Top 10 reasons to migrate from QuickBooks to NetSuite

Small and mid-sized businesses often start out using QuickBooks for their accounting needs, but as they grow, they may find that QuickBooks is no longer able to keep up with their expanding operations. Many organizations turn to NetSuite, an enterprise-level software suite that provides comprehensive solutions for accounting, financial planning, inventory management, eCommerce, and more. In this blog, we will highlight the top 10 reasons why businesses should consider migrations from QuickBooks to NetSuite.

QuickBooks is designed for small businesses with limited accounting needs. As your business grows, you may find that QuickBooks lacks the features and capabilities required to manage larger volumes of transactions and more complex financial operations. NetSuite, on the other hand, is designed to handle the needs of mid-sized and large businesses, offering robust accounting tools, financial reporting, and customizability. NetSuite is designed to be quickly scaled up as businesses’ financial requirements grow more complex providing users with a scalable, cloud-based enterprise solution that will support future organizational growth for years to come.

QuickBooks may work well for basic accounting needs, but it often requires multiple add-ons and integrations to manage other aspects of your business, such as customer relationship management (CRM), inventory management, or eCommerce. NetSuite provides a comprehensive suite of tools such as SuiteTalk that helps build integrations to create a single unified system for managing all aspects of your business. With NetSuite, you have access to an integrated suite to manage ERP, CRM, eCommerce, HR management software, professional services automation, and much more from a single platform, reducing the need for multiple systems and data entry. By seamlessly integrating your financial and non-financial data, you can gain a more complete view of your business, enabling you to make more informed decisions. Additionally, NetSuite offers a variety of integrations with other popular business systems such as Salesforce and Shopify. With NetSuite’s open AI, you can easily connect to third-party applications and services, further expanding the capabilities of your integrated suite.

Many organizations switch to NetSuite for enhanced customization options. QuickBooks has limited customizability which can be frustrating for businesses with unique accounting needs. NetSuite offers a high degree of customization with SuiteCloud, allowing businesses to tailor their accounting and financial management tools to their specific requirements. With NetSuite, you can easily customize modules, fields, workflows, users, and dashboards to meet your specific needs. Additionally, NetSuite’s SuiteBuilder allows businesses to create custom applications and workflows, adding unique functionality that meets their specific business needs. With SuiteBuilder, you can create custom fields, forms, and reports without any coding knowledge, reducing the need for extensive customization services. This can save your business time and money, enabling you to quickly adapt your financial and accounting tools to your evolving business needs.

Oftentimes, QuickBooks may require manual data entry and repetitive tasks, which can be time-consuming and prone to errors. NetSuite offers a wide range of automation features such as SuiteFlow that can streamline your business processes, saving you time and reducing the risk of errors. With NetSuite, you can automate tasks such as invoice generation, payment processing, bank reconciliation, and more. Additionally, NetSuite’s workflows enable you to automate approvals, routing, and notifications, reducing the need for manual intervention. This can help you improve efficiency, reduce costs, and free up your team’s time to focus on higher-value tasks. By automating processes, you improve data accuracy to achieve a more streamlined and error-free workflow.

Security is a critical consideration for any business, especially those that deal with sensitive or confidential information. QuickBooks offers some basic security features but may not provide the level of security needed for businesses with complex security requirements or those subject to regulatory compliance. NetSuite provides a comprehensive security framework designed to protect your data and ensure compliance with regulatory requirements. These security features include role-based access controls, encryption, audit trails, and two-factor authentication, among others. NetSuite supplies world-class application and operational security based on the National Institute of Standards and Technology (NIST) and ISO 27000. Moreover, you can comply with regulatory requirements such as GDPR, CCPA, and SOX.

If you’re using QuickBooks for inventory management, you may be limited in terms of features and capabilities. NetSuite provides a robust warehouse management system and comprehensive inventory management tools so you can optimize your stock levels, avoid stockouts, and reduce the risk of overstocking. NetSuite also offers real-time visibility into inventory levels, allowing you to make more informed decisions about purchasing and fulfillment. Additionally, NetSuite also provides a demand planning module that allows users to predict changes in inventory based on past trends and future sales forecasts. With NetSuite, you can achieve better inventory control and management, leading to improved efficiency, reduced costs, and better customer satisfaction.

QuickBooks provides basic reporting features that may be sufficient for small businesses. However, as your business grows, you need more sophisticated reporting tools to track your financial performance and make informed decisions. NetSuite’s reporting capabilities are highly advanced and customizable, enabling businesses to create reports that fit their specific needs. With NetSuite, you can easily generate financial statements, create custom reports, and automate report generation, saving you time and ensuring accuracy. Additionally, with real-time insights into your business performance, you can make informed decisions that drive growth and profitability.

Revenue recognition is a complex accounting process that can be challenging to manage manually. QuickBooks does not offer the level of automation and customization needed for complex revenue recognition scenarios, such as those required by subscription-based businesses or those with multi-element contracts. NetSuite’s revenue recognition functionality helps improve accuracy and compliance while reducing the time and effort required for revenue recognition. With NetSuite’s revenue recognition tools, you can easily recognize revenue according to the appropriate accounting standards, such as ASC 606 or IFRS 15, and handle complex scenarios such as revenue for multi-element contracts. With NetSuite, you can automate your revenue recognition to increase efficiency, close faster, improve forecasting, and streamline reporting.

NetSuite leveraged years of ERP deployment experience customized to unique industry requirements to deliver industry-specific configurations called SuiteSuccess. SuiteSuccess solutions are available for a variety of industries including manufacturing, wholesale distribution, retail, professional services, software, and much more. These pre-configured solutions include industry-specific dashboards, reports, workflows, and features that are designed to meet the unique needs of each industry. With SuiteSuccess, you can reduce the time and money spent on configurations and custom development to reduce implementation time and get up and running on NetSuite faster than ever.

Managing multiple subsidiaries and acquisitions can be a challenge with QuickBooks. However, NetSuite provides a unified platform that can easily handle multiple subsidiaries and acquisitions. NetSuite’s multi-subsidiary management capabilities enable you to manage multiple business units or legal entities from a single system, providing a consolidated view of your operations and financials. Additionally, NetSuite’s advanced intercompany management features allow you to seamlessly manage transactions between subsidiaries, eliminating the need for manual processes or separate systems. Furthermore, NetSuite can accommodate acquisitions by integrating newly acquired companies into your existing NetSuite account. This means you can seamlessly incorporate new entities into your financial reporting and other business processes, helping ensure a smooth transition and integration.

If your business has outgrown QuickBooks and you’re looking for a more robust solution that can handle your growing accounting and financial management needs, NetSuite may be the perfect choice for your business. With its advanced features, customizability, and scalability, NetSuite can help you streamline your operations and drive growth. As a NetSuite partner, Rand Group has extensive experience helping businesses migrate from QuickBooks to NetSuite, ensuring a smooth transition and providing ongoing support. We can help you identify the NetSuite modules and features that will best meet your business needs, configure your NetSuite instance to your specific requirements, and provide training and support to ensure your team is fully equipped to take advantage of all that NetSuite has to offer. Contact us today to learn more about how NetSuite can help your business succeed.