As an entry-level accounting system, QuickBooks seems like the logical choice for small businesses and entrepreneurs looking for an easy way to track basic finances. And it works—until it doesn’t. For many businesses, QuickBooks can create time-intensive problems that add up to hours lost and missed opportunities. Now, more than ever, is the time to focus on increasing efficiency in your operations. Here are the top signs that QuickBooks is limiting your business and it’s time to explore a more comprehensive, time-efficient tool like NetSuite.
1. You’re spending too much time managing spreadsheets.
Employees can spend hours every week filling out complicated spreadsheets and creating invoices in QuickBooks. QuickBooks users often need to devise workarounds to make the system work for their organizations. Many use Excel spreadsheets to record deferred revenue, allocations, and yearly and recurring payments. Alternatively, with NetSuite you’re able to automate payment schedules which will eliminate the risk of a missed payment. With the support of automation, your employees will have more time to focus on value-added tasks.
2. Manual processes are creating errors.
A common cause of delay with QuickBooks is revenue recognition. Manual data entry is not only time-consuming but also results in more human error. The month-end close becomes very time-consuming if you never know when an error might creep into your spreadsheets’ formulas. The NetSuite platform allows all employees to access the same system, and updates are made in real time, ensuring that information is as accurate as possible.
3. Inaccurate data is preventing informed decision-making.
QuickBooks reporting is severely limited: it takes additional workarounds to modify existing reports to meet your goals. Disjointed systems and error-prone data make it nearly impossible to gain valuable business insights. In contrast, you can easily report on any data you enter into NetSuite without worry of error or the need for modifications..
4. Audits pose concerns.
Without adequate internal controls around approval workflows, separate roles, or audit controls, QuickBooks has auditability issues. When receiving, moving, and shipping, NetSuite allows a team to enter lot numbers easily, and then when it comes time for an audit, they can run simple reports instead of hunting down documents.
5. Customizations are getting complicated.
QuickBooks can work for a growing business, for only for a short period. It can take an army of consultants and a lot of complex workarounds — that often come with a hefty price tag — to customize Quickbooks for your company’s needs.
6. Inventory data and financial data are not integrated simultaneously.
It is difficult for product companies that use QuickBooks to manage inventory in spreadsheets or an add-on system like Fishbowl because inventory data is not integrated with the financial data. Having inventory and financials on the same system, however, gives product companies the real-time view they need to accurately track and value inventory. NetSuite allows all employees to use the same data that updates in real-time for both employee and customer benefit.
7. Billing processes affect your forecasts and cash flow.
Accurate forecasts of cash flow and payments is essential for service-based companies. Subscription billing and project accounting are manually handled in QuickBooks which leaves room for error. Similar to creating payment schedules, you are relying on employees to remember to send a bill every month. By adopting SuiteBilling, service-based companies can add all their subscription services as separate items in one connected system, send single invoices to customers, and greatly simplify the billing process.
8. Producing reports is time intensive.
NetSuite sends a sales report to all users at the end of each day, which breaks down sales by SKU, region, and customer. Reports like that would have to be compiled manually with QuickBooks, taking hours, days or maybe even weeks. NetSuite has streamlined the process to ensure both data accuracy and time efficiency.
The Bottom Line
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 NetSuite. Switching from QuickBooks allows companies to increase efficiency, simplify core processes and boost productivity, leading to long-term success.