Brandon, CA -- (SBWIRE) -- 09/02/2014 -- The number of small business customers converting from NetSuite to Quickbooks is increasing rapidly with NetSuite subscriptions rising upwards of $15,000 per year.
While NetSuite currently stands as the leading provider of cloud-based accounting with revenue growing from $17.7 million in 2004 to $414 million in 2013, the software powerhouse is steadily losing its customers to Quickbooks’ new online service.
Quickbooks Online, which debuted in September 2013, has provided a competitive price point that even medium and large enterprises can’t pass up with a 5-user license starting at $39.95 per month. NetSuite simply cannot compete with its 10-user implementation costing between $8,000 – $15,000 annually.
To make matters worse, NetSuite is highly dependent on revenues outside the United States. In 2013, 26% of their overall revenue was generated outside of the U.S. However, since the NSA spying scandal, foreign customers are increasingly concerned about entrusting a third party vendor in the States managing and storing their data – especially confidential and sensitive information.
“We are seeing an increasing trend in migrations from NetSuite to Quickbooks in the US and Canada. The main reason for the migrations is the cost factor,” says CIO of QuickbooksRepairPro.com , John Rocha.“Not only that, but NetSuite boosts too many features that small businesses owners just don’t need. Their primary focus is cutting costs – Quickbooks Online’s low monthly cost is just too ideal for business owners. ”
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