Why should you switch from Quickbooks to NetSuite?
Why should you switch from Quickbooks to NetSuite?
Quickbooks is a starter system for small businesses that quickly makes the business run as it manages the financials (Payables, Receivables, etc.), but Oracle NetSuite is much more. See why...
With QuickBooks, businesses, for particular reasons, have to rely on more applications; revenue management, fixed assets, procurement, order management, billing, inventory management, distribution of services, and more. And if these systems are not integrated, the accounting department would have to manage half a dozen different applications and human errors resulting from transferring and merging data between different services, each with its own configurations and end-to-end processes, and you would have to add staff to handle it all. With SuiteSuccess Financials First, migrating clients from QuickBooks to Oracle NetSuite is easy. Consider existing requirements and scalability while deciding whether it's time to update. And think about your long-term business goals before deciding on financial accounting software. QuickBooks might be a quick fix, but would it satisfy your needs during growth seasons?
Quickbooks Limitations
- ▪︎ Poor Reporting
- ▪︎ Manual Data Collection
- ▪︎ Limited Scalability
- ▪︎ Basic Inventory Management
- ▪︎ One Company, One Country and One Currency
NetSuite Advantages
- ▪︎ Robust Reporting Capabilities
- ▪︎ Automated Data Collection
- ▪︎ Scalability to Support Businesses of All Sizes
- ▪︎ Comprehensive Inventory Management
- ▪︎ Multi-Company, Multi-Country, and Multi-Currency
For many businesses, QuickBooks can create time-intensive problems that add up to hours lost and opportunities missed. And now, more than ever is the time to focus on identifying threats to your business and opportunities for growth. Here are the top signs that QuickBooks is putting your business at risk and that it’s time to leverage a better, more comprehensive solution like NetSuite.
As the business grows, the starter system functionality is not enough at all, and the following points clarify some pain points and critical limitations of QuickBooks:
Manual Data Collection
When you deal with Quickbooks, manually forcing workers to enter and exchange their data (sales orders, invoices, budgets, timesheets, etc.) in spreadsheets is always the case. That is time-consuming and can lead to mistakes.
Poor Reporting
The need for complete real-time insight into the business process is also growing as the organization expands. Real-time reporting about the organization in Quickbooks is almost impossible when using spreadsheets for data collection.
Basic Inventory Management
Quickbooks provides only simple stock functionality when it comes to inventory management. There is no serialized inventory monitoring, for example.
One Company, One Country and One Currency
Quickbooks do not cover multiple subsidiaries and foreign currencies. Quickbooks would make it harder to handle market growth internationally.
Why You Should Pick NetSuite
Oracle NetSuite provides a complete solution for financial management that increases efficiency and decreases the need to add to the headcount as the company's financial needs become more varied and complex. Oracle NetSuite comes with pre-configured KPIs, workflows, reminders, and interactive dashboards that display precisely how operations and accounting processes match and what needs to be done, rather than just a list of accounting information. Here are some features that empower Oracle NetSuite over Quickbooks:
Revenue Recognition
Oracle NetSuite helps accounting teams comply with revenue recognition standards and plan revenue to be recognized automatically if a sales transaction consists of a single event, a sequence of actions over time, or multiple forms of deliverables in a package. In real-time, financial statements and forecasts are reliable and revised. This is particularly useful for software and service companies dealing with various deliverables involving accounting teams to identify and monitor revenue at various times, such as updates, services offered over time, or additional licenses. QuickBooks can create creative workarounds for the limitations. Still, workarounds eventually produce many manual journal entries, complex spreadsheets for the acknowledgment plan, and the need for more clarity and visibility.
Multiple Subsidiaries and Acquisitions
Incorporating new systems will become essential for entering new markets as you hit new levels of business opportunities. NetSuite is designed to support multiple subsidiaries and foreign currencies.
Capital investment
It's essential to be able to monitor your funding while you're pursuing capital investment. When considering investing in your company, potential investors will need access to your financial statements, and they will also set your debt agreements and revenue targets to benchmark how much debt you should have and how much working capital you need.
Data Connectivity
Data is an extremely strong tool. It gives staff within your organization exactly what they need to make easy, educated choices. Fortunately, Oracle NetSuite gives you the power to extract and exchange data automatically from the cloud with your departments. All of this can be personalized, too. Oracle NetSuite's advanced features allow users to configure permissions, ensuring no unnecessary data sharing.
Better Financial Tools and Consolidations
Oracle NetSuite is built alongside your business to size up. Oracle NetSuite is entirely qualified to manage multiple subsidiaries and foreign currencies and provides specialized financial consolidation tools. Your main accounting processes can be automated with Oracle NetSuite, reducing the chance of manual mistakes and delays. You need a framework that can quickly scale up as your business meets more complex financial requirements.
Oracle NetSuite Financials enables you to:
- ✔︎ Inventory management across various sales channels
- ✔︎ Provide insight into the inventory of your business and the services available
- ✔︎ Streamline the purchasing processes for purchases, orders, and delivery
- ✔︎ Manage all the information you obtain regularly from your growing business.
- ✔︎ Easily add and maintain new platforms for sales
Real-Time Reporting
Both QuickBooks and Oracle NetSuite provide regular reports on accounting, such as P&L and cash flow. But the expansive library of Oracle NetSuite provides real-time data, from sales forecasting to combined reports of parents and subsidiaries. And you can report using the local currency of the countries where the subsidiaries are based, thanks to Oracle NetSuite's multi-currency functionality. For any record in the system, Oracle NetSuite enables detailed drill-down and drill-across reporting with ease. Oracle NetSuite reports remove static reporting, providing flexible views from departments, locations, product lines, or any operational viewpoints for reports.
Advanced Inventory Management
A comprehensive warehouse management system with a 360° view of all operations is supported by Oracle NetSuite. With real-time analytics, serialized inventory tracking, and real-time reporting, Oracle NetSuite provides complete visibility. Oracle NetSuite also offers a module for demand planning that enables users to predict inventory changes based on past patterns and projected revenue forecasts.
A comprehensive warehouse management system with a 360° view of all operations is supported by Oracle NetSuite. With real-time analytics, serialized inventory tracking, and real-time reporting, Oracle NetSuite provides complete visibility. Oracle NetSuite also offers a module for demand planning that enables users to predict inventory changes based on past patterns and projected revenue forecasts.
CRM and E-Commerce
You need an integrated business structure that centralizes accounting, order management, customer relationship management (CRM), and e-commerce, all in the cloud, to execute growth strategies and make your company a leading competitor in your industry. Essentially, you are equipping the organization with several different resources that would have needed to be available with a starter system when transitioning from Quickbooks to Oracle NetSuite. Your team can quickly and effectively access customer information and respond to customers within record time if the entire organization has access to the same customer information and transactions. It also makes it possible for the sales team to spot opportunities.
Industry-Specific Configuration
With over 20 years of ERP deployment experience customized to unique industry requirements, Oracle NetSuite has an oriented approach, SuiteSuccess. Oracle NetSuite is pre-configured to meet the growing requirements of your scaling company from day one with appropriate KPI reporting, pre-configured dashboard systems, and roles and add-ons!
