Unlocking Efficiency: NetSuite vs. Traditional Accounting Software

• Reading Time: 6 Minutes
• Published: July 26, 2023
• Last Updated: January 16, 2025

As technology continues to revolutionize how we conduct business, companies find that traditional accounting software no longer cut it in today’s fast-paced and data-driven world; cue NetSuite accounting. NetSuite is an all-encompassing cloud-based ERP solution to streamline financial operations, boost productivity, and improve overall business performance. So, let us dive into why making the switch from traditional accounting software to NetSuite accounting is a smart choice for businesses of any size looking to stay ahead of the curve.

Benefits Of Using NetSuite Over Traditional Accounting Software

NetSuite is an ERP system that helps businesses manage not only accounting but many other important functions, all in one place. NetSuite’s accounting module offers significant advantages over traditional accounting software. Traditional accounting software can be cumbersome to use and often does not provide the same level of visibility into your organization’s finances. There are many more reasons to switch from traditional accounting software to NetSuite. Some of the key advantages of using NetSuite accounting include the following:

• Better accessibility: NetSuite offers users the ability to access their accounting data from anywhere with an internet connection. Users can work on their accounting tasks from home, on the road, or even while traveling internationally.
• Increased visibility: With NetSuite, you have real-time visibility into your organization’s finances. It allows you to make better-informed decisions about where to allocate resources.
• Improved scalability: NetSuite is a cloud-based solution that can easily scale up or down as your business needs change. Traditional accounting software can be more difficult to scale since they require additional hardware and software licenses when adding users.
• Reduced IT costs: Since NetSuite is a cloud-based solution, there is no need to invest in expensive hardware or software. Additionally, you can save on IT costs by eliminating the need for on-premise servers and hiring dedicated IT staff to maintain them.
• Easy integrations with third-party systems: NetSuite accounting software offers easy integrations with different third-party systems related to the finance department as well as other departments. It allows businesses to have a base system to manage the overall business while using suitable systems for different processes.
• Customization options based on your business needs: Another big benefit of using NetSuite is that it allows businesses to customize their dashboard and the services they use based on their needs. It has more than 30 modules and numerous add-ons that businesses can choose from, making NetSuite suitable for every type and size of business.
• Centralized control over all business processes: Since NetSuite ERP has modules to manage different business processes, including finance, sales, marketing operations, etc., it offers centralized control over all the business processes. Businesses can just check the NetSuite dashboard, get insight into different reports, and understand how the business is doing.
• Improved collaboration: NetSuite accounting system provides enhanced collaboration features, such as the ability to share financial data with non-financial users. It can help improve communication and decision-making across your organization.
• Automating the processes: Automation is another benefit of NetSuite accounting software that mostly outshines everything else. Automating your accounting with NetSuite creates a stress-free environment in the business as it helps save time, costs, and resources by automating repetitive tasks and streamlining processes.

NetSuite can provide significant advantages over traditional accounting software, but it is important to note that both options have their own strengths and weaknesses. Whether you choose to adopt NetSuite or stick with traditional accounting and bookkeeping solutions, it is important to ensure that your chosen solution meets the needs of your business.

Cost Comparison Between the Two

Costs are always a key consideration when making business decisions, and choosing an accounting system is no different. So, how do NetSuite accounting and traditional accounting systems stack up when it comes to cost?

NetSuite’s cost varies depending on your business’s specific needs and requirements. NetSuite offers a range of pricing options to accommodate different company sizes and industries. They have pricing plans for small businesses, mid-sized companies, and enterprise-level organizations. The cost can also be influenced by the level of customization and additional modules you choose to add.

While traditional accounting software might seem initially budget-friendly, the hidden costs of maintenance, upgrades, and limited scalability can quickly add up, leading to higher long-term expenses. In contrast, NetSuite’s cloud-based model eliminates the need for costly hardware and IT support, making it more cost-effective in the long run.

Furthermore, NetSuite’s automation capabilities reduce manual errors, saving your team precious time and reducing the risk of financial discrepancies. With streamlined workflows and real-time visibility into financial data, businesses can optimize their processes and uncover new growth opportunities.

How to Make the Switch from a Traditional Software to NetSuite?

• Convert your data: The first step is to convert your financial data from your current system into NetSuite. It can be done easily with NetSuite’s data conversion tool.
• Set up your chart of accounts: Once your data is converted, you will need to set up your chart of accounts in NetSuite. It will ensure that all your financial data is properly accounted for.
• Train your staff: Once you have got everything set up, it is time to train your staff on how to use NetSuite. NetSuite offers comprehensive training materials and support so everyone can get up and running quickly and efficiently.
• Go live: After you have completed the above steps, you are ready to go live with NetSuite! This process is simple and painless, and you will be able to start enjoying all the benefits of a cloud-based accounting system right away.

How Can Outsourcing Help Businesses Efficiently Use NetSuite?

Outsourcing has become an increasingly popular solution for companies seeking to optimize their use of NetSuite. By partnering with a trusted outsourcing provider, organizations are able to access experienced NetSuite accounting specialists who can provide valuable insight and assistance in navigating the complexities of the platform. These experts bring a wealth of knowledge and expertise, enabling businesses to leverage advanced features like sophisticated reporting tools, customized workflows, and powerful analytics capabilities that would otherwise be difficult or impossible to implement on their own.

Additionally, outsourcing allows companies to free up internal resources for other core functions while maintaining control over important business processes like accounting and bookkeeping, inventory management, order fulfillment, and customer service operations. This level of flexibility is especially critical for small and medium enterprises that may not have the budget or capacity needed to invest significantly in technology infrastructure or staff training programs.

Ultimately, outsourcing helps businesses gain maximum value from their NetSuite investment by improving operational efficiency and reducing overhead costs without sacrificing quality or performance.

Conclusion

With so many advantages to switching from traditional accounting software to NetSuite, it is easy to see why it is such an attractive proposition. The improved visibility of your financial data and easier access across multiple devices make it easy for businesses of all sizes and types to benefit from this powerful system. In addition, with the cost savings that come with implementing this new system, the decision should be an easy one; NetSuite should be a no-brainer when choosing what type of accounting software you want in your business!

If you need help implementing and using NetSuite for your business, you should go with an expert outsourcing services provider. And, if you decide to outsource your accounting needs, contact us for top-notch accounting and bookkeeping services. At Whiz Consulting, we take care of your accounting function through the latest accounting software like NetSuite and our team of experienced professionals. Choosing the right service provider is as crucial as choosing the right accounting software, as it can add to the benefits of your automated solution. So, make the right decision at the right time to enhance the growth and success of your business.

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