13 Oct, 2021

From QuickBooks to NetSuite Financials

The services industry evolves at a breakneck speed. As your business expands and your accounting needs get more complicated, you'll notice that entry-level accounting software has evident limitations. Managing complex business challenges with spreadsheets and various applications does not always work, that is why organizations frequently switch from QuickBooks to NetSuite. NetSuite is a system designed to handle the challenges of growing enterprises, complex financial needs, and multi-faceted business requirements.

Six Reasons for Switch From QuickBooks to NetSuite

1. Complete visibility of your company

It is difficult for a simple systems to keep up when your business practices evolve and data accumulates. A Cloud-based ERP, such as NetSuite, provides a 360-degree perspective of your company's processes, as well as real-time data reporting and customized NetSuite dashboards.

2. Easily share data between departments

NetSuite helps you to automatically collect and extract data from sales, professional services, marketing, finance, and other departments. NetSuite provides users access to the same data from the same source and ensures that all departments gather the same data.

3. Easily consolidate your financial data

NetSuite is a cloud-based ERP solution that can scale your business. NetSuite OneWorld, which includes comprehensive financial aggregation tools and a platform for handling various subsidiaries and currencies, outperforms any on-premise ERP solution. Switching from QuickBooks to NetSuite automates key accounting activities and eliminates the risk of error and delay associated with manual processes while dealing with data.

4. Achieve compliance with international accounting standards

NetSuite easily manages multiple currencies, taxation regulations, and reporting requirements across nations and subsidiaries, allowing for real-time global business administration and financial consolidation in a single, cloud-based system.

5. Streamline accounting, CRM, and eCommerce capabilities

NetSuite is a cloud-based comprehensive business solution that combines accounting, order management, CRM, and eCommerce. Your team can easily collect client information quickly and efficiently if your entire firm has access to the same customer data and transactions. It also enables your sales team to identify cross-sell and upsell opportunities, and confidently track delayed orders, service concerns, and past-due invoices.

6. Access to advanced financial tools 

NetSuite financials enables you to:

Organize inventory across multiple sales channels.

Provide information about your company's inventory and resources.

Improve the efficiency of your sales, order, and delivery processes.

Manage all of the data that your expanding company generates daily.

Easily add and manage new sales channels.

Benefits of NetSuite Cloud ERP

Delay Finance and Operations Hires – Finance and operations can focus on revenue-generating strategic projects, analysis, and scaling.

Subscription Models and Revenue Recognition – Identify upsell opportunities to prevent revenue leakage.

Streamline Billing and Invoicing – Billing and invoicing automation reduces human data entry and eliminates errors.

Reduced Financial Close Time and Manual Data Entry – By automating and regulating transaction approvals, you can improve financial accuracy and save month-end processing costs.

Lower Audit Costs – Constantly changing compliance rules, limited accounting staff, and extensive spreadsheet use are time-consuming and risky. This can result in greater audit expenses or audit processes that are longer and more demanding.

Platform for Innovation –  NetSuite enables you to launch new business models, expand globally in one platform, enhance revenue, and support multi-currency and multiple accounting standards.

Suite Approach – A suite approach allows the entire organization to see operations as a single source of truth. Furthermore, established roles and dashboards based on a user's day-to-day tasks provide the most effective information consumption across the entire enterprise.

Difference between NetSuite and QuickBooks

1. NetSuite provides business performance dashboards that can be accessed from anywhere via a web browser, whereas QuickBooks only provides limited visibility into business performance.

2. NetSuite only allows payment per license, whereas QuickBooks accepts payment per license and month.

3. NetSuite simplifies more complex accounting, whereas QuickBooks does not support multi-site operations, dynamic pricing, or sales recognition.

4. NetSuite provides all accounting, revenue, and service, inventory, delivery, and e-commerce activities in one integrated business management suite, whereas QuickBooks is primarily focused on accounting. Separate programs are required to fulfill customer orders and manage customer care.

5. NetSuite is more suited to businesses who want an all-in-one cloud-based business suite, whereas QuickBooks is better suited to businesses that only require accounting and finance software.

NetSuite Experts here for your business

Our expertise NetSuite staff analyzes your business difficulties and develops solutions you need to flourish in any industry or sector. Take advantage of our flexible service solutions and gain access to our in-depth expertise of business applications to ensure you obtain the proper solution, licenses, services, and support.

Jobin & Jismi is an expert  NetSuite Alliance partner providing NetSuite services such as implementation, integration, and customization. Connect with us for any NetSuite-related queries.