QuickBooks is often the first choice for new businesses, with its intuitive interface and easy integrations. However, QuickBooks struggles to keep up as businesses grow. This is often an intimidating juncture for SMBs, as upgrading to more complex systems can inflate costs.
This is where Oracle NetSuite ERP comes in – it offers the complex functionality of a full-fledged ERP system, an all-in-one financial management system and an affordable price point, ideal for small and medium sized businesses (SMB).
This is why, many businesses have been investing in upgrading from QuickBooks to NetSuite.
NetSuite vs. QuickBooks
The Reasons Behind The Switch
QuickBooks manages standard accounting and bookkeeping needs of small businesses. But, it struggles to do handle the needs of a growing business with operations at multiple levels and more complex financial data.
In addition to basic bookkeeping tasks such as generating reports, managing taxes and the like, NetSuite comes equipped with preconfigured KPIs, automated workflows, reminders, powerful dashboards and compliance management.
Moreover, it automates many data consolidation tasks which have to be done manually in QuickBooks.
Benefits of Upgrading to NetSuite
QuickBooks and NetSuite both have standard accounting reports, such as P&L and cash flow. But NetSuite’s expansive library includes real-time reports and multi-currency features.
NetSuite features a powerful dashboard which acts a flexible control centre packed with features. QuickBooks requires a 3rd party application like Demo to provide a similar feature.
Quickbooks struggles to consolidate complex data from multiple levels of an enterprise. It only allows for manual data consolidation which leads to errors. NetSuite is able to report and consolidate at multiple levels with ease.
While Quickbooks is mainly an accounting software, NetSuite is a full-fledged cloud based ERP system. With a powerful ERP, you don’t need to find a whole list of 3rd party vendors to integrate different business processes.
|Cloud-based and fully supported||Yes||Partially. Desktop version can be hosted by a 3rd party|
|Powerful Dashboards||Yes||No. Dashboards often need 3rd party application|
|Dimensional general ledger||Yes||No|
|Able to accommodate complex org structure||Yes||Multiple companies with complex relationships require a 3rd party application|
|Automated bank reconciliations||Yes||Only on a company basis|
|Consolidation/ reporting at multiple levels||Yes||Requires manual manipulation in Excel|