Quickbooks turns out to be a sensible and affordable launch system for many corporations and small organisations that are just getting started. It's the starting point for many organisations because it has basic functionality to get you started.
Why You Should Choose NetSuite But as businesses expand and their operations get more intricate, a simple system might prevent them from realising their full potential.
We’ll go through some of the best reasons to move your small or growing business from QuickBooks to NetSuite. How NetSuite features compare to QuickBooks to ensure your business grows at the rate it should, you need to upgrade your system to NetSuite.
NetSuite vs QuickBooks
What is QuickBook?
Invoicing, mileage tracking, and payroll are just a few of the simplest accounting duties that QuickBooks is utilised for. Although each application has advantages and disadvantages, NetSuite is generally regarded as the more capable and reliable of the two.
What is NetSuite?
When you require a complete business management solution that can handle every aspect of your company, from accounting to CRM and e-commerce, use NetSuite.
Any with a QuickBooks Enterprise Overview would use QuickBooks if only when they need a proper home accounting tool for payroll and invoicing. The number of users, the platform you select, and the number of modules your company needs will all affect your budget.
NetSuite is more advanced since it has more sophisticated tools. Although you must speak with their sales team to get a personalised price, you should budget for an annual license charge and an implementation fee for your initial setup.
How NetSuite Features Compare To QuickBooks
1. Full Transparency of Your Business's Processes
It becomes challenging to keep up as your business practices change and the amount of data increases. You may obtain a 360-degree perspective of your company's processes, real-time data and reporting, and customised NetSuite dashboards with a cloud-based ERP platform like NetSuite.
Making informed business decisions and producing accurate reports is easier when you have access to your company's data in a single source of truth. The same data source is used by all your reports, enabling real-time access to reports and saved searches and multidimensional analysis with drill-down to live source transactions.
2. Data Can be Easily Shared Between Departments
With NetSuite, you can quickly and easily collect and share data from various sources, including marketing, finance, sales, professional services, and more. Anyone with a brief NetSuite Overview can access the same data because it will be coming from the same source, giving everyone from every department access to the same information.
By modifying permissions, NetSuite accounting software also enables you to regulate which departments or individuals have access to detailed data.
3. Easily Consolidates Your Financial Data
A Cloud-based ERP system, like NetSuite, is built to scale up alongside your business. It offers sophisticated financial consolidation tools and a platform for handling multiple subsidiaries and currencies called NetSuite OneWorld, whose Cloud capabilities outperform any on-premise ERP system.
When switching from QuickBooks to NetSuite, you can automate key accounting processes using NetSuite financials and minimise the risk of error and delay of manual processes when dealing with important data.
4. Helps Achieve Compliance With International Standards
Is your business expanding abroad? Your best option for effectively managing your worldwide staff is NetSuite. Your company will easily manage numerous currencies, tax laws, and reporting needs across locations and subsidiaries, offering real-time financial consolidation and worldwide business administration in a unified cloud-based system.
5. Access to Advanced NetSuite Reporting Tools
When your company faces more complex financial requirements, you need a system that can quickly scale up with you.
NetSuite financials allows you to:
1. Manage inventory across multiple sales channels
2. Provide insight into your company’s inventory and available resources
3. Streamline your sales, order and delivery ordering processes
4. Manage all of the data that your growing business receives daily.
5. Easily add and manage new sales channels
6. Streamlining of eCommerce Capabilities
To implement the growth strategies and have your company become a key competitor in your industry. There is a need for an integrated business system that centralises accounting, order management, Customer Relationship Management (CRM) and eCommerce, all in the Cloud.
Essentially, when switching from Quickbooks to NetSuite, you’re equipping your business with various tools that would not have been available with a starter system. When your whole company has access to the same customer information and transactions, your team can quickly and efficiently access customer information and respond to clients within record time.
It also allows your sales team to spot opportunities to cross-sell and upsell, and teams can confidently track pending orders, service issues or overdue invoices. Standard software integration is the NetSuite Salesforce CRM integration, which can help your business establish better customer relationships while growing your sales.
Why Should You Choose NetSuite?
NetSuite vs. QuickBooks, as a starter system, Quickbooks offers small businesses a quick and easy way to get their operations running while maintaining essential functions like financial management, consolidation, reporting and more.
As companies grow internationally or expand their business practices, they begin to outgrow the basic functionality offered by a starter system. Here are a few valid points that will elaborate on the advantages of NetSuite over QuickBooks.
1. More Reliance on Spreadsheets to Connect With Data
Spreadsheets are outdated, and we’re sure this isn’t news to anyone. Excel still has its purposes, but it’s not made for managing a company’s back office. These temporary or “bandaid solutions” don’t allow you to connect or share data automatically. They force you, employees, to manually enter and share data, which can lead to errors and lots of wasted time.
2. Data Visibility into Business Operations
As business practices evolve and your organisation begins to take on more activities, it’s important to have complete visibility into your processes to understand what needs to be done, and how it’s being done and pinpoint any obstacles.
When departments, managers, teams, and even individuals cannot share information, priorities, tasks, or tools, your business becomes siloed. When your teams aren’t working together, your business isn’t working.
3. Financial Consolidation Become Unbearable
Your firm may confront issues dealing with different subsidiaries, foreign currencies, business requirements, accounting and taxes rules, and more as it expands, possibly even overseas.
These specifications are much above the capabilities of a system like Quickbooks. QuickBooks Online Overview will ultimately handle all these elements. Making a system work harder than it was intended to only benefits you and your business. So we should go for NetSuite.
4. NetSuite Can Make Work Less Complicated
As your company grows, so do your business channels. Whether you’re growing internationally, adding new sales channels and products, or gaining revenue from different sources, you need a system that can easily record these new sources and consolidate data into one single source of truth. A tool like Quickbooks is not designed to scale, so you may have trouble managing your new business processes efficiently.
Due to its work-intensive nature, many small businesses need help managing their money. As numerous accounting software solutions can automate a lot of financial management responsibilities. Two of the most common solutions are NetSuite and QuickBooks. You may save time by automating various bookkeeping activities with NetSuite and QuickBooks.
NetSuite provides capabilities like an e-commerce platform, an Enterprise Resource Planning (ERP) tool, and a Customer Relationship Management (CRM) tool. Their features and prices, however, are different. Software tools like NetSuite and QuickBooks can be utilised for bookkeeping and accounting tasks. But the users must choose based on their work needs and budget.