QuickBooks is the go-to accounting software for most new companies and small businesses. This comes as no surprise. QuickBooks is easy to learn and has a low price point. However, as businesses grow, they quickly realize that QuickBooks can’t keep up with complex business and accounting situations.
Sure, there are some workarounds. For instance, you could deploy complimentary software. Or you could supplement your QuickBooks platform with manual processes. But these methods are quick fixes, not lasting solutions.
If your business is outgrowing QuickBooks, moving to the Oracle NetSuite ERP platform is the best long-term answer. Oracle’s all-in-one platform can evolve with your business. It has all the tools you need to manage accounting, payroll, and more.
Not sure whether it’s time to make the move to NetSuite? We get it — change can be hard. With that in mind, let’s explore some industry-specific signs that you’ve outgrown QuickBooks. From there, we’ll shift our attention to the benefits of switching from QuickBooks to NetSuite.
Signs It’s Time to Ditch QuickBooks
QuickBooks is used across a broad range of industries. As such, the signs that you’ve outgrown it will vary depending on the specific field you operate within. On that note, let’s look at some industry-specific indicators that you need to make a change.
1. For Retail
Some signs that a retail company is ready for NetSuite include the following.
Spreadsheets Are Everywhere
QuickBooks doesn’t fully integrate with your other tech. To bridge the gap, you’ll need to devise a workaround. Most retailers use spreadsheets to fill in the blanks.
You’ve probably tried doing the same. If so, you know how quickly you can become inundated with spreadsheets. Before you know it, you’ll have files scattered everywhere. Good luck finding a specific document when you’re under a time crunch.
Using spreadsheets also puts you at a greater risk of errors. That’s because data has to be entered and updated manually. Even the most attentive team will eventually make a mistake.
Manual Processes Hinder Growth
Manual processes are the enemy of efficiency. When your team is bogged down with manual tasks, they have less time to serve your customers. The result is a friction-filled customer journey.
Ditching manual work for automated alternatives gives your team more time to devote to dynamic tasks. They can serve your customers and build your brand image. Before you know it, you’ll be well on your way to shattering your next growth goal.
Visibility Is Non-existent
Visibility is crucial to growth in the retail industry. QuickBooks simply doesn’t provide enough visibility, as most of the data it’s used to handle is stored in siloed systems. Even worse, that data isn’t updated in real time.
Additionally, QuickBooks offers few reporting tools. Your team won’t be able to run custom reports to gain actionable insights. Instead, they’ll have to make decisions using data that’s days or even weeks old.
By contrast, NetSuite provides up-to-the-minute insights about your business. You can use these tools to precisely track sales volume or other important metrics and stay on top of your operations like never before.
2. For Manufacturing
Manufacturing companies need to sunset QuickBooks when they’re facing these difficulties.
Plagued by Disparate Tools
When businesses outgrow QuickBooks, they usually turn to add-on applications. For instance, manufacturers might adopt an inventory management tool to pair with QuickBooks.
This approach can meet some business needs, but the two disparate programs can’t provide information in real time. The more disparate tools a company adds, the worse the issues become.
Using disjointed tools isn’t the answer to your QuickBooks hurdles. For one thing, this approach will force you to pay exorbitant licensing fees. You’ll also have to manage a half-dozen or more disparate apps. Talk about a headache.
A better option is to adopt a single source of truth like NetSuite. With Oracle’s solution, all of your tools will be located in one convenient location.
Consolidating your technology eliminates data spread and tears down silos. As a result, you’ll be able to leverage all of your company’s data to optimize your manufacturing processes.
Managing Multiple Entities
QuickBooks is designed to manage one entity. If your manufacturing business expands, the basic accounting platform won’t be able to keep up. You’ll have to implement a manual workaround or deploy multiple instances of QuickBooks. Either way, you won’t have a means of unifying your entity data.
To make matters worse, QuickBooks lacks automation tools. Consequently, managing and consolidating your entities will take a huge commitment of resources.
Facing Storage and User Limits
Manufacturing companies need to store vast quantities of business data. Businesses in this space often need to include a large number of users as well.
If you try doing either on QuickBooks, you’ll quickly discover the limitations of this software. In terms of storage, QuickBooks begins experiencing performance issues when your file sizes grow too large — which won’t take long if your business sees any kind of volume.
Furthermore, you’ll be limited to five simultaneous users unless you have the Desktop Enterprise edition. Even if you upgrade to QuickBooks Enterprise, you can only enroll a maximum of 30 users.
3. For Technology
Technology companies should consider replacing QuickBooks because the basic software is lacking in the following areas.
Limited Customization
QuickBooks’ greatest strength is also one of its most glaring weaknesses: the platform is simple, standardized, and easy to learn. Unfortunately, these attractive attributes also make it rigid and limit its functionality.
Unfortunately, due to its rigidity, QuickBooks doesn’t accommodate the individual accounting demands of technology companies. It offers little customization, making it a more generic accounting solution.
If you want a platform that’s tailored to your company’s needs, NetSuite is the answer.
Can’t Support Best Practices
Technology and software firms are tightly regulated businesses. To ensure compliance, tech companies must adhere to the latest best practices. This effort can be tough with QuickBooks, as it doesn’t enable you to implement custom rules or restrictions.
Clinging to QuickBooks can put you at risk of non-compliance, potentially leading to fines and damage to your brand image. Implementing complex workarounds can solve your compliance woes, but these outside-of-the-box fixes will also reduce efficiency and productivity.
Lacks Automation Capabilities
The technology space is in a state of constant change. If you want to thrive, you need software that can keep up. QuickBooks can’t, largely due to its lack of automation capabilities.
With QuickBooks, just about everything must be done manually. This bogs down your team and prevents them from maximizing their productivity.
4. For Finance
If you operate in the financial sphere, you’ll know it’s time to replace QuickBooks finance software when you experience these hurdles.
Audits Are Burdensome and Costly
Compliance standards in the finance industry are constantly changing. Complying with the latest regulations using spreadsheets and QuickBooks is practically impossible. Conducting audits is cost-prohibitive and unnecessarily time-consuming.
If audits have become a significant burden for your organization, it’s time to leave QuickBooks behind. Doing so will set the stage for continued growth and help you better serve your clients. Adopting a modern platform like NetSuite will also promote compliance and mitigate risks of fines or other penalties.
Managing Accounts Becomes Tedious
Growing your firm requires taking on more client accounts. But managing an influx of new accounts can overwhelm your current staff, especially if you’re still operating in QuickBooks.
QuickBooks provides limited visibility into investor accounts. This lack of oversight can negatively impact decision-making. With insufficient visibility, your team won’t have the knowledge they need to deliver an optimal return for your investors.
The answer to your account management woes is clear — upgrade your technology platform and put your team in a position to succeed.
The Firm Is Ready to Expand
QuickBooks lacks scalability. You could compensate for some of its shortcomings using manual workarounds or add-on apps. But eventually, QuickBooks will become a liability that prevents you from expanding.
To solve this issue, you need an infinitely scalable solution like NetSuite. With Oracle NetSuite, you can store unlimited data and add as many users as you want. You can even deploy new modules to support your accounting and finance workflows.
As an added benefit, you can configure NetSuite for your firm’s needs by taking advantage of Finlyte’s proprietary ION solution. ION decreases your time to value and helps you maximize your ROI. It also empowers your team to take their productivity to new heights.
Ready to Migrate? Finlyte Can Help
Have you determined that your business is outgrowing QuickBooks? If so, don’t cling to your old software. Instead, begin preparing for your transition to NetSuite.
The best way to get ready is to connect with an experienced migration partner like Finlyte.
- We serve clients across numerous industries.
- We know what it takes to facilitate a seamless NetSuite ERP implementation project.
Our expert team can plan and manage your move to NetSuite. We’ll also configure the platform to fit your industry, condensing time to value and boosting ROI.
Ready to learn more? Schedule a consultation today with our expert team. It’s time to accelerate growth by migrating to NetSuite.
