NetSuite vs QuickBooks
Small, local and steady businesses can benefit from Intuit QuickBooks accounting software because it simplifies the daily process of conducting basic accounting tasks for the company.
However, you will need a much more sophisticated system if you ever expand your business and grow it to the next level with numerous revenue streams and locations. Unfortunately when you check NetSuite vs QuickBooks, the latter doesn’t offer enough features for a complex business to manage its accounting data sufficiently.
A growing business requires an accounting platform which helps the leadership make better and quicker business decisions. Such software should have advanced features like real-time data, artificial intelligence, detailed business insights, and a comprehensive overview of the organisation’s financial status. These are features you would not have in QuickBooks.
Because of that, you can see that an increasing number of fast-growing businesses are turning to Oracle NetSuite Cloud ERP as a much capable alternative to the basic QuickBooks software. This cloud ERP (Enterprise Resource Planning) system makes it easier for business leaders to drive their company’s growth in a highly competitive environment.
Question is: Whether your business is ready and actually needs to switch to NetSuite ERP, or should you stick with the more straightforward QuickBooks software?
If you are looking to significantly grow your business chances are high that you need NetSuite ERP, but here are the top 11 cases that indicate you are better off upgrading to NetSuite ERP.
1. You Need To Manage Growing Organisational Complexity
When it comes to accounting tasks, most small businesses only need to worry about a handful of invoicing, a couple of payroll calculations, and expense or mileage tracking of one or two machines. In this case, Intuit QuickBooks can help accomplish these few tasks quickly and easily.
However, if you need to complete more than just a few accounting activities, you should choose an advanced solution like Oracle NetSuite ERP. It is more comprehensive than QuickBooks because NetSuite lets you perform sophisticated business tasks like resource planning, customer relationship management (CRM), inventory management, integrated e-commerce, and the platform also provides a much better visibility on financial data.
Furthermore, NetSuite is more customisable and scalable to accommodate medium to larger-sized businesses, including international companies with a global customer base. With a smart solution like NetSuite ERP, you can grow your business to greater heights without making your back office work more difficult. The same cannot be said for QuickBooks.
2. You Need To Retrieve Financial Information Faster
Over 90% of companies can increase the control and transparency of their business activities by upgrading to Oracle NetSuite ERP from QuickBooks. NetSuite makes it much faster and easier for business owners and managers to see crucial financial information about their company whenever needed. You would not waste time finding the information you are after because the software streamlines accessing it.
NetSuite goes beyond the traditional online general ledger, balance sheet and P&L offered by QuickBooks. In addition, NetSuite gives you numerous financial management and insight tools to access your company’s real-time financial data, such as sales orders, supply chain records, profits, revenues, expenses, KPIs and more. You can even generate interactive reports and business intelligence recommendations based on the data recorded in the system.
As a result, business leaders can have a much better grip over the daily operations of their company because they can easily access all the real-time financial information without any hassle or time wasted.
3. You Want An Improved Revenue Recognition
Revenue recognition is a critical accounting principle where you can recognise revenue as earned, right after a critical event occurs. In most cases, the critical event is a sales transaction between your company and a customer. That way you can recognise such as revenue earned and not to way till the customer pays the money or receives the product or service they purchased.
It is easier for businesses to make critical financial decisions for the future if they can recognize their earned revenue in the present. Unfortunately, revenue recognition is much more challenging with QuickBooks because no such functionality is available in it, so you are required to maintain numerous additional spreadsheets outside the software.
Unlike QuickBooks, NetSuite ERP actually has a comprehensive revenue recognition mechanism programmed into the software. Not only that, but it complies with general account principles practised in every major country worldwide.
4. You Want To Customise Reporting By User
Key performance indicators (KPI) are quantifiable measurements used to calculate the operational performance of a company. These numbers are varying by work areas and by teams, so it can be challenging for a business leader to ensure all teams have the correct KPI in focus.
NetSuite goes a step further by not only calculating the key performance indicators of specific areas but by making them available by user roles in the system. An O2C personnel will see income related reports, while a P2P clerk will see payment related reports. This way you can make sure your departments will always focus on those factors that matters the most for them.
The platform lets you create a custom dashboard for every user role in the company and then list all the key reports for each role. This makes it easier to keep the work on track across the teams and to ensure they accomplish all regular tasks.
5. You Need Advanced Budgeting Capabilities
If your company grows for a while, I am sure you have already realised you need to stop depending on Excel generated financial planning. That only creates you headaches and helps you track past financial information but does little to assist with forecasting.
NetSuite ERP is a comprehensive software with advanced budgeting capabilities, including comparison charts and information on future financial predictions. It takes all the historical financial data you have entered into the system and combines it with numerous other market factors in order to make accurate financial forecasts for your company. These other factors include current market demand and sales trends in your industry.
This kind of accurate forecast information makes it much easier to create advanced budgets and accommodate the actual market demand of your industry. Meanwhile, you can prevent losses from stacking your inventory with too many unwanted products.
6. You Want To Avoid Server Hassles
QuickBooks online edition doesn’t have all levels of features, like e.g. conducting international banking, to operate a growing business smoothly. Because of that, these businesses need to use the desktop version in which they can only synchronise the latest financial information with all the computers of the company if they maintain secure servers.
NetSuite ERP gives you access through a cloud-based server for conveniently managing your company’s financial data from anywhere with a computer and high-speed internet connection. The software already benefited business owners throughout the latest pandemic, where remote work was required in many countries for over a year.
Instead of maintaining complex servers, you are better off using NetSuite because it is already in the cloud that makes it easy for everyone in your company to access the same real-time financial data through a highly secure server.
7. You Need To Customise User Permissions
The essence of NetSuite’s security features includes customisable user permissions for various roles in your company. Your employees aren’t merely using a username and password to access all financial data like they would with QuickBooks.
Instead, NetSuite lets you create user-defined roles with special access rights to limited business data. You can set which permissions you would like to give to each user, so they can only access the information you want them to access. That means everyone would not be able to access the same level of information as they would with QuickBooks.
Customisable user permissions give you more control over your company’s crucial data. Then you can have peace of mind knowing that only the right people will see sensitive information.
8. You Want Faster Period-End Closures
Business leaders of growing companies are under a lot of stress to close the books fast after the end of the current financial period – strictly speaking, every month. NetSuite streamlines this process by delivering accurate financial statements on time and in full compliance with general accounting standards.
In addition, many usual manual tasks can be automated in NetSuite so that your teams don’t need to rely on messy spreadsheets too much. This also improves the information flow throughout your organisation to speed up the financial closures at the end of the month.
NetSuite has a machine learning feature that remembers specific rules and consistencies regarding your financial record keeping. This feature for example compares your company’s banking transactions and internal records to spot potential errors and missing financial transactions. Some missing transactions and errors then can be corrected by journal entries automatically.
In a fast-growing business, you will end up having inaccurate financial data if you’re still using standalone spreadsheets, like you have to do with QuickBooks to conduct complex financial calculations. If that is the case, it is time to upgrade to NetSuite ERP and to automate as many tasks you can, so you speed up your period-end closures instantly.
9. You Want To Streamline The Back Office
NetSuite is a complete ERP product which lets your teams perform most of the operations without needing many other software programs. It is in effect a comprehensive suite of software tools to help streamline your business operations, saving you both time and money from using and purchasing additional subscriptions.
This level of functionality cannot be found in QuickBooks, which can be OK for a small organisation, but as your company grows, so will your team’s hunger grow to have more and more complex information available.
Since NetSuite is a modular platform, you can integrate your e-commerce, financials, and customer relationship management data to eliminate inaccuracies by moving data among them and to reduce the need for repeat data entry of the same information.
10. You Need To Import Data From Third Parties At Scale
For my possible reasons, you may still need to import critical data from other third-party programs and legacy systems. Fortunately, this is easy to do through NetSuite’s cloud-based server from any program or system with access to the internet.
You can simply use those third-party tools and systems to access NetSuite on the cloud server and import the data as needed. Then everyone else in your team with access to the cloud server can see this newly uploaded data in real-time.
Such a data interface through QuickBooks Connector also exists but not for that many applications and not for that data volume as with NetSuite.
11. You Want To Expand To New Markets
Do you want to expand your business to other countries? If so, you will need to overcome the language barrier which prevents many companies from expanding into new markets.
NetSuite comes in more than 20 languages. As a result, you can expand your operations overseas and hire employees who speak different languages. Just give them access to NetSuite and allow them to choose their preferred language on their custom dashboard.
In addition, NetSuite incorporates the latest local tax and reporting requirements of major countries worldwide. This means you can use the system to fill out tax forms and report them in countries based on their local statutory requirements. That makes it much straightforward for your company to comply with local regulations while conducting business in foreign countries.
QuickBooks is used more for domestic businesses, so any localisation should be sorted out individually by your own.
Wrapping It Up
Overall, I can say that NetSuite is far superior to QuickBooks for many fast-growing international businesses in the market. It offers more advanced features than a standard accounting software and makes it much easier to record, report, and synchronise accurate financial data within complex organisations.
But for sure, smaller businesses may be happy with what just QuickBooks, as an accounting software can provide. The complexity of your business will determine if you need an ERP or not.
If you switch from QuickBooks and upgrade to Oracle NetSuite Cloud ERP, you can lower your overhead expenses, increase productivity and streamline many crucial business processes within your company.
You would not need to use multiple software applications to manage various core processes of your company because NetSuite is an integrated business platform that lets you orchestrate all of them from one cloud-based system.