NetSuite vs. QuickBooks
Most startup businesses begin by using resources that are at their disposal and that also provides them with ways to cut costs in the early stages of their business. However, there comes a time when business owners have to choose between penny-pinching and scaling.
That time usually comes when small-scale resources such as Quickbooks no longer hold the capability to grow with your business or are restrictive in the way it allows you to grow your business. Which is why, for fast-growing businesses, we here at Ekwani always recommend softwares such as NetSuite that is able to give you the flexibility that your business needs.
Read on to learn more about how NetSuite can benefit your business vs. restrictive tools like QuickBooks.
NetSuite
Hailing as the #1 Cloud ERP, NetSuite is a business software that brings many tools to the table - accounting only being one of them! However, because accounting is such a critical part to a company's success, let’s chat about all the ways NetSuite far surpasses the standards of QuickBook and how it’s intricately created tools can help your business grow.
Cloud Finance and Accounting Solutions
With your finances being held on the cloud, you can rest assured that all of your information is always backed up somewhere safe that you can have access to at any time. And with accounting solutions at your disposal, NetSuite’s ERP can provide you with recommended solutions for practical problems.
Billing Management
If you’ve been getting overwhelmed by managing your billing with clients and/or vendors, NetSuite has features that allow you to make billing management more effective and efficient so that you can have a streamlined process that can also be automated should you include that into your workflow.
Revenue Recognition Management
If you’re a fan of smart home apps, you’ll also love the smart business features built into NetSuite. With revenue recognition management, NetSuite can give you notifications if any significant changes happen with your revenue so that you can take fast action and avoid any unwanted situations.
Financial Planning
With such a clear overview of whats happening within your business at all time, this allows company officials to view finances at any time so that you can make informed decisions wherever you are and make sure that your business is scaling at every opportunity.
Financial Reporting
With NetSuite continually monitoring your business finances (without you having to do it manually,) you’ll always have up-to-date financial reporting and thus a full and comprehensive overview of how your business is doing at any given time.
Government Risk and Compliance solutions
If keeping up to government compliance standards makes you nervous, you don’t have to worry about that with NetSuite! With built-in protocols, it will make sure you’re not at risk and complying at all times.
And this is only in the finance department! There are so many ways that NetSuite can give you a comprehensive and in-depth look into your business as well as managing it. But for now, let’s chat about how using QuickBooks might be holding you back from this.
QuickBooks
As we stated, in the beginning stages, QuickBooks can be an extremely effective tool for a startup business. However, as you grow, there are some restrictions with QuickBooks that can hold you back which include:
Not many industry and business-specific features
While NetSuite understands the complex and unique needs of any business, QuickBooks…not so much. QuickBooks works as a generalized software that does not adapt to any specific industry whereas NetSuite can!
Frequent system crashes
If you’ve ever been hard at work only for the wi-fi or electricity to go out, then you know how chaotic system crashes may feel. And with QuickBooks, unfortunately, this is a problem their customers have often mentioned. And as you can expect, that can really throw a wrench into staying on top of things.
Limits on multiple things
Remember when we mentioned that QuickBooks doesn’t necessarily grow with you? Well you’ll find that problem becoming bigger and bigger as you add on employees or even as you start having more transactions. QuickBooks has a limit on both of those things which can really hold your business back from scaling.
Data is not automatically backed up
Unfortunately, unlike NetSuite, data entered into QuickBooks is not always automatically backed up. Which means that if anything were to go wrong, you may lose key information.
All in all, while there are great features about QuickBooks for the beginning stages of a small business, it’s not ideal if you’re looking to scale beyond the beginning. So if you’re ready to replace accounting software, like QuickBooks, that you’ve outgrown or you’re ready to make financial operations in your business more efficient, a high-functioning ERP’s like NetSuite might be just the thing for you! Make sure to reach out to us to find out how we can help you make that switch.