By: Meredith Schultenover [firstname.lastname@example.org]
Managing Director, Kraft Enterprise Systems, LLC
At Kraft, we have been selling, implementing, and supporting business software solutions for more than 20 years. We have experience with multiple products and pride ourselves on partnering with software publishers offering the best solutions on the market for our clients. We are constantly evaluating new solutions as they come on the scene and watching existing solutions as they evolve. A few years ago, when we were deciding which cloud product to support, we looked closely at both NetSuite and Intacct. After evaluating many factors, our team chose to partner with NetSuite and we haven’t looked back. NetSuite is the cloud ERP solution that we have been supporting for many years. We have helped many fast-growing companies implement NetSuite as a fully integrated solution to run their entire business.
When we are meeting with prospective clients, we are often asked how NetSuite compares to Intacct.
Key Functional Similarities
NetSuite and Intacct are both cloud-based accounting software packages. Both products provide functionality that is more powerful and “feature rich” than small business accounting systems like QuickBooks. Both packages incorporate features that are critical for accounting professionals in businesses with complex organizational structures, international locations, and multi-faceted reporting needs. However, according to our research, that is where the similarities seem to end.
Key Functional Differences
Intacct is a stand-alone accounting system. NetSuite is not only a full-service accounting, CRM, ERP, E-Commerce, and HR suite, it is also a technology platform.
In order to get features beyond accounting with Intacct, companies must purchase software from other companies and integrate that software with their Intacct solution. Intacct users must engage in payments and relationships with multiple software publishers and consulting firms to manage this ‘plug and play’ type of implementation. Since multiple products are needed, although they may all integrate, Intacct users cannot get a 360-degree view of their business in one place. This 360-degree view of a single solution is a big differentiator for NetSuite vs “best of breed” multiple product solutions like Intacct. Companies that no longer wish to manage multiple third-party products with multiple integration points and multiple licensing contracts are moving towards NetSuite. These companies have found that the NetSuite ERP solution can fully integrate, not only CRM and their back office accounting, but also their human resource, inventory, distribution, warehouse, manufacturing, and e-commerce platforms.
At KES, we have seen from experience that customers are surprised to see the actual cost to integrate 3rd party applications with Intacct, as compared to NetSuite. NetSuite does allow easy integrations should companies decide to keep a specific third-party product, but in most cases, this is no longer necessary. NetSuite has been investing heavily in R&D and continues to add features and modules to the product.
In addition, a key differentiating value-add that NetSuite provides over Intacct is scalability. According to NetSuite, their records indicate that in the past couple of years, companies have replaced Intacct over 40 times with NetSuite. In early stages, Intacct appeared to meet their needs and for the right price. However, two to three years down the road they found Intacct was unable to support their changing needs or their growth strategy.
Company Growth and Investment
Intacct was founded only one year after NetSuite. Intacct is still a private company, with roughly 12,000 customers. NetSuite runs the business of more than 40,000 companies, organizations, and subsidiaries in more than 100 countries. NetSuite went public with an IPO and was recently purchased by Oracle. With the recent Oracle acquisition of NetSuite, Oracle CEO, Mark Hurd, stressed Oracle’s large cash position and pledged an even larger investment in R&D for the NetSuite product, stating “NetSuite’s best days are ahead of it, not behind it!” (SuiteWorld Keynote April, 2017, Las Vegas)
We have found that NetSuite is an investment in a broader set of capabilities that allows businesses to scale infinitely while most business will meet roadblocks with Intacct unless they invest in costly integrations or third-party products. We also practice what we preach and use NetSuite as our internal ERP and CRM application.
At KES, we are still proud of our decision to partner with NetSuite and look forward to many great years ahead. If you are interested in learning more about NetSuite, please don’t hesitate to contact us for a free consultation to see if it might be a fit for your business.