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From QuickBooks toNetSuite FinancialsWhy Fast-Growing Software Companies Leave QuickBooksand Adopt NetSuite Financials to Accelerate GrowthContentsNext
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthThe software industry changes at a frantic pace. To adaptin this dynamic environment, organizations must be ableto quickly respond to changes in market conditions, marketopportunities and evolving customer expectations. Thoughmost recognize the need to innovate, software companieshave a remarkably difficult time finding business applicationsolutions that can meet their needs in an effective, yetaffordable manner.pricing models? How can “make do” accounting systemssupport strategic questions like:Young software companies have been forced to rely upon ahairball of dangerously unreliable spreadsheets and limited pointsolutions like QuickBooks. The relatively low cost of maintainingthose systems masks the cost of inefficiencies in routine taskslike the monthly close or, more importantly, the disseminationof reliable information upon which business decisions can beconfidently made in a fast-paced environment.Accounting teams frequently face these demands withinadequate tools. In many cases, QuickBooks was a workableand inexpensive tool. But now they impose a number of pains.Software companies are especially challenged. How canspreadsheets handle complex revenue recognition and fluid What was new business ARR? Did we expand ARR through customer upsells? How much ARR was lost through downgrades? How many customers churned? It’s difficult to find out what’s really happening across thebusiness in real-time. Most systems are designed for anera when companies could wait until the end of the monthto get the data they need. That’s not the case today—consolidated views and up-to-the-minute reporting canmake the difference between thriving and barely surviving.ContentsPrevNext2
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate Growth Team members waste time playing “Hunt for theSpreadsheet”. Employees rely on spreadsheets to fill theinformation gap since data lives in so many disparatesystems. People end up spending more time hunting fordata than actually analyzing it and making decisions. Financial consolidation takes ages. Cross-postingtransactional data between systems is time-consuming andthe finance team works late every month to consolidatefinancial reports. Yet as hard as they work, weekly andmonthly reports are delayed. Sales forecasting and budgeting processes rely onguesswork, rather than facts. Since it is difficult to gethistoric information in the right format in a timely mannerto do trend analysis, employees put figures in spreadsheetsbased on guesswork. Even though the actual data existssomewhere, it’s too hard to find and extract. More accounting is done outside of the financial systemthan in it. Standalone financial systems are designed toautomate a limited set of core accounting functions. As aresult, it limits how companies can run their operations. Asbusinesses grow, companies must adapt their processesto fit the application, rather than having a system thatis flexible, scalable and will accommodate growth. It iseasy to run out of headroom when companies havemore customers, vendors or inventory items than manystandalone financial systems can practically handle. It is too difficult to add new sales channels, product lines orrevenue streams. Every time there is a change in the business,staff must work overtime to figure out workarounds toaccommodate it. Standalone financial systems do not havebuilt-in support for everyday functions like making simplechanges across matrix SKUs, adding new sales tax rates, orhanding bill of materials, kits and assemblies for manufacturinginventory. Processes that cry out for automation have to bedone manually or from spreadsheets.ContentsPrevNext3
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthBorn to the CloudNobody understands the importance of true cloud better thansoftware companies. There is a world of difference betweensoftware designed for the cloud and software designed forthe legacy world. NetSuite has never been a desktop product.It has always been a multi-tenant solution. In contrast,QuickBooks Enterprise still comes in a desktop version. Eventhe hosted product lacks the always-upgraded, strong codebase of real multi-tenancy.Quantifiable Benefits Delay Finance and Operations Hires – Automation freesup finance and operations’ time allowing them to focus onrevenue generating strategic projects, analysis and allowingthe company to scale while keeping headcount flat. Revenue Recognition and Subscription Models – Stop thepotential for revenue leakage and identify upsell opportunities. Streamline Billing and Invoicing – Reduce manual data entryand avoid errors with automated billing and invoicing. Collectcash faster and reinvest back into your growing business. Reduced Financial Close Time and Manual Data Entry –Automate and control approvals on transactions from AP Billsto Journal Entries, speed up period-end close due to systemcontrols being in place, improve accuracy of financials, andreduce month-end processing costs and time. Lower Audit Costs – Ever-changing compliance standards,small accounting teams and heavy spreadsheet use aretime-consuming and subject to risk. This can lead to higheraudit costs, or longer and more-involved audit processes. Platform for Innovation – Easily launch new businessmodels and expand internationally with a platform thatevaluates all possible ways to scale and increase revenue,and supports multi-currency, multi-entity and differentaccounting standards.ContentsPrevNext4
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthSuite ApproachA suite approach allows the whole company to view operationsas a single version of the truth. Furthermore, predefined rolesand dashboards that are oriented around a user’s day-to-daytasks allow for the most efficient consumption of informationthroughout the entire organization.With a well-implemented cloud-based system, financialactivities appear as soon as they are triggered. That, coupledwith ‘anywhere-anytime’ access, means the decision makerscan quickly act upon both adverse and favorable performanceindicators. In that sense, decision-making becomes an activitywhere those tasked with executing on the company’s goals andstrategy are able to do so with information that is akin to lookingthrough the front windshield of a car, rather than constantlyworrying about what is in the rear-view mirror.ContentsPrevNext5
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthA Tool for SuccessThat is why the fastest growing software companies use NetSuite. 88% of Bessemer’s “Next Cloud Unicorns” use NetSuite 65% of the last 100 Tech IPOs 56 of the JMP 100 Private Software Companies 22 Wall Street Journal “Billion Dollar” Start-upsContentsPrevNext6
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthQuickenwww.quicken.comNetSuite Helps Quicken Maintain Its StrideThrough DivestitureFast implementation meets divestiture deadlinesQuicken chose NetSuite OneWorld for its robust functionalityand integration, ease of use, and scalability, seamlesslytransitioning from a temporary QuickBooks Online environmentin a five-month implementation by the October 1 deadline.NetSuite empowers a lean and growing operation of 100employees, including 30 in Bangalore.Robust functionality, automation for efficiencyEfficiencies gained through the system and easy integrationswith third-party applications like Bill.com allow Quicken tooperate with a much smaller accounting team than similarsize businesses, with the flexibility to accommodate complexrevenue recognition processes for different product lines.Customer Story: Quicken“I’ve used eight different ERP systems—fromSAP to QuickBooks Online. NetSuite is perfect.It’s not too complex, not too simple. It’sflexible and powerful, but still easy to use.”Gary Hornbeek, Corporate Controller, QuickenContentsPrevNext7
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthNetSuite Software Customers ResultsIn a recent study by SL Associates, software companies reported stunning improvements in key performance metrics afterswitching to NetSuite’s cloud-based solution.Experience aincrease in self-reportedactionable insights.Increase orderprocessing e ciencyanywhere from45% to 75%.See nance sta productivityincrease between20% and 50%.Reduce nanceclose time between40% and 70%.Reduce compliancesupport time between25% and 45%.Decrease their IT supportresources between45% and 70%.50% to 80%ContentsPrevNext8
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthBest Practices For Transitioning AwayFrom QuickBooksAs small businesses grow, it is clear that alternatives toQuickBooks are needed, but the path forward isn’t always welldefined. Here are several best practices that can smooth thepath to a better solution: Consider a suite. Rather than perpetuating the “applicationshairball” when replacing QuickBooks, many companiesdecide to adopt an integrated product suite. A suite platformeliminates the need to piece together different solutions. Anintegrated suite makes managing data much easier. Dual dataentry is eliminated, since all information is stored in a single,centralized data repository. A suite solution enables companiesto start with the basics and add complexity over time. Take time to understand the business needs and keybusiness requirements. Before selecting a solution to replaceQuickBooks, be sure the organization understands its businessand key business processes. Growing companies often believethey are saving money by not spending the time neededto understand and capture the business requirements.Unfortunately, this can lead to building the wrong solution. Hire a partner to help with data migration. Regardless ofwhat platform a company adopts, it can be helpful to finda suitable partner who can help migrate data and performchecks and balances before the system goes live. Thisapproach will ensure that the transition to a new system isconsistent with business processes and objectives.ContentsPrevNext9
From QuickBooks to NetSuite Financials Why Fast-Growing Software Companies Leave QuickBooks and Adopt NetSuite Financials to Accelerate GrowthConclusionIf your growing enterprise is experiencing any of the painsdiscussed where QuickBooks may be limiting your businessgrowth, it may be time to consider the cloud-based productsand services that NetSuite offers. Moving your company toNetSuite’s integrated suite of cloud-based solutions allows formore efficient and effective business operations—essentialfor growing an organization and enabling employees to reactto client and organizational needs in real-time.Moving your company to NetSuite’sintegrated suite of cloud-basedsolutions allows for more efficient andeffective business operations.ContentsPrevNext10
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QuickBooks Enterprise still comes in a desktop version. Even the hosted product lacks the always-upgraded, strong code base of real multi-tenancy. Quantifiable Benefits Delay Finance and Operations Hires – Automation frees . and supports multi-curre
