6 Reasons To Move Your Business From QuickBooks to NetSuite Accounting
For many companies and small businesses that are just starting out, Quickbooks proves to be a logical and economical starter system. With basic functionality to help get you going, it’s the solution many businesses start with. But, when companies start growing and their processes become more complex, a basic system could be the thing that stops them from reaching their full potential. We’ll go through some of the best reasons to move your small or growing business from QuickBooks to NetSuite Accounting Software.
In comes Oracle NetSuite accounting software - a system built to handle the complexities of growing businesses, their financial requirements, reporting and management needs. To ensure your business is growing at the rate it should, you need to upgrade your system.
We’re running you through the six biggest reasons for moving your business from Quickbooks to NetSuite, to turn your system from a burden into an advantage.
4 Signs You Need Better Financial Reporting with NetSuite
As companies start to grow internationally or expand their business practices, they begin to outgrow the basic functionality offered by a starter system. What are the signs you need to upgrade to NetSuite?
1. Companies begin lacking data visibility into their business’ operations:
2. Reliance on Spreadsheets to connect data:
These temporary or “bandaid solutions” don’t allow you to connect or share data with one another automatically, they force you employees to manual enter and share data, which can lead to errors and lots of wasted time.
3. Financial consolidation becomes unbearable:
As your company grows, maybe even internationally, you may find yourself starting to face the challenges of dealing with multiple subsidiaries, foreign currencies, business requirements, accounting and taxation standards, and more.
For a system, like Quickbooks, these requirements are way above its paygrade. Dealing with all these factors is ultimately too much to handle for a system designed to consolidate financials for one company, in one country, using one currency. Trying to make a system do more than it was designed to do will only hold your own business.
4. Adding sales channels, revenue streams, and product lines becomes overly 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 from these sources into one single source of truth. A tool like Quickbooks is not designed to scale, so you may have trouble figuring out how to easily manage your new business processes.
6 Reasons for Switching From QuickBooks to NetSuite Accounting Software
1. Complete visibility of your business processes
When your business practices evolve, and data begins piling up, it’s hard to keep up.
With a Cloud-based ERP platform, like Oracle NetSuite, you get a 360-view of your company’s processes, with real-time data and reporting, and personalized NetSuite dashboards. Being able to see your company data in one single source of truth helps you make informed business decisions and create accurate reports.
Reports and saved searches are available in real-time and all your reports use the same data source, allowing a multidimensional analysis with drill-downs to real-time source transactions.
2. Easily share data between departments
NetSuite allows you to automatically extract and share data from marketing, finance, sales, professional services, and more, right from the cloud. Users will be able to draw data from the same source, ensuring that everyone, from every department, has access to the same data.
NetSuite accounting software also allows you to control which departments or individuals can access certain data by customizing permissions.
When it comes to NetSuite vs. Spreadsheets, it’s out with the old and in with the new.
3. Easily consolidate your financial data
A Cloud-based ERP system, like NetSuite, is built to scale up alongside your business. It offers sophisticated financial consolidation tools, as well as a platform for handling multiple subsidiaries and currencies, called NetSuite OneWorld, whose Cloud capabilities outperform any on-premise ERP system.
Pro-Tip: GURUS Solutions, the largest NetSuite partner in Canada and the U.S., offers a custom NetSuite solution called, eCommerce integration, that allows your company to reconcile data from multiple marketplace channels (Amazon, Shopify, Walmart, etc) to maximize sales and grow your business
When switching from QuickBooks to NetSuite, you can automate key accounting processes using Oracle NetSuite financials, and minimize the risk of error and delay of manual processes when dealing with important data.
4. Achieve compliance with international accounting standards
Is your company growing internationally? NetSuite OneWorld is your solution for seamlessly managing your global workforce.
Your business will be able to easily handle multiple currencies, taxation rules and reporting requirements across geographies and subsidiaries, providing real-time global business management and financial consolidation in a unified, cloud-based system.
5. Streamline accounting, CRM, and eCommerce capabilities
In order to implement the growth strategies and have your company become a key competitor in your industry, you need an integrated business system that centralizes accounting, order management, customer relationship management (CRM) and eCommerce, all in the Cloud. Essentially, when making the switch for Quickbooks to NetSuite, you’re equipping your business with a variety of different 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 easily 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.
A common software integration is the NetSuite Salesforce CRM integration, which can help your business establish better customer relationships while growing your sales.
6. Access to advanced NetSuite financial reporting tools
When your company begins facing more complex financial requirements, you need a system that can easily scale up with you.
NetSuite financials allows you to:
- Manage inventory across multiple sales channels
- Provide insight into your company’s inventory and available resources
- Streamline your sales, order and delivery ordering processes
- Manage all of the data that your growing business receives on a daily basis.
- Easily add and manage new sales channels
How to Implement NetSuite for Your Business
At this point, you might be wondering how you could make the move from QuickBooks to implementing NetSuite and take your business to the next level. How do you find the perfect NetSuite partner for your business?
Luckily for you, we have just the thing you need.
- A specialized process for optimizing your daily operations with reduced risk.
- 15+ years of experience working with NetSuite and the Cloud.
- NetSuite Partner.
- A unique & collaborative approach to any project.
- Experience with a vast number of industries.
- Thousands of successful projects completed.
- Resources across all of North America.
Are you looking to move from Quickbooks to NetSuite? Talk to a specialist today!
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