Out with QuickBooks, in with NetSuite
As an organization grows, accounting becomes more complex and it becomes harder to handle business challenges with entry-level accounting solutions. From off-the-shelf systems to spreadsheets, many organizations find they have outgrown their current accounting methods and need to upgrade. While rudimentary solutions like QuickBooks serve a purpose in the early stages of a company’s life cycle, it often overstays its welcome, ultimately hamstringing the growth of many organizations. At Plative we think you should go out with QuickBooks and in with NetSuite.
At Plative, we’ve helped many organizations transition from QuickBooks to Oracle NetSuite in as short as 60 Days to boost productivity and reduce operational costs. Below we break down the key differences in platforms and highlight why NetSuite is our platform of choice.
Platform Vs Point Solution
Where QuickBooks solely supports entry-level accounting requirements NetSuite SuiteSuccess is both a product and delivery methodology packaging tens of thousands of global deployments across all industries into one innovative platform. By capturing two decades worth of experience into their offering, SuiteSuccess provides companies with leading best practices to increase their time to value and a superior foundation for agile innovation. In addition, NetSuite has segmented the product by market segment and industry to ensure that there is an offering for all of their clients regardless of their growth journey.
General Ledger (GL)
NetSuite allows organizations to customize their GL to meet their business needs. Users can add custom GL lines to invoices and/or vendor bills and across accounting books – reducing time and effort for account reconciliation, period close, and audit processes. A chart of accounts makes transactions easier to categorize and report on, eliminating the effort of manually coding transactions. Multidimensional reporting allows you to track details at the transaction level, whereas QuickBooks uses tags, with a limited number of tags that get used up quickly.
Revenue Recognition & Billing Automation
When it comes to Revenue Recognition, NetSuite enables accounting teams to comply with revenue recognition requirements and schedule revenue to be recognized automatically. Forecasts and financial statements are accurate and updated in real-time. QuickBooks offers workarounds for the limitations of the platform, but these lead to more manual work, spreadsheets, and lack of visibility.
In addition, SuiteBilling is NetSuite’s billing solution that automates invoicing operations. It provides real-time visibility into billing and financial activity through consolidated invoicing, automated rating processes, and supporting multiple pricing models to capture setup fees, license counts, and variable consumption. It also allows you to manage an entire subscription lifecycle. Automated renewals and scheduling subscription changes decrease the need for manual monitoring and tracking. Organizations can also set customer-specific pricing and discounts.
Accounts Payable & Receivable
When it comes to accounts payable, NetSuite’s approval workflow engine ensures that purchasing and accounting controls and policies are followed, reducing risk and making approvals easier. QuickBooks doesn’t provide any purchasing controls. The automation within NetSuite limits manual data entry errors and decreases the time it takes to process bills from vendors.
NetSuite offers configurable dashboards, reports, and KPIs for a real-time view into accounts receivable data such as customer aging, invoice analysis, recurring invoices, deferred revenue, and exception reports. You can also manage your customer list, track receivables, and receive payment, all without needing to enter detailed debit and credit information. The self-service feature gives customers insights into purchase orders, inventory levels, and payment information. NetSuite Advanced Revenue Management makes it easy to forecast and record revenue from contracts with milestone billing and the contract renewal feature.
Fixed Assets, Lease, and Inventory Management
QuickBooks does not offer fixed asset or lease management features. NetSuite can manage an asset’s complete lifecycle and easily report on all fixed assets. Moreover, inventory management in NetSuite provides clear visibility into inventory and minimizes manual processes with automation – offering real-time tracking of inventory levels, orders, and sales. Warehouse management features are also available including inventory counts, pick, pack, and ship.
- Financial planning and analysis (FP&A)
- Global accounting and consolidation
- Global tax management
- Governance, risk, and compliance
Human Capital Management
- Human resource management
- Workforce reporting and analytics
- Global HR
- Product data management
- Work order management
- Planning and scheduling
- Quality assurance
- Barcoding, MHI
- WIP, routing
Supply Chain and Warehouse Management
- Global supply chain
- Warehouse fulfillment
- Warehouse management system
- Demand planning
- Lead to Quote Management
- Sales reporting and analytics
Omnichannel / eCommerce
- B2B eCommerce
- Content management system
NetSuite offers a solution that will grow and scale with your organization. The depth of functionality and customization that comes with NetSuite makes it our solution of choice. If you are interested in learning how you can migrate from QuickBooks to NetSuite in 60 days reach out to us today or check out Plative Launch!