UNIFYING FINANCIALS AND INVENTORY
Why fashion Companies are Moving from QuickBooks to NetSuite
As a starter system for new or small companies, QuickBooks is a cost-effective and logical option due to its basic functionality – allowing organization of a company’s chart of accounts and an efficient process of managing relationships with vendors and customers via AP and AR.
But fast-growing fashion companies need a financial system to keep the pace. Companies must deviate from past business management systems and business models to keep up with evolving innovations that are creating escalated competition and customer expectations.
A full ERP system, such as NetSuite, is the superior choice to QuickBooks; however, companies are hesitant to move to an ERP solution due to the fear of change, complexity and the overhauling of their existing systems. Companies can no longer add bolt on, disconnected applications to achieve growth and settle to “make do” with systems of the past. The following summarizes many issues that QuickBooks users face and the reasons why thousands have moved to NetSuite to accelerate business growth.
How QuickBooks may be failing your business:
• Determining what’s happening within your business in real-time is challenging
• Adding new sales channels, revenue streams, or product lines becomes burdensome
• Financial merging between systems takes eons
• Time is wasted with spreadsheets and outdated data siloes
Inventory Add-Ons – The Solution or a Band-Aid?
Most of the time, companies who choose to settle with QuickBooks turn to inventory management as their next investment in technology. Many inventory management add-on solutions in the marketplace claim to have innovative capabilities with smooth, consistent integration to the QuickBooks system. But companies instantly learn that integrating an add-on solution only creates a temporary fix with complexities and disconnection, pushing them further away from an ERP system.
Indications that an add-on solution may be hindering your fashion company:
- Integrating an add-on solution into QuickBooks is not built for fashion companies, making it difficult to fit your business model
- Reporting is not in real-time
- Budgeting capabilities and supply chain forecasting are non-existent
- Updating and integrating are cause for frequent and time-consuming IT support
- It may be time to shift into an integrated business management system if your fashion company is struggling with these challenges because of its QuickBooks and add-on solution.
What is the ERP Solution?Enterprise resource planning delivers an integrated suite of business applications. The cloud provides a platform for new business models which gives brands that are digital in nature the aptitude to build loyal customers, and therefore, fast growing sales. Because of the cloud-based design of NetSuite with a consolidated suite of applications, companies are able to function off a single, truthful version of their data. NetSuite is set up with predefined roles and customizable dashboards that can be tailored to fit a user’s day-to-day needs, allowing for real-time visibility and efficient business information accessible anywhere on any device.
It is mandatory for fashion companies to have financial data and inventory within the same system allowing for complete visibility when financial activities emerge and when changes are made via purchasing and selling in real-time. The “anytime-anywhere” ability that NetSuite provides allows executives to make effective decisions based on facts, not guess work. It’s like looking through the windshield rather than the rear-view mirror.
The Advantages of an ERP Solution
There is an impactful difference between cloud-based software and on-premise software. As a company grows and expands into new markets, it becomes more and more difficult to manage inventory, get sales orders processed, and financials posted without an ERP solution. Operating on a slowly upgraded system is not enough to remain competitive in today’s forward thinking, technically savvy business world. Fashion companies using QuickBooks with an add-on solution generally don’t have the IT support required to manage and maintain their on-premise systems.
Benefits of shifting into a full ERP solution like NetSuite:
• Focus on revenue generating projects rather than finance and operations.
• Scale, expand, and change with ease
• Lower the cost of audits with real-time financial information
• Reduce financial close time and manual data entry and improve accuracy of financials
• In-Store Point of Sale
• Order Management
• Product Merchandising
• Omnichannel Retailing
• Customer Experience & Marketing
• Supply Chain Management
• Financials & Accounting
With the benefits of shifting to a full ERP solution, decision making becomes easier and more thoughtful. There is no guess work with NetSuite, just decisions based on facts.Learn more about the cloud vs on-premise difference
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