In this blog, we will outline the top ten reasons why organizations should consider QuickBooks to NetSuite migration.
Small and medium-sized firms frequently begin by utilizing QuickBooks for their accounting needs, but as they expand, they may discover that QuickBooks is no longer able to keep up with their expanding activities.
Many businesses use NetSuite Cloud ERP that offers full accounting, financial planning, inventory management, eCommerce, and other applications. In this blog, we will outline the top ten reasons why organizations should consider QuickBooks to NetSuite migration.
QuickBooks is intended for small enterprises with basic accounting requirements. QuickBooks may lack the tools and capabilities required to manage higher numbers of transactions and more complex financial activities as your organization grows.
On the other hand, NetSuite offers powerful accounting ability, financial reporting, and customizability to meet the needs of mid-sized and big organizations. With NetSuite, users have access to a scalable, cloud-based enterprise solution that will enable long-term organizational growth as finance requirements become increasingly complex.
Although QuickBooks may be effective for basic accounting purposes, managing other elements of your business, such as customer relationship management (CRM), inventory management, or eCommerce, frequently necessitates a number of add-ons and connections.
To construct connectors and create a unified system for managing every element of your business, NetSuite offers a comprehensive range of tools, including SuiteTalk. With NetSuite, you have access to an integrated suite to handle ERP, CRM, eCommerce, HR management software, professional services automation, and much more from a one platform, eliminating the need for multiple systems and data entry.
You may acquire a more thorough understanding of your business and be better equipped to make decisions by seamlessly integrating your financial and non-financial data. In addition, NetSuite provides numerous connectors with other well-liked company platforms like Salesforce and Shopify. You may simply connect to outside software and services using NetSuite's open AI, thereby enhancing the functionality of your integrated suite.
Because NetSuite offers more choices for customization, many businesses make the switch. Businesses with specific accounting requirements may find QuickBooks bothersome because to its limited customizability. With SuiteCloud, which NetSuite delivers, organizations may fully customize their accounting and financial management solutions to meet their unique needs. You may quickly adapt NetSuite's modules, fields, workflows, users, and dashboards to suit your unique requirements.
Additionally, firms can build unique applications and workflows using NetSuite's Suite Builder, providing special functionality to match their particular business needs. Suite Builder eliminates the need for intensive customization services by allowing you to generate new fields, forms, and reports without any prior coding experience. By allowing you to swiftly modify your financial and accounting tools to your changing business demands, this can help your company save time and money.
QuickBooks frequently calls for manual data entry and repeated procedures that can be time-consuming and error prone. Suite Flow, one of the many automation capabilities available from NetSuite, may help you automate your business processes, saving you time and lowering the possibility of mistakes. You can automate a variety of processes with NetSuite, including bank reconciliation, payment processing, and invoice creation.
You can also automate approvals, routing, and notifications with NetSuite's workflows, which eliminates the need for manual intervention. By doing so, you may increase productivity, cut expenses, and give your employees more time to work on projects of higher value. Process automation enhances data accuracy for a more streamlined and error-free operation.
Any firm, especially those that deal with sensitive or confidential information, must take security into account. Although QuickBooks has some basic security capabilities, it might not be sufficient for enterprises with intricate security needs or those required to comply with regulations. To safeguard your data and guarantee regulatory compliance, NetSuite offers a robust security framework.
Role-based access controls, encryption, audit trails, and two-factor authentication are just a few of the security features offered. Based on the National Institute of Standards and Technology's (NIST) and ISO 27000 standards, NetSuite offers top-notch application and operational security. Additionally, you can adhere to legal standards like GDPR, CCPA, and SOX.
If you use QuickBooks for inventory management, you can have some feature and capability restrictions. You can optimize your stock levels, prevent stockouts, and lower the risk of overstocking with the help of NetSuite's strong warehouse management system and extensive inventory management capabilities. Additionally, NetSuite provides real-time visibility to inventory levels, enabling you to make better purchasing and fulfilment choices.
NetSuite offers a demand planning module that enables customers to forecast changes in inventory based on historical patterns and projected sales in the future. Better inventory control and management may be accomplished with NetSuite, which will increase productivity, lower costs, and boost customer satisfaction.
For small firms, QuickBooks' simple reporting options could be adequate. To analyze your financial performance and make wise decisions, you need more comprehensive reporting tools as your company expands.
The highly sophisticated and adaptable reporting features of NetSuite allow firms to design reports that meet their unique requirements. You can quickly prepare financial statements, design unique reports, and automate the development of reports with NetSuite, saving you time and assuring accuracy. Additionally, you may make wise decisions that promote growth and profitability with real-time information into the operation of your business.
Revenue recognition is a complex accounting procedure that might be difficult to manage on your own. For complex revenue recognition scenarios, such as those required by subscription-based businesses or contracts with several aspects, QuickBooks does not offer the level of automation and customisation needed.
NetSuite's revenue recognition capabilities make it simple to recognize revenue in accordance with accounting rules such as ASC 606 or IFRS 15, as well as handle complex cases such as revenue for multi-element contracts. You can automate revenue recognition using NetSuite to increase productivity, close faster, improve forecasting, and streamline reporting.
NetSuite leverages years of ERP deployment experience tailored to individual business requirements to create Suite Success industry-specific options. Manufacturing, wholesale distribution, retail, professional services, software, and many more businesses can benefit from Suite Success solutions. These pre-configured solutions offer industry-specific dashboards, reports, workflows, and features that are tailored to each industry's specific requirements.
Managing several subsidiaries and acquisitions using QuickBooks can be difficult. NetSuite, on the other hand, offers a unified platform that can easily handle various subsidiaries and acquisitions. With the help of NetSuite's multi-subsidiary management features, you can oversee several business units or legal organizations from a single platform, giving you a comprehensive picture of your operations and finances.
Furthermore, NetSuite's strong intercompany administration tools enable you to manage transactions across subsidiaries in real time, reducing the need for manual processes or separate systems. NetSuite can also handle acquisitions by integrating newly acquired businesses into your existing NetSuite account. This means that new entities can be quickly integrated into your financial reporting and other business processes, ensuring a smooth transition and integration.
If your company has surpassed QuickBooks and you're searching for a more sophisticated solution to address your expanding accounting and financial management demands, NetSuite may be the ideal answer for you. NetSuite's advanced functionality, customizability, and scalability can assist you in streamlining business operations and driving growth.
OpenTeQ has vast experience as a NetSuite partner & NetSuite Solution Provider assisting organizations in migrating from QuickBooks to NetSuite, guaranteeing a smooth transition and providing continuing support. We can assist you in identifying the NetSuite modules and features that will best meet your company needs, configuring your NetSuite instance to match your specific demands, and providing training and support to ensure your team is fully prepared to take advantage of everything NetSuite has to offer.
Contact us today to find out how NetSuite may help your company succeed.