Many companies often find themselves in a place where they outgrow software that has once served them well. However, with new business challenges—particularly in accounting—comes new software that can match their growth rate and scale alongside them.
Organizations using myriad disparate systems to operate their business mostly come to the decision that migrating to one, more powerful platform is the answer. This often happens with QuickBooks users who have come to realize that it simply doesn’t meet the complexity of their needs. Let’s look at why many QuickBooks users migrate to NetSuite and why QuickBooks may have been right for them at some point but they now need to migrate to something more robust that meets their challenges.
QuickBooks and NetSuite Commonalities
While both cloud-based softwares are made to essentially help businesses manage their accounting needs, there is a significant difference in the approach and complexity of offerings. Both offer invoicing, billing, AP, and AR, and both integrate with other software solutions that help organizations streamline workflows and connect different parts of their operations. They also both provide reporting capabilities—but on a totally different scale, which we will tackle below.
Differences Between the Two
QuickBooks tends to be great for small- to medium-sized businesses looking for an easy-to-use platform to manage finances. It offers some functionality for those looking to manage a few elements of their supply chain, eCommerce, and retail. It’s primarily focused on accounting for businesses that have straightforward needs for financial management, while NetSuite can handle much more complex and diverse functions, making it more applicable for those organizations with intricate processes and integrations. NetSuite also offers more extensive functionality beyond accounting, such as CRM and ERP, making it suitable for larger or more complex businesses.
What NetSuite has that QuickBooks Lacks
NetSuite’s financial management tools are made for entire accounting departments looking to run billing, planning, reporting, and more—all with real-time visibility into performance. It also has features that can keep organizations in compliance with regulatory requirements. NetSuite has an integrated CRM as part of its ERP suite, which offers integration between accounting and customer management processes. QuickBooks does have basic CRM features, but it’s not as robust or integrated with its accounting capabilities.
While QuickBooks offers some degree of customization, NetSuite provides extensive customization options, which allow organizations to tailor the system to its specific workflows and needs.
NetSuite’s reporting capabilities are advanced analytics tools that allow businesses to generate financial reports, analyze performance, and gain insights into their operations. QuickBooks does have reporting, but it’s not nearly as comprehensive or customizable.
The same goes for eCommerce integration—NetSuite includes features for eCommerce integration, enabling businesses to manage online sales channels, automate order processing, and synchronize data between their accounting system and eCommerce platforms. QuickBooks may have integration options with a few eCommerce platforms, but they may not be as seamless or comprehensive as NetSuite’s.
QuickBooks has limited support for global operations, especially for businesses with complex international requirements. NetSuite was designed to support multi-national businesses with features like multi-currency support, multi-language support, and compliance with international accounting standards.
When to Make the Switch
Organizations should consider their long-term strategy and whether QuickBooks or NetSuite best aligns with their business challenges, growth objectives, and operational needs. Firstly, the size of the business and its complexity should be considered. If your business has outgrown QuickBooks capabilities and requires more advanced features such as multi-entity management, international accounting, and more advanced reporting, it is time to consider the shift to NetSuite.
Organizations experiencing rapid growth that need a more scalable solution should also consider transitioning to NetSuite, which will accommodate the growth sans the need for frequent system migrations.
Consider your industry that may have more unique accounting and reporting requirements that QuickBooks may not address. NetSuite offers solutions and customizable features that are industry-specific to those like manufacturing, retail, or eCommerce.
Another thing to address is whether your business relies on multiple systems that will need to be integrated into your accounting software. NetSuite offers a comprehensive suite of integrated applications that streamline operations and improve efficiency.
Making the switch to NetSuite requires planning, implementation, and training, all of which are all made simpler with a partner. To help you decide whether your business should migrate to NetSuite, give us a shout below in the contact form.
