Aims. We investigate accretion models for the newly discovered pulsating ultraluminous X-ray source (ULX) NGC 300 ULX1 Methods. We analyzed broadband XMM-Newton and NuSTAR observations of NGC 300 ULX1, performing phaseaveraged and phase-resolved spectroscopy. Using the Bayesian framework we compared two physically motivated models for the source spectrum: Non-thermal accretion column emission modeled by a power law with a high-energy exponential roll-off (AC model) vs multicolor thermal emission from an optically thick accretion envelope plus a hard power-law tail (MCAE model). The AC model is an often used phenomenological model for the emission of X-ray pulsars, while the MCAE model has been recently proposed for the emission of the optically thick accretion envelope expected to form in ultraluminous (L X > 10 39 erg/s), highly magnetized accreting neutron stars. We combine the findings of our Bayesian analysis with qualitative physical considerations to evaluate the suitability of each model. Results. The low-energy part (<2 keV) of the source spectrum is dominated by non-pulsating, multicolor thermal emission. The (pulsating) high energy continuum is more ambiguous. If modelled with the AC model a residual structure is detected, that can be modeled using a broad Gaussian absorption line centered at ∼12 keV. However, the same residuals can be successfully modeled using the MCAE model, without the need for the absorption-like feature. Model comparison, using the Bayesian approach strongly indicates that the MCAE model -without the absorption line -is the preferred model. Conclusions. The spectro-temporal characteristics of NGC 300 ULX1 are consistent with previously reported traits for X-ray pulsars and (pulsating) ULXs. All models considered strongly indicate the presence of an accretion disk truncated at a large distance from the central object, as has been recently suggested for a large fraction of both pulsating and nonpulsating ULXs. The hard, pulsed emission is not described by a smooth spectral continuum. If modelled by a broad Gaussian absorption line, the fit residuals can be interpreted as a cyclotron scattering feature (CRSF) compatible with a ∼10 12 G magnetic field. However, the MCAE model can successfully describe the spectral and temporal characteristics of the source emission, without the need for an additional absorption feature and yields physically meaningful parameter values. Therefore strong doubts are cast on the presence of a CRSF in NGC 300 ULX1.