QuickBooks has around 80% of the accounting software market share and has long been a go-to solution. But many companies are finding it falls short of meeting the needs of the modern, agile business.
When evaluating NetSuite vs. QuickBooks, users have noticed that QuickBooks’ abundance of tools makes it a satisfactory general solution, but it may not serve the needs of cutting-edge modern businesses, leaving them frustrated, less efficient, and underserved.
Read on to know if it's time for your business to upgrade from QuickBooks to a more customized, advanced solution.
Challenges with QuickBooks
QuickBooks, despite its bounty of functions and features, still leaves a lot of businesses without the options to fully leverage accounting and boost the bottom line. Some of the challenges include:
1. Difficult Financial Consolidations
Consolidating finances when working with a mix of subsidiaries, multiple currencies, international requirements, compliance standards, and localization factors is time-consuming with QuickBooks. While QuickBooks has the tools necessary to combine information from different companies, categorizing each financial detail so all the data is comparable takes a considerable amount of time.
2. QuickBooks Enterprise Lacks True Cloud Functionality
To work on multiple devices, two at the same time, or start work at the office and then finish up at home, you need true cloud functionality that QuickBooks Enterprise lacks. This means if you want to take advantage of some of the better features of QuickBooks Enterprise, you have to sacrifice the workflow convenience that many truly cloud-capable apps provide.
3. Lacks Complex Accounting Functions
QuickBooks doesn’t have the features that allow you to:
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- Factor in fixed assets
- Perform multi-book accounting
- Use recurring billing
- Drill down reports
- Incorporate key performance indicators (KPIs)
- Use revenue recognition
These functions make it far easier for the modern business to handle the type of accounting it needs. Without the ready-made tools to perform the above tasks quickly and efficiently, people are forced to do them manually, wasting time and leaving a lot of room for human error.
4. Lacks Scalability
QuickBooks doesn’t allow you to integrate the additional business systems your company needs as it grows. For example, with QuickBooks, you would have to find another way to integrate essential elements such as:
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- Order and supply chain management
- Customer relationship management (CRM) systems
- Ecommerce
- And more
This means that on top of the extra work involved in an expansion, you also have to find ways of integrating critical elements like these and others—either manually or using another application.
5. Difficult to Customize
With QuickBooks, in many cases, what you see is what you have to live with. If the QuickBooks workflow doesn’t mesh with what works for your company and those who handle its accounts, you have to find the time to adapt—or find a different accounting system. This can result in:
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- Frustration over having to alter systems that have worked well for years
- Errors due to oversight or omissions made as a result of trying to fit a “round peg” into a “square hole” that is QuickBooks
- Time-consuming training process to onboard new employees who are used to doing things a certain way
6. Inflexible Chart of Accounts
In many ways, the chart of accounts is one of the central elements of your accounting system. It provides a snapshot of financial transactions performed during a certain time period. Therefore, it needs to be as flexible as possible, especially because how this information is organized and presented invariably changes with each business. The QuickBooks chart of accounts lacks the flexibility to give your accounting system the agility it needs.
Upgrade to NetSuite by Partnering with GSI experts
NetSuite brings exceeding value to a business, outpacing its cost, in every accounting situation that requires agility, scalability, and simplicity. With GSI, you get a full NetSuite implementation of the features you need in an accounting solution—plus managed services, consulting, and compliance support (among other services) to help you get the most out of NetSuite. GSI serves as your personal point of contact, ensuring the process of licensing and implementing NetSuite is smooth and hassle-free.
As an authorized reseller, GSI's NetSuite managed services gives you a team of experts with years of solid experience implementing the platform and its full range of features across a variety of industries. You begin with a discovery analysis that assesses your needs, including user requirements, environment, modules, integrations, and many more.
To learn more about GSI’s NetSuite services and what we can do to help you stay agile and competitive, connect with us today.