Last week we briefly reviewed and compared the differences between Quickbooks enterprise and NetSuite ERP and how their features compare. To recap, our last blog mentions how Quickbooks enterprise meets basic business requirements for small businesses with abilities to accommodate tasks such as bookkeeping, managing invoices, and basic cash flow tracking. It fails to do more complex business processes that NetSuite covers such as advanced reporting and a superior accounting solution. With NetSuite’s financial management capacities, it can combine the core finance and accounting functions to take your business operations to the next level.
Below we will go into detail about NetSuite’s user-friendly features and key business processes.
A general ledger (GL) allows accounting information from the consolidated level to individual transactions in which provides customization of your GL to meet the needs of the company. Users can add custom GL impact lines to transactions such as vendor bills across many accounting books in which would reduce the time required for reconciliation and other accounting activities. NetSuite’s capacity to record book-specific activity based on single business transactions that were recorded on the GL, revenue recognition, expense amortization, depreciation, and more goes beyond Quickbooks functionalities.
Beyond bookkeeping functions, NetSuite can eliminate the need for a complex chart of accounts by allowing tracking details during the transaction level. Quickbooks enterprise has limitations in which it is not able to accommodate multiple tags as users try to implement workarounds.
With a variety of features, NetSuite also provides advanced inventory management. Detailed reports and clear visibility of their inventory. These features minimize manual processes throughout the inventory lifecycle by automation of real-time tracking of inventory, orders, and sales. Insights provide a business solution that helps business owners make data-driven decisions. Strategic decisions allow room for maximizing sales and greater control of business finances.
Inventory tracking functionality is also available with NetSuite. Where warehouse management such as inventory counts, pick, pack and ship, integrated barcoding, and multi-order picking is included in this all-in-one platform.
Both Quickbooks enterprise and NetSuite ERP have standard accounting and financial reports such as cash flow reporting. Although, NetSuite’s functionalities are advanced. NetSuite offers extensive functions such as real-time data and reports, from consolidated reports to revenue forecasting. In addition, the multi-currency feature can be used for reporting using local currency depending on the different regions your business operates. All in all, both basic accounting needs and more complex processes can be reached with NetSuite. Simplicity and ease of operations while also giving flexible views for reports from different departments, regions or even product lines is an advantage that business owners hold into great consideration.
NetSuite is a holistic ERP system (Enterprise Resource Planning) that can provide more than accounting functions. It is a business accounting software solution and more, providing more than basic functionality. Key advanced features include real-time insight, expense tracking, multi-company & consolidation revenue recognition, and much more. All these functions not only benefit the financial gains of an organization, but it allows the company to grow further through customer relationship management which fundamentally is the foundation and key element of a growing and healthy organization.