5 Reasons Why Oracle NetSuite Is The Best Alternative To QuickBooks

Quickbook Alternative

When a business is small, and the operations are at a modest level, then a simple, low-intensity accounting software like QuickBooks can help the business owner to manage basic accounting, and carry on with the day-to-day activities with ease.


But problems arise when the business expands, and embraces high-paced growth, with multiple revenue streams, numerous vendors, multiple outlets, and soaring revenues. At this point, businesses need much more than just accounting software to manage their business and more importantly, make smart business decisions.


In such a scenario, businesses need insights, real-time data, a 360-degree view of their operations and business intelligence to make the right decision, at the right time. 


And this is why more and more businesses are opting for Oracle NetSuite Cloud ERP solution for managing their business, and this is enabling them to beat their competitors and become a market leader. 


Here are the 5 critical reasons why Oracle NetSuite is the best alternative to QuickBooks, especially for those fast-paced and growth-oriented businesses, that want to push the boundaries:


Reason #1: Access to financial information


As per a 2021 survey by TechValidate, it was found that after making a switch from QuickBooks to Oracle NetSuite, 93% of businesses experienced more control and increased visibility over their business operations.


And one of the primary reasons for this fascinating transformation was access to critical financial information. While QuickBooks simply work as an online balance sheet and ledger, Oracle NetSuite provides a powerful, comprehensive suite of financial management features and financial insights, that showcases real-time information about revenues, profits, orders, deliveries, supply chain, interactive reports, business intelligence and more, which empowers the business owners to have full control over their business and enable them to make the right move, at the right time. 


In short, Oracle NetSuite provides the financial ammunition, which every growth-oriented entrepreneur needs and desires. 


Reason #2: QuickBooks Is Clueless About Revenue Recognition Rules


Revenue Recognition is an important and critical accounting practice that stipulates and calculates how and when revenue needs to be recognized: Once an event has occurred, for example, a sales transaction, the amount is recognized as revenue and enables the business to plan for the future. 


QuickBooks doesn’t support revenue recognition, and often complex spreadsheets are thrown at the users, which makes revenue recognition a daunting, and impossible task.


Oracle NetSuite has a detailed, and systematic Revenue Recognition mechanism, which complies with generally accepted accounting principles (GAAP) and provides accurate and synced data for the best results. 


Reason #3: Detailed Budget Information & Reports


Oracle NetSuite offers advanced budgeting, forecasting and comparison features, which is totally absent in QuickBooks. 


Using historical data, sales trends, market demand and other factors, Oracle NetSuite enables businesses to precisely forecast demand, and create an appropriate budget for ensuring that they are able to satisfy the market demand, and at the same time, reduce losses and overflowing inventory. 


Reason #4: Fast data imports. Easy Reporting.


Data from third-party tools, legacy systems and internal departments can be imported at blazing fast speed on the Oracle NetSuite platform. Since Cloud is the foundation of NetSuite, data imports are seamless and accurate. 


And centralized, which makes data access easier. This also converts to highly interactive reporting since data from all the business verticals are collaborated and worked upon in real-time. 


Reason #5: User-defined Roles, Access Rights And More Security


Unlike QuickBooks where anyone with the ID and Password can access any record and data, Oracle NetSuite provides user-defined roles and access rights, as per the business needs and requirements.


Hence, a salesperson can be stopped from accessing data related to human resources, and can only be provided access to sales and finance-related data. This ensures data integrity and security to the next level and enables the business to have full control over their data. 


Access roles as per requirements and departments


Bonus: Once you switch over to Oracle NetSuite from QuickBooks, you can also deploy Inspirria’s Indian Taxation Bundle (IIT), which enables businesses to seamlessly manage GST calculations, reporting, filing and auditing. 

Connect with Inspirria today, and find out more about the benefits of choosing Oracle NetSuite over QuickBooks, and help your business to take a quantum leap towards unstoppable growth and expansion.

Wednesday, August 3, 2022

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