Although QuickBooks is a fantastic tool for small businesses, it doesn’t exactly grow with your company. Comparable to purchasing your first bicycle is QuickBooks. You’re young and enthusiastic about being able to travel independently to neighboring locations, such as a friend’s house, school, etc.
Your needs change as you age, which may make the bicycle less beneficial. It’s tough to tote groceries or shopping bags on it, you can’t really ride it in the rain or snow, and you can only fit one person comfortably, so you can’t take any passengers.
You eventually require a more effective mode of transportation. An automobile or a truck is required. With the ability to be personalized and tailored to the way your company conducts business, NetSuite is a modernized mode of transportation for enterprises.
We’ll look at the advantages of switching from QuickBooks to NetSuite ERP in this blog.
QuickBooks Restricted Room for Development
QuickBooks immediately shows that it might hinder the expansion of your business. The top tier online option, QuickBooks Advanced, has a 25 billable user and 3 accountant cap. The company began enforcing usage restrictions at the beginning of 2019. Its other tiers, Simple Start, Essentials, and Plus, have significantly lower user limits. One of the main points of complaint in the QuickBooks online community is the restriction on your company’s ability to have more than 250 charts of accounts unless you choose the Advanced tier.
Any number of users can be supported using NetSuite, which is entirely scalable. Please contact SCG Team if you have any queries about our affordable pricing or free NetSuite demonstrations as a NetSuite Solution Provider.
Another issue with multi-entity accounting is that QuickBooks only permits one business per subscription. This creates challenges for expanding businesses that seek to establish subsidiaries, carry out acquisitions or mergers, etc. All information and transactions will need to be manually exported from each account and stored in Excel for a corporate-wide picture of financials if a business wishes to purchase a new subscription for a different entity. With QuickBooks, data silos and manual procedures are frequent and can limit growth.
With the aid of NetSuite OneWorld, businesses can manage financial consolidation and have complete, real-time visibility across the whole organization. Subsidiaries, regions, and independent legal entities with the same parent firm are supported by this NetSuite module. From a single NetSuite account, businesses can effortlessly manage many legal entities with various reporting needs, currencies, taxation standards, and more.
QuickBooks data silos and manual procedures
Because there are common processes in QuickBooks that call for manual updates and the usage of Excel spreadsheets, data can be easily isolated. For instance, figuring out fixed asset management is more challenging because you must compute depreciation costs manually and enter them in a journal entry. Furthermore, tracking sales taxes is a manual procedure that needs to be set up and poses a compliance risk.
Using QuickBooks to carry out seemingly standard business operations like payroll and time tracking necessitates a range of apps. These apps have the potential to be fantastic and helpful, but they each require unique upgrades and specialized maintenance. Monitoring a range of apps also involves managing software patches and any security flaws. These frequently necessitate maintaining master data twice.
Since NetSuite naturally integrates with other important systems like CRM, e-commerce, inventory, etc., silos are avoided and all data is stored in one area within the cloud, thanks to this software. Customers can get real-time access to a single version of the truth for all business functions through a single secure interface.
Another crucial component of running a contemporary business is automation, which can free up time to concentrate on more mission-critical duties by doing away with manual operations. From bespoke workflows and bid-to-bill procedures to incredibly focused marketing campaigns and order fulfillment, NetSuite has a wide range of automation options. It also offers automated tax compliance in more than 100 nations, which can spare business hours of hassle if it is considering international expansion.
The fully integrated business software system NetSuite oversees upgrades and releases for its customers in terms of IT maintenance. This makes the maintenance process simpler because all customizations are carried over with each upgrade and security fixes are already installed.
What next?
Taking Your Business to the next step can only come to reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email hello@seibertconsulting.com and via our direct line at 760-205-5440.
