Usage of QuickBooks as an accounting application for a small business becomes overdue when that business is growing at a constant pace. In addition to order-to-cash management for increased orders, there are many process and scalability related issues that are faced by a growing business, while, using QuickBooks as its accounting package. Moving from QuickBooks to NetSuite offers a business an opportunity to have a much compatible and collaborative accounting packageto improve its order-to-cash cycle.
As an entry level accounting package QuickBooks has several limitations. It can’t fulfils accounting tasks of a growing business with the help of its limited architecture consisted of spreadsheets and disparate application scattered across silos. Moving from QuikBooks to NetSuite offers a growing business plethora of advanced accounting features.
NetSuite Features That Provides It an Edge over QuickBooks
The magnitude of NetSuite more than merely a finance management solution over QuickBooks clearly defines distinction between most common accounting packages. NetSuite, a cloud based ERP application in its business features along with account management offers CRM, eCommerce, HR management, integrations, automation and suite of other professional services in real time without any need of additional IT infrastructure. It overall goes beyond average bookkeeping and also carries out process related functions.
Whereas, QuickBooks offered in its both versions; online and much popular enterprise edition do not offer solutions to critical business operations like subscription billing, revenue recognition, asset management and multidimensional reporting. Manual keying of data, unpredictable reporting and redundant processes further makes QuickBooks lacking in efficiency and productivity.
Just more than an accounting package with certain bookkeeping features NetSuite offers preconfigured KPIs, workflows, reminders and customizable dashboards to show how operations and accounting processes are being carried out.
Below is mentioned comparison of important accounting features between NetSuite and QuickBooks to make a quick decision to move from QuickBooks to NetSuite and make a faster and efficient accounting process within an organization.
- Revenue Recognition: To identity a revenue opportunity acrossthebilling cycle is that NetSuite is adept at. NetSuite can easily figure out upgrades, services delivered overtime and additional licences and update them automatically to the revenue cycle. QuickBooks on the other hand does it to an extent through manual journal entry thus creating a mesh of hardly recognizable spreadsheets and lean data visibility.
- Subscription Billing: For subscription billing NetSuite features are outstanding when compared with QuickBooks. It offers an automated process for subscription renewal completely removing need for a manual monitoring otherwise existing with QuickBooks. NetSuite also offers facility to schedule subscription changes and set customer-centric pricing and discounting. NetSuite further adds more transparency in subscription billing through consolidated invoicing, automated rating processes and support of multiple pricing models.
- Inventory Management: Inventory and warehouse management are the exceptional features of NetSuite that are not available with QuickBooks.NetSuite inventory management provides businesses a clear visibility into their inventory and is an automated process with minimum manual intervention. It automates real-time tracking of inventory levels, orders and sales throughout the inventory lifecycle with additional business insights for making informed business decisions.
- Reporting: Though QuickBooks and NetSuite both have standard accounting reporting features, however, NetSuite reporting has an edge over QuickBooks in terms of integrated NetSuite library consisted of real-time reports consisted of steps like revenue forecasting to consolidate parent and subsidiary reports using the local currency of the countries with the help of multi currency feature of the NetSuite.
- General Ledger: NetSuite’s general ledger (GL) drill down individual transactions to customized to specific business needs. Thus, a customized general ledger minimizes time and efforts for account reconciliation, period close, audit processes and financial close across invoices, vendor bills, single and multiple accounting books,
- Accounts Payable: Above all NetSuite provides purchasing control that is not possible QuickBooks.NetSuite workflow engineensuresthat purchasing, accounting controls and policies are followed. This leads to faster approval rates when stakeholders are working from multiple locations, offices work-from-home environment.
A NetSuite partner with an extensive experience and exposure in offering customizable NetSuite solutions migrates an accounting system from QuickBooks to NetSuite in easy steps. A NetSuite operated accounting system makes an order-to-cash cycle for your business efficient, faster, robust and automated.