For US based startups QuickBooks is the de facto standard for accounting software with over 5 million SMB's to prove it. QuickBooks contains many of the bells and whistles new companies require at an attractive price point and requires little setup.
However, after a few years of significant growth QuickBooks lacks the capabilities that an emerging business requires which generally prompts business executives to begin searching for a QuickBooks alternative. Throwing headcount and spreadsheets at the problem is just not feasible any longer.
Most companies at this stage have already invested time and resources in CRM software such as Salesforce.com but lack integration with their line of business systems such as project management or inventory management. Simply switching from QuickBooks to a more powerful accounting software like NetSuite may provide the accounting team a quick win, especially those managing multiple subsidiaries, however the big payoff comes with bringing all your processes and systems under one roof.
NetSuite a leading cloud-based ERP just so happens to be the primary platform most Intuit customers choose when looking for a QuickBooks alternative. NetSuite provides a modern, cloud-based, integrated suite of applications that allows users to manage their finances, inventory and resources.
Top 10 signs your business is ready for a QuickBooks alternative
- You cannot run a consolidated financial report for multiple companies, with multiple currencies without the use of Excel or 3rd party software solution
- You need to either consolidate companies with multiple currencies into one currency or process multi-currency transactions within one company
- You need to provide access to more than 15 users (QuickBooks Enterprise), or more than 5 QuickBooks Pro and Premier
- Sales forecasting and budgeting processes rely on guesswork rather than facts
- You require automated workflows for PO requisitions and vendor invoices
- You often require bringing in data from other systems (e.g. billing system, payroll entries, or payments from another system).
- It takes too long to create the financials each month with QuickBooks, its easy to hit performance bottlenecks
- It takes too long to invoice clients
- You cannot determine your cash balance
- Your team is spending too much time on duplicate entry of data into multiple systems
Have you considered NetSuite as a possible QuickBooks alternative for your business? The Cumula 3 Group team has helped numerous companies over the years migrate from Quickbooks to NetSuite. It's no easy feat but with the right team leading the way you can be up and running on NetSuite in no time at all.