daily frustration, like

  • You are using an older system version that is no longer supported when your contract expires.
  • Your current software prevents growth.
  • Legacy systems prevent you from acquiring new companies or improving current processes so that management can increase demand.
  • Your business model is changing but your existing processes and procedures cannot be aligned to the new business strategy.
  • You’re not managing your data well and you don’t know how to use it to your advantage.
  • Employees are stretch, and so are your resources, such as the company knowledge of best practices
  • You have a poor company culture with frustrated employees.
  • You may even be losing employees.

While products like MYOB and Xero offer excellent accounting software functionality, NetSuite’s SuiteSuccess Starter is an ideal solution for growing businesses to move to a standalone accounting package that provides features to optimise inventory management, on-demand planning, work assignments, and more.

What are the differences between Xero and NetSuite?

There is a difference between Xero’s capabilities and NetSuite. While both are often considered among the best online accounting solutions in the world, their scope and objectives are very different. Xero aims to solve daily accounting and is not part of a larger package. NetSuite ERP, on the other hand, is part of a comprehensive integrated suite that integrates a cloud-first ERP system and CRM more cost-effectively than accounting software.

Like Xero accounting software, NetSuite SuiteSuccess Financials offers a full range of accounts payable and liability accounting, integrated banking, bank reconciliation, billing, accounting, expense tracking and reporting, tax management, payroll, budgeting, and forecasting. However, it covers a wider range of functionality than just CRM, like e-commerce, project management, business intelligence, job order and field service management, to name a few. NetSuite’s Starter Edition revolutionises the way small and medium-sized enterprises approach upgrading from an entry-level accounting system.

Is it easy to use?

Whether you’re a novice in the field of accounting or a seasoned pro, like a payroll manager, the tool you choose should fit your needs. There is little point in choosing one software over the other unless the features and ease-of-use are a match. In other words, great software (depending on your needs) will have one, if not both, of the following attributes:

  • Easy – Either one is fairly hassle-free but NetSuite has a few extra bells and whistles added for enterprise users.
  • Scalable – NetSuite offers a more scalable option than Xero’s add-on accounting capabilities.

Perhaps most importantly, NetSuite’s integration with Quickbooks and Salesforce, along with many other apps, allows for easy invoicing, sales orders and data migration, making the accounting process easier to view in real-time from one dashboard. This strategic financial management functionality is vital to your growing business. While both Xero and NetSuite offer their own accounting solutions, the key differences between these two systems lie mainly in how they function.

How will it help my business scale and grow?

The most important thing to focus on when you start a business is creating a scalable business model. You want to be able to scale your business in an effective manner and have your software support your growth. The best way to do this is to implement software that’s already scalable. A flexible, scalable system is vital to allow the business to adapt to changing needs of the business. Since NetSuite is cloud-based, your business is able to deploy it quickly and with a minimal number of overheads.

NetSuite’s entry level Starter Edition is comparable in cost to Xero with add-on’s and is easy to upgrade from Starter or Standard Edition to Premium Edition if you need more advanced features as your business grows. This can be achieved simply with a push of a button and without going through a new implementation process or having to pay another implementation fee. Modules can be turned on and off as required by your expanding business.

ERP software scalability is critical to long-term success. As your team grows, you will need access to data in real-time to make critical business decisions. When businesses grow, an ERP solution needs to be able to grow with them. This means not only handling new markets and new products, but also handling exponential increases in workload, transactional volume, and data. NetSuite is a unified platform that can handle the increase of information, provide your growing business with one simple solution and give you actionable insights.

NetSuite SuiteSuccess Cloud Success

For 20 years Oracle NetSuite has been a global leader in cloud ERP for many industries including manufacturing, wholesale distribution, food and beverage, non-profit, to name a few. Leading companies in their industries use cloud technology because it provides real-time information and access to the world for a better end-user experience. The solution is out-of-the-box, and the NetSuite’s editions feature best practices for growing small businesses that include custom dashboards, roles, workflows, and more. This is where cloud technology really takes hold.

NetSuite’s SuiteSuccess is designed to grow businesses to upgrade legacy systems across industries, as it is tailored as a standard business management platform. Instead of hours of implementation and scripting to bundle an account the first day, customers and implementation partners can concentrate on loading customer and supplier items, as well as inventory data into SuiteSuccess platform quickly without having to build the platform from scratch. This fast implementation model is possible due to the leading practice in setting up the platform.

NetSuite Cloud ERP has dominated the cloud ERP space for over 20 years. By combining insights from thousands of implementations, they have leveraged this information and built on industry practices such as charts, account reports, dashboards, roles, and custom information to provide an accounting platform for business across many different industries to grow organically.

Your business can finally get the functionality of the big companies with OneKloudX’s help. If you’re facing any of these challenges, or you’ve outgrown your accounting software, then contact the OneKloudX team on info@onekloudx.com.au or 1800 155 683 to talk to a Senior NetSuite Consulting Team Member.

 

If you’ve got questions, the OneKloudX NetSuite team will answer them
in a 30 minute free discussion.

 

Still unsure? Not ready yet to talk to us?
You can learn more by downloading this whitepaper
Has Your Business Outgrown Xero?