Eight signs you’re ready to switch to NetSuite ERP

A version of this article appeared in the Denver Business Journal on Aug. 19, 2024.

QuickBooks works well for small- to medium-sized businesses looking for easy-to-use accounting software. But as a business grows, so does the need for a more sophisticated enterprise resource planning (ERP) software that offers increased functionality.

Recognizing when it’s time to upgrade, however, can be a challenge. Following are eight signs your business could benefit from NetSuite ERP.

Managing spreadsheets takes too much time

Microsoft Excel spreadsheets are useful for many things, but not for running a company.

Excel doesn’t accommodate automatic sharing of data and uses up employee time entering data manually.

QuickBooks also uses up employee time in manually creating invoices and spreadsheets. Using QuickBooks for accounting can require workarounds and reminders for functions that aren’t automated, like breaking down annual fees by month. Using Excel to track deferred revenue, allocations or recurring payments is too time-consuming to be scalable.

In NetSuite, payment schedule processes are automated, eliminating the risk of an accountant forgetting to record a payment each month. This automation frees up employee time for more significant tasks.

Manual processes create errors

Manual data entry can be prone to human error and requires regular checks. Revenue recognition is a common cause of delay with QuickBooks.

Automating data is more reliable and makes month-end reconciliation more straightforward. QuickBooks’ use of spreadsheets adds a layer of work and delay to digesting data.

With NetSuite, all employees use the same system, and information is updated in real time, meaning it’s consistently accurate.

Inaccurate data prevents informed decision-making

Being ready to make decisions quickly is vital to businesses of all sizes. Forecasting and budgeting are crucial to success. Leaders need accurate data; error-prone data makes comprehensive business insights impossible.

QuickBooks’ limited data reporting capabilities make these tasks difficult.