Written By Jennifer Amos
As your business grows, your accounting software needs are likely to change. What used to work brilliantly on its own may now require using multiple apps that you have to figure out how to use and then integrate with your current accounting system. It can be difficult to decide whether or not you need to make a shift to a new accounting system.
Many larger businesses that do take the leap to a new accounting software decide to switch to NetSuite. NetSuite is an ERP that allows you to work in multiple modules in the cloud. It’s generally recommended for mid-size businesses to large businesses with a minimum of 50 employees. If your company file is starting to get too large to run properly and you find yourself getting frustrated with the number of outside apps you need to connect with your current system, NetSuite might provide the solution you are looking for.
Advantages of NetSuite
- NetSuite handles all of the hardware, software, upgrades, and security. You can easily access it from any browser using your login regardless of electronic device.
- NetSuite allows you to customize your software package to meet your needs by choosing the specific products you would like to add such as CRM, HR, compliance, project management, warehouse management, and much more. While you can integrate some outside apps with NetSuite, you may find that they already have a ready-to-go addition to meet your needs.
- NetSuite grows with you. In addition to customizations, you can also expand your company across countries, languages, currencies, and subsidiaries without having to set up their own company files from scratch.
- NetSuite encourages collaboration regardless of location and language. It allows you to assign tasks, use approval processes, and automate accounting steps.
Disadvantages of NetSuite
- NetSuite does cost significantly more than other alternatives such as QuickBooks Enterprise and Microsoft Dynamics. The cost for implementation on its own can run into the tens of thousands of dollars. After that, they have a subscription model.
- NetSuite does not have an easy to access way to have questions answered through Google search engines or YouTube videos like QuickBooks does. Usually you will need to contact either NetSuite’s customer service or a firm like Squire to address issues.
- NetSuite Pricing can get confusing depending on the number of add-ons, which is why they request you speak with them about a quote instead of listing the prices directly on their website.
If you are interested in learning more about NetSuite, please contact us. We have a NetSuite team ready to answer your questions and assist with implementation if you feel it is the right solution for you.