In the world of entry-level accounting software, QuickBooks seems to be king—at least by branding alone. That’s not to say that QuickBooks is the best answer for everyone; in fact, it’s often not the optimal choice for many reasons. Whether you’re considering upgrading from QuickBooks, or you’re simply just starting out on your accounting software shopping journey, here are a few things you should know about this notable brand:
1. Spreadsheets and Sticky Notes Don’t Belong in Your Accounting System
Because QuickBooks isn’t as robust as some of its competitors, it often leaves employees dealing with manual processes that can take hours each week. Sometimes, that time is dedicated to creating invoices, while other times, those staff members are stuck managing complicated spreadsheets. In the end, workarounds and band-aid fixes will likely be created, but let’s be honest—that doesn’t sound like the safest way for your business to go, either.
On the other side of things, you could venture into NetSuite territory. NetSuite lets you get rid of lots of manual processes, spreadsheets, and sticky notes by automating tasks that otherwise take away your employees’ time. For instance, if you have a customer who pays monthly, you’ll likely need to create a calendar reminder for yourself to send that invoice out every month if you’re using QuickBooks. With NetSuite, however, you eliminate the risk of forgetting to send an invoice because the platform takes care of that for you.
Not only that, but if your business has multiple locations or divisions, keeping track of everything on QuickBooks can be a nightmare since it’s a low-grade system that isn’t integrated with a lot of bells and whistles. NetSuite, on the other hand, can help you close those gaps and see all of your business units’ information on a single report.
2. Errors are Part of Your Normal Processes
Sure, accidents happen, but the more manual your processes are, the more you’re opening your busines sup to human error that doesn’t have to exist. Manual data entry is terribly time-consuming, but it also leads the way for unexpected typos and other problems that can result in end-of-month panic.
Errors can creep into your spreadsheets at any time if you’re using manual processes, thereby causing your data to be unreliable and possibly unreconcilable at the end of the month. Many people find that it’s difficult to find the most relevant and up-to-date data needed for QuickBooks when they have to rely on manual spreadsheets. Thus, if you can’t trust your numbers to be updated and error-free, you can’t truly trust your system.
In QuickBooks, fragmentation is the name of the game, and that’s no good for any business. In NetSuite, all of your employees will use the same system, so information will be updated in real time, keeping it consistently accurate.
3. Your Decisions are Guided by Inaccurate Data
To successfully run a business, your decisions need to be based in real-life data that informs your future processes. You need to be able to budget and forecast using information that’s fundamentally built from your own system—not numbers that are pulled from the sky.
Unfortunately, if you’re using error-prone accounting software, it’s difficult to impossible to gain true insights about the ways in which your business is performing. QuickBooks reporting is critically limited and often requires users to concoct tons of workarounds just to get even close to achieving a useful report.
One of the biggest benefits of NetSuite is the ability to introduce accurate forecasting to your organization. This reporting is based on accurate, automated data and doesn’t rely on a system of manual processes coming together that could be fraught with errors and ultimately found to be completely inaccurate.
4. Audits are Scarier Than They Should Be
Nobody likes the word ‘audit’, but at least if you’re using well-designed accounting software, you’ll be prepared when the auditor comes knocking at your virtual door.
NetSuite offers you the ability to put well-designed internal controls and approval processes in place, ensuring you’re ready for your next audit—whenever that might be.
If you’re still gluing together pieces of information using QuickBooks, you absolutely should fear the auditor because you’ll spend countless hours gathering the necessary data needed to fulfill audit requirements. Just think how easy that would be if it all lived right inside your software!
5. Customizing Anything is a Little Too Complicated
If you’re coming from QuickBooks, it likely served its purpose for what it was worth when you purchased it. If you were just starting out, you needed a platform that let you add income and subtract expenses. Easy enough.
However, as you’ve grown, you’ve discovered that things don’t work for your developing brand any longer. Maybe you’ve had to hire consultants to take on the challenge of organizing your P&L statements, or maybe your team has created complicated workarounds (which, again, leave the door open to human error).
When you transition to NetSuite, you’ll be able to keep all of your company’s data in a centrally located database so you can easily convert purchase orders into invoices automatically and customize anything necessary to make your business run more smoothly.
6. “Real-Time Data” is a Dream, Not a Reality
It doesn’t make sense to store some information in QuickBooks and store other data elsewhere because it makes it nearly impossible to get a real-time view of your operations.
If you’re using spreadsheets and add-on systems to manage your inventory, there’s likely not an integration that connects the dots between your products and your financials. As such, you won’t be able to achieve real-time views, which are quite essential for accurately tracking and valuing inventory—and increasing sales.
QuickBooks doesn’t give you the ability to see stock levels in real time, verify delivery schedules when orders are placed, or allow calls to customer service immediately after the orders have been placed. With NetSuite, on the other hand, everyone using the platform has access to real-time, updated data, which benefits your organization and your customers alike.
7. You Can’t Forecast Because Your Billing Processes are Broken
It’s vital to be able to accurately forecast furfure payments and cash flow. If you operate on a subscription basis because you’re a service company, you’ve likely outgrown the capabilities QuickBooks can provide you long before you even got started. If you’re relying on employees to send bills every month, you’re long past due for an accounting software upgrade. Besides being unable to accurately forecast with QuickBooks’ cumbersome system, you’re likely going to find yourself sending multiple bills for subscriptions, customer service, add-ons, upgrades, and more.
Multiple invoices lead to multiple frustrations.
With NetSuite’s SuiteBilling, you can add all of your subscription services as separate items in one connected system, so you can send one single invoice to each customer to simplify the billing process and forecast future income easier.
8. Reports Take Eternity to Pull
When you’re running a business, you need information, and you need it now. If you’re using QuickBooks, you have to enter so many items manually that your reporting is likely out of date before you even begin to pull it.
Alternatively, you could be working in a NetSuite system, which allows all users to see reports at the end of the day, which encompass all relevant and essential information. You can break down sales by SKU, region, and customer automatically. Reports arrive whenever you schedule them, so you don’t have to wait hours (or even days) to get the information you need to make business decisions.
Get the Full Guide: Eight Signs QuickBooks is Holding Your Business Back
For many businesses, QuickBooks can create time-intensive problems that add up to hours lost and opportunities missed. And now, more than ever, is the time to focus on increasing efficiency in your operations.
Download our guide, Eight Signs QuickBooks is Holding Your Business Back, to discover the top signs that QuickBooks is limiting your business and that it’s time to leverage a better, more comprehensive tool.
Click here to get the guide.
Stop Struggling, Start Improving Your Business
QuickBooks was designed only to automate a handful of core accounting functions, not to manage your entire business. If your business is experiencing any of the above critical limitations, it’s time to graduate to a solution like NetSuite.
Switching from QuickBooks allows companies to increase efficiency, simplify core processes and boost productivity, leading to long-term success.
Reach out to our team at MIBAR to learn how we can help you get started today!