For whatever your reasons, if your business is running on QuickBooks and spreadsheets, there are three essential functions you cannot fulfill easily, if at all. The pace of change we’re still experiencing from the effects of the pandemic and the resulting increase in consumer expectations has made it paramount that you know what is happening at all facets of your supply chain and delivery. Here are the three essential features you'll get on board after a NetSuite implementation that you will absolutely need to face the future head-on.
QuickBooks was initially designed at a time when businesses could afford to wait until the end of the month for data to be aggregated and compiled in a disparate weave of spreadsheets and company files. More importantly, the pace of business at the time QuickBooks was created is not like it is today.
The emergence of the internet as a data exchange vehicle has escalated expectations for real-time visibility and insights that can be acted upon quickly, often making the difference between thriving and barely surviving. The bottom line is that decision-makers inside your organization simply can’t wait 4-6 weeks for the books to get closed. They need to react to data to respond before the time to act has long passed.
Conversely, NetSuite was built from the ground up to be a single record of truth shared across your entire organization. Data is being captured, calculated, and visually displayed via dynamic dashboards in seconds, not days or weeks. NetSuite is doing all the heavy lifting, so you eliminate the need and costs of manual processes, duplicated data entry, time-consuming data aggregation, and mitigating errors.
QuickBooks fulfills most of the basic accounting functions a small business needs, but once your company reaches a certain level of complexity, QuickBooks simple general ledger (GL) doesn’t have built-in capability to manage that growing need.
NetSuite’s GL enables a consolidated view as well as the ability to drill down to the individual transactions. Customize your GL to meet your business needs, such as quickly adding custom GL impact lines to invoices or vendor bills, across one or many accounting books. You’ll be reducing the time and effort required for account reconciliation, period close and audits, which will create cost savings in the long run.
Also, NetSuite’s multidimensional reporting eliminates the need for a complex chart of accounts, letting you add tracking details at the transaction level. QuickBooks offers the ability to create tags, but there are a limited number of tags you can use, and they are used up quickly as users across your organization find ways to implement workarounds.
QuickBooks does not offer fixed asset or lease management features, which means you’ll either have to buy more software or keep tracking it in spreadsheets manually. This may become impossible at a certain level of scale and you’re likely already feeling the impacts today.
NetSuite ERP software provides you with fixed asset management so you can easily manage your assets’ complete lifecycles and easily report on all fixed assets. Automatically tracking depreciating or non-depreciating company assets from creation to depreciation, revaluation and disposal. Documenting and then maintaining an accurate record of all capital assets, including acquisition costs and asset status is much easier with NetSuite than QuickBooks.
QuickBooks’ limitations are hidden costs when you think about how much software and other applications you have to layer on for specific purposes and advanced financial requirements.
Read more about how companies just like yours are exceeding the limitations of QuickBooks in our white paper. And when you’re ready, the specialists at OASIS can help you get up and running quickly with robust software, professional services, and expert hands-on training. Contact the experts at Oasis Solutions today to get the expert guidance you need for a successful implementation.