QuickBooks is an affordable accounting platform for small businesses with basic functionality to help them get started. It offers small companies a quick and easy way to manage their financial processes like payables and receivables.
However, when companies begin to grow and expand their business processes, accounting systems like QuickBooks cannot handle the complexity and stop them from reaching their full potential. NetSuite is a complete, cloud-based suite of applications built to handle the complexities of growing businesses, while keeping pace with complex financial requirements and evolving business needs.
Why Should You Migrate?
1. Low visibility into business processes
As business practices evolve and your organization begins to grow rapidly, it’s critical to have complete visibility into your business processes for better analysis and faster decision making. It is important for both employees and departments to have timely access to relevant information about the business, or your team cannot collaborate effectively and there’s a risk of data silos and uninformed decision making.
2. Reliance on spreadsheets
Spreadsheets serve many purposes but they are outdated, inefficient, and not suitable to manage the back-office processes of fast-growing businesses. They don’t allow you to connect or share data seamlessly and require huge manual effort, which can result in error-prone data and wasted time.
3. Financial consolidation becomes increasingly complex
There are complex challenges in fast-growing businesses, especially while dealing with multiple subsidiaries, foreign currencies, business requirements, accounting regulations, etc. Accounting systems like QuickBooks are designed to consolidate financials for one company, in one country, using one currency and cannot keep up with the growing needs of your business.
4. The system becomes more complicated
Growing businesses keep adding new products or keep gaining revenue from different sources. Businesses need a reliable system that can consolidate data from these sources into one single source of truth. Accounting systems like QuickBooks offer limited capabilities and are not easily scalable across geographies, so you might struggle to manage your new business processes.