For several years, QuickBooks has been a go-to solution for small to medium-sized firms, freelancers, and self-employed professionals looking to manage invoices, track cash flow, and ensure financial compliance. However, NetSuite is becoming an increasingly popular choice with its comprehensive, cloud-based platform that can be tailored for an array of business operations including advanced accounting, CRM, eCommerce, and more. And it’s precisely this impressive functionality that has laid the groundwork for a growing number of accounting businesses making the move from QuickBooks to NetSuite.
Our guide is designed to help users navigate the process of a move to NetSuite, from assessing migration readiness to post-launch support. We also address common concerns such as data migration complexities, team training essentials, and strategies for effective client communication during the transition.
Key Differences between QuickBooks and NetSuite
As with any decision to switch tools or software, the migration from QuickBooks to NetSuite shouldn’t be made without fully considering the differences and relative advantages of the two systems. Understanding the basics of NetSuite and the key differences between QuickBooks and NetSuite is an important first step for accountants considering migration. There are two main areas of difference between the two:
System Capabilities
- QuickBooks: Primarily designed for small to medium-sized businesses, QuickBooks excels in accounting features like invoicing, expense tracking, and reporting.
- NetSuite: A single platform with a comprehensive suite of applications to manage core business functions in one place including finance, supply chain, customer relationship management (CRM), human resources, professional services, ecommerce and more. NetSuite is an enterprise solution that supports businesses at every growth stage, with advanced functionalities like real-time reporting, multi-entity and multi-currency management – ideal for ambitious firms that want to get the most out of their accounting software and use data to enable growth.
Scalability and Integration
- QuickBooks: Suitable for businesses with simpler operations. The system has integration options, but they tend not to be as extensive or seamless as NetSuite's.
- NetSuite: Known for its scalability, making it a popular choice for rapidly growing businesses. Offers seamless integration with other business applications, providing a unified platform for various business processes.
Assessing Your Readiness for Migration
Once you’ve made the decision to migrate, it’s time to determine your business's readiness for a QuickBooks to NetSuite migration. This assessment needs to be as comprehensive as possible to ensure a smooth transition and set yourself up for success. Here are some important steps to consider:
Pre-Migration Preparation
- Plan ahead: Work with an experienced NetSuite Alliance Partner to determine a project roadmap that meets your business objectives.
- Backup your data: Ensure all QuickBooks operations are backed up on a secure cloud server to prevent data loss during migration.
- Notify stakeholders: Inform vendors and customers about the upcoming change to your billing system, to manage expectations and maintain transparency.
Internal Readiness
- Staff training: Organize comprehensive training sessions for your team to familiarize them with NetSuite's functionalities. This step can minimize disruption during the transition as it can take several weeks for your team to get up to speed with a new system. Securing help from specialist NetSuite implementation consultants is highly recommended at this stage.
- Define metrics and goals: Work with key stakeholders to identify the metrics you aim to track with NetSuite and refine your business goals post-migration. This clarity will guide the customization and utilization of NetSuite to align with your business objectives.
Considerations for Migration
- Benefits and challenges: Understand the advantages of NetSuite, such as improved accuracy, efficiency, and real-time insights. Also, prepare for potential challenges like quality issues and the need for data mapping and restructuring.
- Data Cleaning and testing: Prioritize cleaning and restructuring data before migration. Testing the setup thoroughly will help identify any issues that need addressing before going live.
Planning Your Migration from QuickBooks to NetSuite
We’ve mapped out the key areas of a typical migration, including considerations for data management and post-migration activities.
1. Pre-Migration Process Planning
- Assess: Evaluate your current system’s capabilities and limitations.
- Backup: Securely backup all your QuickBooks data.
- Cleanup: Scrub and restructure QuickBooks data for compatibility.
- Export: Ensure all necessary data is exported in the correct format.
2. Data Migration Steps
- Field Mapping: Accurately map QuickBooks data fields to NetSuite fields.
- Leverage NetSuite Import Tools: Import data efficiently using NetSuite’s built-in tools.
- Test Migration: Conduct comprehensive testing in a staging environment to identify any issues.
- Full Migration: Execute the migration process, transferring all data to NetSuite.
3. Post-Migration Activities
- Data Validation: Ensure all data has been accurately migrated and is correctly formatted.
- Functionality Testing: Test all NetSuite functionalities to confirm operational efficiency.
- User Training: Conduct in-depth training sessions for all users to familiarize them with NetSuite.
- Go-Live & Support: Officially transition to NetSuite and provide ongoing support to address any issues.
Training your team for a smooth transition to NetSuite
Training your team for a smooth transition from QuickBooks to NetSuite will set you up for success, and you’ll want to focus on the specific functionalities and operational changes your team will encounter post- migration.
The following are the key considerations you’ll need to take into account to ensure your team is well- prepared:
Pre-Training Preparation
Begin by identifying key team members who will be directly impacted by the NetSuite implementation, and tailor the training to address their specific needs. A second consideration at the pre-training stage is to ensure you have an effective communication plan in place. Ideally, your team will be aware of the timeline, objectives, and expectations of the training sessions, ensuring everyone is on the same page and can prepare accordingly.
Training Strategy
As mentioned above, one of the key differences between QuickBooks and NetSuite is the extra functionalities that NetSuite can provide. In order for your team to overcome these challenges and make the most of the migration, you’ll need to organize sessions that cover NetSuite's comprehensive features, such as revenue recognition, billing, general ledger, and inventory management.
Companies should make use of NetSuite Alliance Partners, such as Vursor who as part of the implementation offer training that helps your team members navigate through NetSuite's interface, enter data, and use the reporting tools. This hands-on experience is valuable for building confidence in the new platform and its tools.
Finally, train your accounting team on coding journal entries, invoices, and redesigning financial reports in NetSuite’s format. Ensure that FP&A team members are proficient in creating and pulling reports.
Post-Training Support
Even with training carried out, as new tools and functionalities become available there are sure to be cases post-migration where your team needs some further support. Having NetSuite experts such as Vursor whose managed service solution can provide ongoing support, and adjustments, answer questions, and provide additional training is a great way to help your team feel supported and confident following the switch.
By following this structured approach, you can significantly enhance your team's readiness for the QuickBooks to NetSuite migration, ensuring a seamless transition and optimizing your business operations with the new system.
If you're seeking a reliable partner who can guide you through this transition, look no further than Vursor. Our expert advice on harnessing NetSuite's full potential ensures that your migration is not just a simple move, but a complete transformation towards a more streamlined, efficient, and scalable business model.
Contact us today.