QuickBooks works well for small businesses that only require basic accounting capabilities. It can handle basic accounting processes such as bookkeeping, managing invoices, bill payments etc. along with minimal and basic tracking of the cash flow. For small businesses, the requirement is very minimal and revolves around generating month/year-end reports or calculating annual business taxes among more and QuickBooks can handle these conveniently. However, the issue starts as soon as your company gets on the road to growth.
When compared to the NetSuite software solution, QuickBooks starts to showcase its real limitations. NetSuite offers a complete financial management solution that can increase your work efficiently without having to license or hire additional software, or headcount as your company keeps scaling. Apart from accounting, NetSuite comes with pre-configured KPIs that can show real-time data, reminders, workflows among more. It also comes equipped with customizable dashboards that showcase real-time company updates in real-time to keep everyone updated. Another important aspect is that with NetSuite, financials departments can quickly generate statements that even comply with regulatory requirements such as ASC, 606, GAAP, SOX and more.
To summarize, NetSuite can do much more than just basic and standard accounting. With real-time access to financial data and integrations within every department, users can make informed decisions at every step of the way while keeping everyone on the same page. Take a look below to see how NetSuite compares with QuickBooks.