9 Reasons Why You Should Switch to NetSuite From Your Traditional Accounting Software

• Reading Time: 7 Minutes
• Published: June 29, 2022
• Last Updated: February 14, 2025

In the current business world, you must swim against the tide to stay ahead of your competitors. If you are unwilling to take risks and experiment with new ways of working, your competitors will soon surpass you. There was a time when using Excel sheets was sufficient to handle most companies’ accounting needs. And even if there are companies still running their whole accounting system on Excel, it is not the most efficient thing to do. While it might work for very limited businesses, the business world now prefers accounting software, cloud-based accounting software to be specific. Everything is becoming digital and online; the same goes for accounting software.

With changing times and the increasing needs of businesses, there comes a time when business owners realise that their business has outgrown even these fairly advance accounting software. So what to do at this point? The answer to this question is ERP implementation. What is great about these EPRs is that they can be customised to meet the needs of every business.

This might sound super complicated to those new to the ERP ecosystem and believe that maybe their business is to of a scale wherein they need to implement ERP. However, the great news is that most ERP software manufacturers know the rising need for ERP software for small and medium businesses. And so they have developed specific products to meet the needs of SME businesses or even provided specific business functions as a module to help with that particular business function. NetSuite is one such ERP software.

But How Does it Benefit You If You Move to NetSuite From Your Traditional Accounting Software?

Reason 1: Ability to Customise as Per Business Need

One primary reason to choose NetSuite over traditional accounting software is that it can be customised to fit your company’s exact needs. It is incredibly beneficial as you can get every feature unique to your business or industry. You do not have to integrate with third-party software, which can be a hassle in most cases. NetSuite offers a user-friendly interface that allows you to manage all aspects of your business, and given its customisation features, you can quickly adapt to its interface.

Reason 2: NetSuite address the evolving needs of businesses

As your business expands and you add new products and services, you need to upgrade your accounting software to manage all aspects of your business. If you have a small business or use essential accounting software, you’ll soon find that it cannot manage the increased complexity of your business. However, if you use NetSuite, you can easily manage the growing sophistication of your business.

Reason 3: NetSuite Helps You Manage All Aspects of Your Company’s Business

As your company grows, you need to manage more and more aspects of your business. Accounting software provides a comprehensive accounting solution, covering the just spectrum of accounting operations. However, NetSuite gives you access to features like order management, inventory, CRM and even eCommerce functions. While you can integrate a few other business function software in accounting software with the help of third party software, it is not going to be as seamless as NetSuite.

Reason 4: NetSuite provides real-time visibility and offers robust analytics that gives you a 360-degree view of your business

Traditional accounting software is designed to manage specific aspects of your business, so it cannot provide a 360-degree view of your business. For example, if you sell various products, you can use a sales management tool to track inventory and sales. However, you cannot integrate this sales management tool with your accounting software. NetSuite provides real-time visibility of your business operations and offers robust analytics that gives you a 360-degree view of your entire business.

Reason 5: Global-ready and Easy Adoption of New Technologies With NetSuite

As your business expands, you’ll require new technologies to meet the challenges of a growing business. For example, your business may expand to the international level. In such a scenario, you’ll have to adopt a global accounting solution that can be used in different countries. You should use a single platform for managing all aspects of your business. NetSuite allows you to do so with ease. Traditionally, the process of adopting a global solution is a cumbersome one. You need to enter data in the accounting software manually. However, using NetSuite, you can adopt a global accounting solution with a single click.

Reason 6: Stronger Security Protections

Traditional accounting software is designed to manage accounting information. While they have robust security features that can safeguard sensitive information, they are no match compared to NetSuite. NetSuite has features like role-based access control (RBAC), idle disconnect, IP address restrictions, and 256-bit encryption and employs best practices for password security.

Reason 7: Transparent Audit Trail

If you are required to submit your accounting details for an audit, you must provide an auditable trail. Such a trail consists of more information regarding every financial transaction that has taken place in your organisation. NetSuite allows you to track payments made through bank, cheques or cash, enabling you to maintain the proper audit trail.

Reason 8: NetSuite helps you stay compliant with ever-changing regulations

One of the significant challenges that businesses face is complying with regulatory requirements. As laws change, businesses must amend their processes to conform to these new requirements. For example, you may be required to store the accounting information in a particular format. Such changes in how accounting information is stored are a massive challenge for businesses that run accounting software independently. However, businesses that run NetSuite can easily make such adjustments. If a regulatory change occurs, you can make the software changes to stay compliant.

Reason 9: NetSuite is more cost-effective than your traditional accounting software

This might confuse many people as most believe ERP software is costly. Undoubtedly, the cost of implementing ERP software might seem exorbitantly high at the start. However, it is a lack of knowledge that NetSuite provides options like NetSuite Success Starter Edition specifically for small and medium businesses, and business owners can choose a few specific business functions to be run on NetSuite, i.e. NetSuite Accounting, NetSuite CRM and more. Additionally, NetSuite is a cost-effective alternative as it saves you from opportunity loss of all the benefits it provides over traditional accounting software.

Conclusion

The business landscape is changing rapidly. You must adopt new technologies to succeed in this new business environment. Moreover, you have to replace your existing accounting software with a robust and scalable solution. If you stay with your traditional accounting software, you’ll find keeping pace with the changing business environment challenging. This will have a negative impact on your company’s performance. To thrive in an ever-changing business environment, you have to switch to NetSuite. Switching to NetSuite can help your business grow faster, give you more visibility into your company’s financial health, and it won’t cost you an arm and a leg like other solutions do.

Are you looking for a NetSuite bookkeeping services provider? We at Whiz Consulting can assist you. We offer NetSuite bookkeeping services as part of our NetSuite accounting services. You can reach us for a 30 minutes free consultancy and get your business assessed if you want to learn more about how we effectively use Oracle NetSuite remotely for our worldwide customers.

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