Every business anticipates to grow and transform each day. Trends change and business dynamics as well as strategies also need to change. QuickBooks is one of the most widely known and used solutions by small businesses and enterprises for financial management. QuickBooks from Intuit can be a good beginning option for a startup business. However, as Your Business grows, you need better solutions for financial management that can efficiently scale up Your Business. That is where NetSuite comes into play. NetSuite is a perfect solution to help you customize, personalize and scale up the way you run your Business.
This article aims to unfold the main advantages of shifting from QuickBooks to NetSuite. Let’s explore these reasons together and I am sure you will have every reason to upgrade Your Business to NetSuite for financial management and business process efficiency improvements:
1. QuickBooks Is Not Ideal For the Growth Potential of Your Business
When we talk of a startup business, QuickBooks proves to be a hinderance to your business’ growth. With QuickBooks Advanced, you will have a limit of 3 accountants and 25 billable users. The other levels which include Simple Start and Essentials plus have lower limits. On the other hand, NetSuite is highly scalable and supports an unlimited number of users.
QuickBooks only allows one company per subscription. This makes things complex for a company that is growing and wants to have new subsidiaries or run mergers. Also, if a company decides to have a separate subscription for a new subsidiary, one will have to export all transactions and data manually to extend access.
NetSuite is a leader in multi-entity and multi-book accounting. NetSuite helps in the management of financial reporting and visibility of activities across the entire company in real-time. Unlike QuickBooks, it supports regions, subsidiaries and can separate them from the parent business or company.
2. Automated NetSuite Processes
Data is siloed easily in QuickBooks because it contains standard processes that require leveraging spreadsheets and manual updates. Let’s take a case study; suppose you want to calculate fixed asset management, it will be more complex because you have to do your calculation on depreciation expenses outside the main software and enter data collected in a journal entry. More so, the process of tracking the sales tax is manual and can be a compliance risk.
Besides, QuickBooks executes time tracking and payroll services by using a variety of applications that can be quite useful to your business. However, these applications require regular updates and dedicated support. Also, the applications can be a threat to enterprise security and require close attention.
Unlike QuickBooks, NetSuite accepts data to reside in a single database location in the cloud. Therefore, silos do not occur because data is integrated with other core systems such as CRM, Inventory, eCommerce, etc. NetSuite acts as a Cloud-based system because every user can access the same version of the software across the Business in real-time.
NetSuite also makes the process of doing business more efficient because of the integrated automation capabilities from customized workflows and Bid-to-Bill processes to order fulfillment. More importantly, it has automated tax compliance in at least 100 countries hence making things easier if a business needs to be expanded internationally.
In terms of technology, NetSuite is a software that is fully integrated and manages updates for its customers. Therefore, every feature is upgraded during each bi-annual update and security is also advanced hence simplifying the maintenance procedure.
3. Limited Audit Trail and Reporting
In QuickBooks, accounting users have limited permissions to the QuickBooks system and that makes the audit trail very challenging. This is because permissions are based on the users but not the role they undertake. Therefore, companies must be very careful when giving permissions so that a user does not access restricted data or information. In case a user accesses sensitive areas such as the billing department, alteration on invoices or “Maverick spend” poses a big threat.
As the company or the business grows, the demands for reporting become very complicated. Therefore, QuickBooks customers are forced to find a third-party service to manage the reporting or every other activity which cannot be deployed within the QuickBooks system. This compromises the confidentiality of the Intuit QuickBooks system because a third-party who is not part of the system will have to access very vital information.
On the other hand, NetSuite boasts a highly efficient and robust audit trail plus role-based permission settings that help in streamlining the overall audit process. With the NetSuite default settings put in place, a NetSuite Admin User has a privilege of changing these settings in order to minimize any security risks. Companies that use NetSuite can easily perform audit trails by using functions such as filter, sort, etc.
NetSuite reporting capabilities are very comprehensive because they provide a total view of the entire NetSuite system. Companies also have the option of viewing specific reports based on business requirements. One can decide to view reporting capabilities on profit and loss, cash flow, budget vs actual, parent and subsidiary reports, revenue forecasting, etc.
Finally, Financial Report Builder in NetSuite grants the company or business the power to design financial reports and statements such as budget details. Also, companies can receive worldwide support for the globalization of the business.
Final Thought
The reasons that should convince you to migrate your business to NetSuite are endless. We have just given you a small set of use cases and that is enough to make the right decision. Your company deserves effective solutions to enhance the efficiency, security and operation of Your Business. Guess what? That is exactly what NetSuite does.
You may have NetSuite ERP, or considered it in the past, but it takes a skilled, NetSuite Veteran team to implement NetSuite ERP and maintain it correctly. We here at the Seibert Consulting Group can help with that, as an Official Oracle | NetSuite Solution Provider Partner. We are aware of what your Business requires in order to make your business’s finances sound. Contact us, and we will be happy to assist.
To find out more about NetSuite ERP for Your Business, or to find out more about the NetSuite SuiteSuccess edition for industry offered by the Seibert Consulting Group, or to set up a free demo of the NetSuite ERP platform, please contact the Seibert Consulting Group at 760-205-5440 or email the SCG Team at hello@seibertconsulting.com.
