If you’re a business owner, the importance of choosing the right financial software can’t be overstated. The management or mismanagement of finances can make or break a quickly-expanding company.
While QuickBooks has been a popular choice for many years, it may not be the best option for your rapidly growing business. Oracle NetSuite is a more advanced option for financial software that offers many additional benefits and features, especially for businesses that are developing more complex revenue streams and need more sophisticated accounting.
Here are three factors in the Oracle NetSuite vs QuickBooks comparison that demonstrate why Oracle NetSuite is the superior choice, as well as information about how we lend our expertise so that you and your business can expertly manage the transition.
NetSuite Offers Real-Time Visibility
Disjointed and numerous systems make it nearly impossible to gain comprehensive and valuable business insights. Keeping one set of data in QuickBooks and storing critical updated information elsewhere results in complex systems, conflicting data, and a severe lack of transparency and ease in reporting.
With NetSuite, it’s straightforward and uncomplicated to account for revenue deferments due to upgrades, subscription renewals, and other deliverables. Attempting to use the same functionality with QuickBooks involves complex workarounds that are time- and labor-intensive and may actually hinder visibility into real-time financial accumulations and deductions.
NetSuite integrates all your business data into one powerful resource. While QuickBooks only handles financial data, NetSuite integrates financial, customer, and inventory data. According to the 2021 TechValidate Survey, 93% of organizations reported “increased visibility and control over the business” when evaluating Oracle NetSuite vs. QuickBooks.
NetSuite Is Designed for Growth
As your business expands, QuickBooks can start to feel restrictive. For example, it has limited reporting capabilities, can’t support multi-subsidiary consolidation, and lacks complex accounting functions such as fixed assets, multi-book accounting, recurring billing, and advanced revenue recognition.
A business needs software that scales alongside it, but QuickBooks simply can’t handle large volumes of customers, vendors, inventory items, or multiple currencies. NetSuite is built to scale with your business, so it can handle your increasing transactions and data.
With QuickBooks, your business can’t be agile and responsive. You can’t, for example, allow customers to see stock levels in real-time, confirm delivery schedules while they place their order or allow calls to customer service minutes after an order is placed. Different applications used by divided departments result in chaos, making scaling up and gaining 360-degree visibility across your business virtually impossible.
NetSuite Harnesses the Power of Automation
QuickBooks is designed only to automate a handful of core accounting functions. It is a siloed product with a myriad of apps that each need to be individually updated and supported. This setup inevitably produces a disparate and individual process-driven systems nightmare as you accrue more and more data and subsequently require more powerful and efficient reporting mechanisms.
Staff can spend hours each week on manual processes from creating invoices to filling in complicated spreadsheets, wasting time and frequently resulting in human error, invoice queries demanding resolution, and end-of-the-month crises.
Additionally, increased costs come with an expanding business. The last thing you need during a period of growth is to have extra costs in the form of valuable employee time and effort when there are more pressing matters on their agenda.
With Quickbooks, they would need to manually pull monthly revenue and remittance reports from spreadsheets. With NetSuite, they can automate those reports and get the data they need with the click of a button, enabling them to keep their attention focused on higher-priority tasks.
Can Finlyte Help Us Transition from QuickBooks to NetSuite?
Yes! Using our extensive experience with businesses of all shapes and sizes, the Finlyte team will take a deep dive into your company’s individual business systems and processes.
From there, we’ll demonstrate the NetSuite software to you using your own specific circumstances, issues, and data so you can see real-life examples to help you better visualize how NetSuite can improve your business processes.
If you have additional concerns regarding Oracle NetSuite vs QuickBooks, we have a wealth of knowledge regarding migrating organizations from QuickBooks and its various add-ons (e.g., Fishbowl) onto one comprehensive system like NetSuite.
We also understand how to take companies from cash basis accounting to accrual accounting. We can answer any and all questions you might have about the software or the migration process.
As experts in both Quickbooks and in NetSuite, we will make sure all of your data is migrated correctly, and your chart of accounts is optimized so you can be up and running immediately after the migration, with a minimum of downtime.
Our hands-on, white-glove training will guarantee a successful transition, and you can count on our ongoing support and assistance before, during, and after your switch from Quickbooks to NetSuite.
Contact Finlyte today to schedule your free NetSuite evaluation!