At a glance: NetSuite vs. QuickBooks
ARTICLE | September 23, 2021
Authored by RSM US LLP
Many small to medium-sized businesses utilize QuickBooks or similar software packages to manage their accounting function and maintain financial records. The software is available through many retailers, is simple to install and provides a higher level of functionality for businesses beyond the company checkbook. However, as companies grow, these solutions may cease to meet business needs as the environment changes and stakeholder and regulatory demands increase.
The next step beyond QuickBooks is one of the many mid-market enterprise resource planning (ERP) solutions, like Oracle NetSuite, that are available through trained implementation firms. These ERP products represent a more comprehensive platform to run the entire business, instead of a narrower focus on just the accounting function
What is NetSuite?
NetSuite is a cloud-based solution that can support your business at every stage of growth. It’s been developed as a true business suite, encompassing accounting, customer relationship management (CRM), human resources, commerce, professional services automation and more.
When it comes to NetSuite vs. Quickbooks, the major difference is that NetSuite is designed as a comprehensive business solution that includes accounting functionality, whereas Quickbooks is an accounting-only solution.
Here are some other critical functions where QuickBooks requires an add-on or has limited functionality:
- Multientity consolidation
- Chart of accounts flexibility
- Drill-down and drill-through reporting
- Segregation of duties and audit trail
The shift from QuickBooks to a more comprehensive ERP system, like Oracle NetSuite, is a significant effort to undertake, but it is a necessary process for growing businesses. Continuing to utilize a software package that does not fit the needs of the company could have several adverse effects, such as constraining growth, the failure of systems, fraud, and inaccurate, insufficient business data.
As an example, consider Paro Services, a client that recently underwent the shift from Quickbooks to NetSuite.
Paro Services was concerned about the ongoing viability of the ERP systems at its subsidiaries. One of its subsidiaries, DeForest, utilized a legacy ERP platform that was nearly 30 years old. As the company grew, it required new software that made more sense for the company’s business model. In addition, Paro Services needed to transition another of its subsidiaries, Innoleo, from its QuickBooks system to an ERP platform with more visibility and functionality. Read the entire case study to learn how RSM helped the company switch to NetSuite.
With the number of variables involved, the right advice and support can make all the difference in a transition to a new ERP solution. The process should be planned and evaluated carefully by company executives and an experienced implementation partner to help ensure that the ERP system selected and implemented can handle current and future expectations, and encourage growth within the organization.
Want to compare more?
Call us at (800) 624-2400 or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on Sep 23, 2021.
2022 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Weinlander Fitzhugh is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Weinlander Fitzhugh can assist you, please call (989) 893-5577.