Why business switch from QuickBooks to NetSuite?
Posted On August Friday 19, 2022
Once the business has reached the scale where managing multiple departments over multiple location is a challenge, multiple accounting tasks management over there becomes a tedious task. Business owners find it challenging to rely on QuickBooks for the same due to a few limitations.
Many common challenges are faced when using QuickBooks for large enterprises, which are:
- Lack of real-time visibility,
- Inefficient manual processing and consistent errors.
That’s where NetSuite ERP application for accounting comes into the picture.
According to a survey, 39% of businesses are switching from QuickBooks to NetSuite accounting.
But why do businesses need to switch from QuickBooks to NetSuite?
What’s the reason behind it?
So here are some of the signs that indicate your financial system needs to be upgraded:
- Relying on spreadsheets to share data: Another most common reason to switch from QuickBooks is rely on spreadsheets/excel in managing and sharing data, leading to multiple human errors and time wastage on formatting and fixing them.
- Restricted financial consolidation: Working with foreign currencies and maintaining tax standards to grow your business is a pretty obvious reason to switch. Unlike QuickBooks, NetSuite comes with an advanced accounting system.
- Lack of visibility and reporting: If you cannot gain valuable financial insights and face reporting issues, this is a sign showing you may need to switch to NetSuite.
- Not preconfigured for specific industries: QuickBooks has scalability limitations. As compared to NetSuite, QuickBooks has no methodology to streamline business processes – a strong reason to switch.
On a summarized note, if the business forecast or plans is for small growth over the next few years then stick with QuickBooks. If the business has any growth plans between modest and high/fast growth then make the shift to NetSuite now. NetSuite will allow you to run the full business on the system but more importantly will allow you to run large scale operations of differing models.
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