Why CFOs Move from QuickBooks to NetSuite and some Resulting Wins

When companies first start out, they often turn to QuickBooks to fulfil basic accounting and bookkeeping needs, for which it can be ideal. When demand for your product or service grows, your revenue grows. And as your revenue grows, your finance team and the number of systems they use to handle various tasks also often grow.

This can lead to an ongoing cycle of unreliable spreadsheets and a ‘patchwork’ of disparate systems for supply chain management, eCommerce, project management and service delivery that can feel disorganised and that don’t provide the full insight required.

It’s no surprise that when growing businesses reach this point – when a disarray of systems and processes is hampering growth and creativity – many Chief Financial Officers and Finance Directors research alternatives and the evidence tells them to opt to switch from QuickBooks to NetSuite. This decision not only makes their system more efficient, but it can also cut days off their month end financial close, commonly by as much as 33%.

A comprehensive cloud system like NetSuite provides wins beyond the finance function which make a CFO’s job easier, either directly or indirectly.

Here are three of the reasons that CFOs opt to move from QuickBooks to NetSuite—along with three of the main benefits they realise.

Some of the troubles with QuickBooks as the business grows

  1. Server hassles

The online version of QuickBooks can’t handle certain tasks well, such as foreign banking, therefore there are many companies using the desktop edition.

As other areas of the business make the natural move towards cloud-based systems, this can often result in a server being maintained just to run QuickBooks. In this scenario, maintaining a server just for QuickBooks takes time and resource that could be better deployed elsewhere in the business, it is also vulnerable to potential server errors.

Another important downside to servers – the requirement to access them via VPNs if working remotely – was never more obvious than during the current pandemic.  Having your team log on to a true cloud, browser-based tool is so much more convenient, hassle free and secure. Cloud vendors like NetSuite can devote more resources to uptime and security than a typical business can do on its own with a server. They also provide automatic updates to features, security and regulatory compliance without any downtime or hassle for the user.

  1. Dealing with multiple users

When company data resides on a server, staff typically need to install QuickBooks on their own computers in order to access it, meaning anytime there is a change in device the software has to be reinstalled.

Many QuickBooks licenses only allow a certain number of users into the system at any given time, meaning staff frequently have to request that colleagues log out to allow them to log in, which is inconvenient and inefficient.

  1. Invoicing inefficiencies

There are some scenarios – such as for SaaS companies – where QuickBooks can pose a problem when it comes to invoicing. Invoicing where billing is based on a monthly charge for usage of software or a service can be manual and time consuming. It may entail a cut and paste job, copying the previous month’s invoices and entering the current month’s data into them – a lengthy process.

The decision to switch

There are a variety of reasons for CFOs / Financial Directors to opt to move from QuickBooks to NetSuite. The two most common, according to a recent customer survey undertaken by NetSuite are:

  • The CFO has moved from a company that used NetSuite to a new role where they don’t …. they have been used to the high functionality of NetSuite and want it in their new job too. It is a pretty regular occurrence, when a key contact at Eureka Solutions moves on to a new position, for us to receive a phone call not long after the event to ask us to look into a new implementation for them. We take great pride in this as it is a testament not only to NetSuite as a system but to Eureka Solutions as a partner.
  • Another common reason is around a specific functionality requirement – if there is a particular problem that implementing NetSuite would resolve – managing recurring revenue, for example, or handling multiple currencies or subsidiaries.

Other commonly cited reasons are that NetSuite can grow along with their department, revenue and overall business (offering complete “scalability”) and because it’s truly cloud-based.

 

 

Key wins with NetSuite implementations

  • A quicker month-end close

For finance teams that spend so much time on repetitive, manual processes, NetSuite can make things simpler and free them up to add value to the business.

For example, rather than the repetitive copy and pasting of multiple invoices, finance staff can utilise NetSuite’s SuiteBilling functionality to upload usage files into the system.

Invoicing can become a half-day long process rather than a three day long process, leaving teams with time to spare for other tasks rather than working frantically to meet month-end deadlines.  CFOs get time to actually review their reports before sending them to the Board!

  • Engagement with finance across the business increases

As well as simplifying processes, NetSuite can allow CFOs to the wider business involved and engaged in the business’ financial management. Our customer – Luton Town Football Club – represents a great example of this win. Department heads across the complex business – including the Operations, Catering, Retail and Commercial departments – now work from customised dashboards giving them at-a-glance, real-time visibility of their own priorities and financial KPIs, removing the requirement for them to request finance to run spreadsheets for their particular queries.

NetSuite lets users across the business set up a customised dashboard based their role, access to view and edit any particular area of the system can also be controlled via the roles.

Role based tasks and access for finance removes pressure on the finance team to constantly provide reports and other information to other departments. With NetSuite they can access the data that is important to them themselves with intuitive dashboards and searches.

  • Less need for IT

Ongoing IT costs are less with a true-cloud ERP than anything on premise or even anything ‘hybrid’. Server issues and costs are eliminated, and calls to IT for support dwindle.

More than just financials 

Many business leaders choose NetSuite not just because it’s a better way to manage financials, but because it’s a better way to run your entire business. The flexible nature of the system means you can use as little or as much of its fully-fledged ERP functionality that suits your needs.

Many of our customers opt for out staged SuiteSuccess approach, building out from the core financials at a pace that suits their business, adopting industry leading practices and hitting the ground running at each stage. do accounting but rather a better way to run your entire business, from human resources to inventory. NetSuite’s capacities extend beyond financials into CRM, payroll, revenue recognition, inventory management, advanced reporting and more.

Considering the switch?

Get in touch with us if you’d like to talk through what would be involved in switching from your QuickBooks system to NetSuite, and we can help you decide if it would be a good fit for your business.