Implementing an new ERP solution is a big undertaking that involves considerable investment, time, and planning.
Once you deploy your new ERP, you may have to live with it for a very long time. That is why it is so essential that you choose the best ERP software for your business.
Implementing an ERP system starts with determining where your business is now, where you want to take it, and how you need to get there. It involves a lot of strategic planning, and your workflows and performance will be heavily based on the solution you choose.
To make your choice easier, we have taken the guesswork out of ERP selection by comparing NetSuite with Acumatica in a head-to-head comparison.
What is NetSuite?
NetSuite is the world's #1 cloud ERP that combines CRM, marketing, financials, automation, and other business management software functions. Evan Goldberg developed NetSuite in 1998. It was first used as accounting software but quickly evolved into a full-fledged ERP solution.
In 2016, Oracle bought NetSuite for $9.3 billion. The company serves more than 16,000 customers in 200 countries. NetSuite is one of the first pioneers to launch a fully cloud-based ERP software solution.
NetSuite is strongest in the following industries:
- Retail & E-commerce
- Advertising, Media & Publishing
- Nonprofits & Social Venture
- Professional Services
- Software and SaaS
- Manufacturing
- Wholesale Distribution
What is Acumatica?
Acumatica is a latecomer to the ERP game entering the market in 2003. It offers both on-premises and SaaS solutions. Its customer base is relatively small (5,200) but growing. The company caters to small - mid-size companies.
A group of former Microsoft executives runs the company, and its goals are to move into artificial intelligence (AI) and machine learning (ML) to improve the features of its product.
Acumatica is best suited for the following industries:
- Retail & E-commerce
- Professional Services
- Software and SaaS
- Manufacturing
- Construction
- Wholesale Distribution
Features and Functionality
Each ERP offers various features and functionality. Your choice will be dependent on what matters most to you and your company. Keep in mind not all components are created equal. Even though both programs offer similar functionality, in some cases, one option may provide deeper insights and handle automation better.
Some of the features compared include:
Financial Management
The lifeblood of any company is its financials. Tight management of money coming in and going out is essential. Both NetSuite and Acumatica offer financial management options. Some of the core functionality includes:
- Accounts Receivable
- Accounts Payable
- General Ledger
- Cash Flow Management
- Tax Management
- Deferred and Recurring Revenue
- Billing
- Fixed Assets
- Payroll
- Bank Reconciliations
When comparing NetSuite with Acumatica, NetSuite does have extra financial features that Acumatica does not. Those features include:
- Multi-book Accounting for Compliance
- General Ledger Customization
- Custom Transaction Types
Additionally, Acumatica relies heavily on batch processing, whereas NetSuite does not. This allows NetSuite to deliver real-time analytics and reporting.
Inventory Management
Inventory management is essential for companies in manufacturing and distribution. NetSuite has robust inventory management capabilities allowing businesses insights to manage fixed assets efficiently. Additionally, NetSuite offers a few different depreciation options, including Last-In-First-Out (LIFO), First-In-First-Out (FIFO), average cost, average group cost, and standard costing methods. The program includes a bill of materials (BOM) module, forecasting, barcoding, and demand planning features.
Acumatica does not offer the LIFO costing model, but both systems support materials resource planning (MRP) upon request.
Supply Chain Management
Both software packages support supply chain management, but NetSuite has additional features that are lacking in Acumatica. Comparing features for supply chain management include:
NetSuite Supply Chain Management Features
- Order Management
- Production Management
- Inventory Management
- Procurement
- Warehouse & Fulfillment
- Demand Planning
- WIP & Routing
- Work Orders & Assemblies
- Shop Floor Control
- BOM Maintenance
Acumatica Supply Chain Management Features
- Order Management
- Inventory Management
- Procurement
- Warehouse & Fulfillment
- Requisition Management
- Human Capital Management
International Operations Features
For global companies, international management features are critical. NetSuite includes those as part of its core functionality, including the ability to work with 190 currencies and 27 different languages.
With Acumatica, you would need to perform currency conversions manually. Their system includes some rudimentary local translation tools, but they are insufficient for most companies.
NetSuite can easily handle multi-locations and legal entities within a single solution. This is crucial for international companies, which must comply with the U.S. generally accepted accounting principles (GAAP) and the international financial reporting standards (IFRS).
Customer Resource Management (CRM) Features
The CRM features of both Acumatica and NetSuite are comparable, including marketing campaign features, sales force automation, prospect tracking, and customer self-service.
Project Management
Both solutions offer project management features, cost tracking, billing, and time and expense management. However, NetSuite also provides a professional services automation (PSA) module for resource management.
Human Capital Management Features
Although Acumatica offers payroll processing as part of its core functionality, all other human resource functions rely on third-party offerings.
NetSuite includes payroll as well as standard human capital management features such as:
- Human Resources Management
- Employee Onboarding
- Vacation Scheduling
- Employee Directories
- Payroll
Analytics and Reporting
Both ERP solutions offer analytics and reporting, but Acumatica is limited in how far you can customize reports. You will need to hire developers to code new features for most customized reports. Additionally, Acumatica's architecture negatively impacts reporting by restricting reports to high-level figures rather than allowing a seamless drill-down. The batch processing also affects the system’s ability to report in real-time.
NetSuite stores all transactions in a single database, making it efficient and easy to pull data in real-time. Additionally, you can drill down within a customer account to see all their transactions in a single view. It provides a much better user experience.
Retail & E-Commerce Features
Although both companies support retail and e-commerce functions, NetSuite offers more robust features like:
- Point of Sale
- Mobile Point of Sale
- E-commerce
- Order & Inventory Management
- Product Content Management
- Marketing Automation
When Acumatica's features are compared with NetSuite, they pale in comparison. Acumatica's retail and e-commerce features include the following:
- Point of Sale
- Mobile Point of Sale
- E-commerce
- Order & Inventory Management
- Marketing Automation
Partner Ecosystem
Both Acumatica and NetSuite have rich partner ecosystems with a diverse selection of resellers you can use to implement and extend your systems.
NetSuite relies on its SuiteApp marketplace, which offers 570 add-on applications built by NetSuite or partners to extend the core system's functionality. They also have an extensive network of solution partners with whom customers can work closely.
Acumatica relies solely on partners for implementation and customization, and they have a network of more than 250 providers.
Pricing Options
Regarding pricing, Acumatica offers the flexible option of paying for "only what you need." That means you need to know precisely what functions you will use and approximately how many monthly transactions. This model offers flexibility but can be confusing if you are new to ERP solutions.
NetSuite has a straightforward pricing approach where you can purchase directly through NetSuite or through a partner/reseller. Pricing varies based on users and modules chosen.
Support Options & Training
Support is handled differently for both vendors. NetSuite offers support and training options directly or through its resellers.
Acumatica only offers training and support through its partners, which is very rare.
Deployment
NetSuite and Acumatica offer cloud-based deployment. Acumatica also provides on-premises and hybrid options.
NetSuite uses a software-as-a-service (SaaS) infrastructure for cloud deployment offering greater security, scalability, reliability, and performance.
Integration/Customization
NetSuite is a cloud-based software that uses JavaScript, which is easily customized and extensible. Customers can use dozens of application programming interfaces (APIs) to create customizations for NetSuite. Additionally, the software offers SuiteTalk, NetSuite’s SOAP-based web services platform for easy integrations, and SuiteBuilder for point-and-click customization of forms.
Acumatica is built upon its proprietary xRP Cloud Platform using REST and SOAP-based web services with support for the .NET framework, ASP.net, Microsoft’s Visual Studio, and C#.
Which ERP Solution is Best for You?
Determining the best ERP solution for your company is not always quick or easy. It can take time, and the process can be complex, especially if you are new to these unified systems.
You may want to consider partnering with a reseller to help guide you through the process, determine your specific company and industry needs, and implement your chosen solution.
Additionally, working with a reseller means they could help you with any customizations you need. Many of them have already developed unique industry-specific applications to complement your installation. They can integrate your software with other third-party programs for seamless connectivity.
They can also offer you long-term support and customized training options for your entire team. Working with a reputable reseller is typically the best way to implement an ERP system.
Working with Threadgold Consulting
Threadgold Consulting is the leading Oracle NetSuite partner in Singapore and the UK. We have years of experience helping businesses like yours implement a new ERP solution. We have a team of experts that cover everything from business strategy to technical expertise and development options.
We are here to help you. Contact us today to discuss the best ERP solution that fits your business needs, goals, and budget.
