NetSuite vs QuickBooks — For businesses with non-complex accounting operations, QuickBooks provides the tools needed to perform basic accounting functions such as managing accounts payable and receivable, tracking the quantity and cost of inventory, and even generating simple financial reports such as profit & loss and balance sheet reports.
However, as your company starts to expand to the point where it requires more elaborate accounting operations, QuickBooks’ limitations kick into gear and you find that the spreadsheets, workarounds, and disparate systems are no longer able to meet your needs and, in fact, might be keeping your organisation from growing to its full potential.
On the other hand, using a fully-integrated financial ERP system like NetSuite allows you to configure and customise your financial management system for whatever purpose, no matter your company size or the complexity of your accounting requirements.
If you’ve been using QuickBooks, it’s possible that the system is hindering your growth without your knowledge. So here are five signs that it’s time to switch from QuickBooks to a unified, cloud-based financial ERP system:
You’ve outgrown the system’s limits
If your organisation is expanding rapidly and has now exceeded QuickBooks’ user accessibility and file capacity limits, or is unable to take on new vendor relationships or add new subsidiaries, then you may have to start considering moving on to an ERP.
Unlike standalone accounting systems, ERP software offers great scalability options. As a case in point, NetSuite’s unified cloud platform clears a path for innovation and growth for organisations of all shapes and sizes as it is able to perform accounting, order management, customer relationship management, and eCommerce processes from a single place. In fact, NetSuite receives over 1.5 billion application requests per day and has more than 6 petabytes of data under management.
You’re in the dark as to what’s going on across the organisation
Lack of visibility is a major problem in business. When departments and teams can’t share information, priorities, and goals with each other, the siloed problem comes into play.
Growth-oriented organisations should deploy a financial system that generates and shares customer data and business insights in real-time across the entire organisation. This allows everyone — management, teams, staff, etc. — to access the same information and transactions, making it possible for customer-facing teams to respond quickly to inquiries and for managers to find information that can be used to make critical business decisions and gain meaningful insight into company performance.
Financial consolidation becomes slow and complicated
Financial consolidation challenges often encompass multiple divisions, subsidiaries, and locations around the world.
At the start, your company may not be concerned with consolidating financial data from several subsidiaries or business entities. But as you grow, you may find your organisation dealing with a complexity of foreign currencies and languages, compliance requirements, accounting standards, and complicated taxation structures.
QuickBooks is not built to handle this level of perplexing accounting operation and so would be necessary for you to find an alternative.
With support for 190+ currencies and exchange rates and 19+ languages, NetSuite provides real-time currency conversion and financial consolidation to companies with global operations. With NetSuite, you can consolidate both at the subsidiary and parent entity level in the cloud, with an accelerated close time, transparency, and compliance.
You need better reporting and revenue recognition
Financial reporting is a vital aspect of every organisation’s accounting operation. It’s even more important for companies that are growing or exploring global horizons.
You’d agree that manual data entry activities and inefficient spreadsheets become more error-prone, time-consuming, effort-intensive as your operation grows.
QuickBooks offers reporting and forecasting functionality but at limited capacity (especially for growing businesses).
In comparison, NetSuite provides robust and powerful built-in, real-time dashboards, reporting, and analysis across all the integrated processes within the software suite. This provides value-added insights and visibility into issues, trends, and opportunities.
QuickBooks might be a great option for businesses starting out. But as your business grows, so will your accounting operations. If the shortfalls of QuickBooks are holding your business back, you definitely need to switch to an ERP.
NetSuite, a powerful financial ERP system, not only supports all aspects of a business’ accounting operations but also can manage sales, customer relationships, projects, orders, invoicing, services, and more on a single, customisable platform.