CEO and Founder of Kruze Consulting
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Netsuite is not a good solution for a small startup as the implementation and maintenance costs are huge ($100K+ per year!) Your money is far better spent on attracting and retaining both talent and customers. Start with Quickbooks Online, then move to Netsuite when you’re a 100+ employee company.
Netsuite is an ERP (Enterprise Resource Planning) tool. It manages your accounting, reporting, supply chain, procurement, and much more. It’s many times more powerful than QBO (Quickbooks Online).
Netsuite is used by many Fortune 500 companies as well as private SMBs. Later stage startups like Atlassian, Twilio, and Zendesk are users. You should consider moving your startup to NetSuite if you meet any one of the following criteria:
Onboarding costs can be between $25,000 - $100,000. Monthly recurring costs will vary depending on whether you go directly or with a BPO partner like Kruze. If you go directly through a Netsuite sales rep, you’ll be quoted ~$50,000 per year. If you go through the Kruze BPO preferred pricing, we will charge ~$5,000+/year.
If your startup matches the criteria above, aim for making the switch at a quarter-end completion date (3/31, 6/30, 9/30, 12/31) and give yourself plenty of cushions.
An aggressive timeline is at least 3 months, but a more moderate timeline is 6 months. Under an expedited program that Netsuite offers called “Suite Success,” many industry-specific setups come pre-configured. Even with this expedited configuration, a three months implementation is standard. “’Zero to Cloud’ in 100 days” is the company’s promise.
In the cloud, on your browser.
Other ERP solutions that we’ve seen successfully used by startups includeIntacct, and smaller startups can often get by with QuickBooks Online and Salesforce. Netsuite competitors for startups include:
We typically recommend QuickBooks as theaccounting software that most startups should start with, and then recommend startups switch to Netsuite when they match the criteria we’ve outlined above. If you are our client, we’ll recommend an ERP solution when the time comes - but until then, we suggest staying with the more affordable, and simpler to maintain, QuickBooks.
Categories:Bookkeeping Startup Accounting Expense Management
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