QuickBooks is run by thousands of small to medium-sized businesses, but how do you know when it is time to switch to a bigger system? QuickBooks requires third-party add-ons and spreadsheets to provide data to specific roles. This breeds the opportunity for inefficiency and stunts the growth potential of businesses. When it comes to QuickBooks vs ERP, here’s how you know it’s time to make a move.
Failing in Strategic Financing
For bookkeeping software, QuickBooks may handle accounting well but it misses the mark on financing. Basically, it can’t handle more advanced, strategic financing and forecasting. If you need to run a report or trace an audit it simply cannot do these things efficiently. The software lacks the ability to generate real-time reports which is essential for quick decision making, especially in rapid growth phases. Financial forecasting is also another aspect that QuickBooks fails to assist CFO’s and controllers with. The solution that these roles are calling for is cloud-based ERP so that they can access KPI’s from anywhere and anytime, run reports and make important decisions.
Your Business is Supporting Multiple Locations
Businesses with multiple locations require multiple systems to keep track of important data. When the data is separated in different locations it is harder to find the key performance indicators in order to make decisions. Lack of communication between locations can create problems with inventory levels and other important resources. When data is stored in one universal place, it is easily accessible from multiple locations without having to be reconciled.
It is Harder to Track Activity
Where ERP really begins to show its strengths is in giving you a complete picture of what is really going on. It is important to pay attention to finished inventory, the supply chain, raw materials inventory, as well as making accurate financial forecasts. QuickBooks is really good at one thing—accounting/bookkeeping—but in today’s market, it takes a bit more than that to stay ahead of the curve. Solutions like NetSuite provide up to date information with complete visibility which tracks activity in one cohesive platform.
Reliant on Multiple Manual Processes
When data is manually transferred between systems and departments it is prone to becoming lost in the process of daily business operations. Data entry is prone to a greater number of errors because it is manually added. Incorrect information, such as addresses, can be shared and distributed due to a lack of information between departments. When data exists in one aligned program, updates to account records are visible by interested parties who need the most accurate information.
You’re a Mid-Sized Retailer
Many mid-sized retailers are managing a myriad of systems for each part of their retail business like Shopify, QuickBooks, MailChimp, and various others. If you’re managing various systems it’s time to combine them so you can manage inventory, e-commerce, accounting, marketing campaigns, vendors, etc. all on one system.
Why NetSuite ERP?
NetSuite provides complete visibility into data from a 100% cloud-based platform that can be accessed anywhere from an internet connection. Departments have role-based access to data in order to make decisions, search inventory levels, bill customers, or any of a business’s day to day functions. When it comes to QuickBooks vs ERP, using one platform reduces the risk of communication and data entry errors while creating more efficiency. When these processes are improved more time is spent planning the future of the business rather than searching for unreconciled, out of date information.