Netsuite is on a tear. Their advertising budget for small businesses is growing. They are gearing up for another SuiteWorld event and their influence is growing. Even your growing company may have thought of moving from QuickBooks Online to Netsuite in order to support your growth. At GrowthLab, we love Netsuite. However, what we love more is seeing our customers grow at a sustainable pace. With this, our recommendation has been to pair QBO with NoCode automation (check out our AppStream Automation-as-a-Service) to extend your time using Quickbooks and get a better return on your investment.
We have many customers that have made the switch to Netsuite and many that have considered it yet opted to stick with Quickbooks Online. The decision to switch is not something you should take lightly – it is a huge lift that takes a lot of time and resources! We believe that – in many cases – you are better off delaying a move from QuickBooks Online to Netsuite by a few years because by then, you will have more resources (time & money) to dedicate to a successful transition from QuickBooks Online to Netsuite.
Here are five hidden costs of moving to NetSuite and five solutions that NoCode can offer to help you prolong your life within the Quickbooks Online ecosystem. And… the best part is that there is no negative impact on your business and a positive impact on your cash flow.
Five Hidden costs of moving to NetSuite
- 1. Cost of the system
- 2. People to manage NetSuite
- 3. Consultants to set it up & maintain
- 4. Accounting will be more expensive... fewer teams know NetSuite
- 5. Integrations are more costly and/or non-existent
- a. May need to change systems to be able to integrate
- b. May need to pay someone to set up the integration
Five No-Code solutions to use with QuickBooks Online to drive better return
- 1. Inventory... including Fixed Asset Schedules
- 2. Purchase ordering & processing... better off buying a purchase order system for $10K
- 3. Data & Reporting across systems
- 4. Streamline human resources and employee onboarding, systems setup, etc.
- 5. Using automation to sync data from source (CRM, POS, etc.)
In the end:
- 1. It always costs more than you think to move to Netsuite. The system costs money. Your team’s time to manage the project costs money. Consultants to set up and maintain Netsuite cost money.
- 2. Success comes down to planning. Do your homework upfront to make sure that you have the resources to support the transition. Add 2x the cost and time you expect will be required.
- 3. A small fraction of all bookkeepers and accountants actually know how to use Netsuite effectively and efficiently. This means you’ll have fewer firms and people to leverage to help you keep your books clean and current, which – in turn – means it will cost more to manage your bookkeeping.
- 4. Lastly, NetSuite is primarily a closed-loop system so it is going to cost more to integrate outside systems such as payroll, bank feeds, and CRM.