Quickbooks proved to be a sensible and cost-effective startup system for many new businesses. It's the option that many businesses start with because it has the necessary capabilities to assist them to get started. However, when a firm becomes larger, managing everything from a single product becomes more challenging. As a business grows, it needs more flexibility and scalability than QuickBooks can provide.
Fortunately, there is a better option. NetSuite is a business management system designed to handle the difficulties of growing companies, complicated financial requirements, and a wide range of company requirements. You must modernize your system to ensure that your firm grows at the rate that it should.
There's no denying the benefits that Quickbooks have to offer. But NetSuite opens up more opportunities to growing businesses. The following are the benefits NetSuite can offer that Quickbooks cannot match:
Greater Insight Into Business Processes
As business practices change and your company grows, it's critical to have total insight into your operations in order to determine what needs to be done. Complex systems, contradicting data, and a significant lack of reporting occur from keeping one piece of data in QuickBooks and storing crucial updated information elsewhere.
Every user and application in NetSuite's cloud-based management system is connected to the same data system. All data is updated in real-time, ensuring that everyone is on the same page and allowing for thorough insights.
All of the data, contacts, and bills are current and easily accessible. This gives you peace of mind. It's also easier to make conversions if you can see what's going on in real-time.
Reliable Financial Reports
As your business expands, perhaps even internationally, you may find yourself dealing with many subsidiaries, different currencies, accounting issues, and tax regulations. QuickBooks is a good bookkeeping program, but it falls short when it comes to financial reporting.
It can't manage more advanced, strategic finance and forecasting. It simply cannot perform these things efficiently if you need to run a report or track an audit. The program is unable to provide real-time reports, which are critical for swift decision-making, particularly during periods of significant expansion.
Real-time reporting in NetSuite allows for fast analysis and educated decision-making based on current, real-time data. The possibilities for reporting are boundless, and users can create accurate reports from within NetSuite. You will have access to all of your business data and reports from any device, at any time.
The NetSuite accounting system can also give you more reliable financials and a more accurate picture of your company's progress. It has capabilities including cash flow mapping, budget forecasting, profit margin tracking, and inventory analysis.
By migrating from Quickbooks to NetSuite, you gain the ability to automate essential accounting procedures with Oracle NetSuite financials. This can help reduce the risk of error and delays associated with manual processes.
Opportunities for Future Scalability
Various systems are required to maintain track of essential data in businesses with multiple locations. When data is stored in multiple locations, it is more difficult to locate crucial performance indicators and make judgments. Whereas data kept in a single global location can be accessed from many locations without needing to be reconciled. When your firm is fast scaling and your market or market locations are expanding, this is vital. You must deal with a variety of accounting systems, currencies, taxes rules, and business requirements, among other things.
NetSuite has global regulatory, monetary, and linguistic capabilities. It is all controlled in the same manner if you desire to do business with other countries. Furthermore, NetSuite has demonstrated that having a single, streamlined software suite will support your growth and provide scalability as your company grows. This helps in ensuring that your data is up-to-date and correct throughout the organization.
Connected Data Flow Across all Departments
QuickBooks is a software program that only provides financial and accounting capabilities for businesses. Its main product is bookkeeping software. Other solutions are not included and will have to be integrated. To grow in your industry, you need a system that streamlines accounting, order management, customer relationship management, and e-commerce. When transitioning from Quickbooks to NetSuite, you are providing the firm with a variety of additional resources that would not have been available with a startup system.
When your entire firm has access to the same customer information and transactions, your team will be able to obtain customer information quickly and efficiently. NetSuite eliminates double data entry, which saves time. NetSuite can set the bar for accurate, synchronized data streams across your whole organization, including inventory management, accounting, fulfillment and shipping, project management, and workflows.
Accurate and Advanced Inventory Management
NetSuite inventory management automates real-time tracking of inventory levels, orders, and sales throughout the inventory lifecycle, reducing human operations. NetSuite also has a demand planning feature that allows customers to forecast inventory changes based on historical patterns and revenue expectations. Inventory counts, picks, pack shipping, integrated barcoding, and multi-order picking are all available warehouse management tools.
Competitive Pricing
QuickBooks has a reasonable price, which appeals to small and new firms. This measure, however, may be deceiving. It's crucial to factor in all of the other services you might be paying for that could be included in the NetSuite and QuickBooks price comparison. This could include customer relationship management, e-commerce, and any other systems your company needs.
To begin with, Quickbooks does not require a contract, so you can cancel at any time. Although the prices are reasonable at first, they do not cover extra users, payment administration, or billing. While getting these features can increase the overall cost, it is still a very cost-effective alternative for small businesses.
NetSuite, on the other hand, offers a large selection of products and functionalities. As a result, each solution is unique. NetSuite offers a variety of price options. It can be tailored to meet businesses with as little as ten people as well as those with over a thousand. In addition, you won't have to invest in all of the infrastructures that conventional accounting systems often necessitate.
You can request a free consultation to learn more about what your company will pay and whether the advantages exceed the costs. While the cost may appear exorbitant at first, the underlying benefit of a NetSuite system is that it is built to scale into the future.
Easy Conversion and Technical Support
Because NetSuite is a cloud-based system, switching from QuickBooks will be easy and convenient. The best aspect about this shift is that no data will be lost, and in most circumstances, the user experience will be unchanged or even improved.
In terms of training and support, both QuickBooks and NetSuite offer installation support and some aid in training end users. That being said, only NetSuite Solution Providers offer a team of qualified specialists to assist businesses and their staff. Companies looking for employee support or training, or simply to add modules as their business grows, can take advantage of ready-made solutions.
When to Make the Switch to NetSuite?
While QuickBooks is frequently the go-to financial software for small businesses, many owners find it to be insufficient as their companies develop. QuickBooks has several drawbacks ranging from lack of diverse reporting capabilities, absent financial tools, inability to integrate with other systems, and so on.
Consider and observe if your company is presently having problems or you anticipate problems in the near future. Here are the signs that it's time to look into a more effective and efficient solution:
Time-consuming Manual Processes
When data is manually transmitted between systems and departments, it is more likely to be lost in day-to-day operations. Because data is manually entered, it is subject to a higher amount of errors. Subscription billing, revenue recognition, asset management, and multidimensional reporting are just a few of the important business operations that QuickBooks Enterprise does not automate or address. Users in the enterprise must rely on a variety of point solutions, each of which has its own set of challenges.
Employees must spend time manually entering data, which leads to an increase in errors. It's possible that incorrect customer data exists, resulting in vital documents being lost. If you're experiencing these situations, it's best to consider switching to NetSuite.
Limited Financial Capabilities
For the sake of simplicity, QuickBooks Enterprise has a standard, hard-wired chart of accounts. Unfortunately, this limits your capacity to capture and organize transactions into your unique financial structure of assets, liabilities, revenue, and expenses. QuickBooks, unlike many other cloud-based financial software packages, has a limited collection of accounting features. Due to the lack of capabilities, additional programs will be required to complete the task.
It is tough to grow into new places and product lines because of this inability to advance with enterprises. Fundamentals that adjust to industry-specific requirements are missing from these systems. Making the switch to NetSuite can benefit you in the long run as legacy systems are generally incapable of scaling.
Inability to Track Progress
QuickBooks Enterprise is mostly a desktop program with no actual cloud functionality. You can pay for it to be hosted by a third-party company, but this adds another vendor to handle and does not provide all of the cloud's benefits.
QuickBooks excels at accounting and bookkeeping. However, in today's market, staying ahead of the curve necessitates more functionality. It's critical to keep an eye on finished inventory, the supply chain, raw materials inventory, and accurate financial forecasts. Without the ability to handle these factors, you'll get behind the competition almost immediately.
Conclusion
QuickBooks is excellent for small and medium enterprises, but when a company inevitably grows, it needs more flexibility and scalability than QuickBooks alone can provide. Functionality requirements, expectations, and budgets will differ from one company to the next, particularly between freshly created companies and mature companies looking to expand. Businesses trying to establish departmental synergy, on the other hand, are more likely to profit from a comprehensive system like NetSuite.
In conclusion, while QuickBooks excels in a specific area of accounting software, NetSuite reigns supreme as a whole company suite. NetSuite exceeds Quickbooks in all areas of accounting, e-commerce, ERP, global operations, and more.
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