The concept of accounting software has become vital for every business. Business owners have realised the importance of managing finances. Manual business finances management is hectic, time-consuming, and leads to human errors, malpractices, and misuse of information. Hence, businesses have adopted cloud-based software to tackle such issues. The facility of cloud-based accounting software like Xero, FreshBooks, Sage, etc., has streamlined the accounting and bookkeeping processes. Since the accounting needs of businesses are not the same throughout, it is important to migrate to a better system from time to time. Migrating from basic accounting software to an ERP solution helps businesses to grow. An ERP solution like NetSuite accounting serves best for the purpose. NetSuite accounting software provides effective management from the basic to the most complex accounting requirements.
Basic accounting software helps businesses with entry-level accounting needs. But, software like NetSuite allows organisations to go beyond plain accounting. NetSuite accounting software allows businesses to go beyond accounting. Its ERP features enable a business to operate on a single platform by reducing the need for additional business applications. It helps in order management, inventory management, warehouse management, supply chain management, etc.
A basic accounting software is a viable option to satisfy simple accounting needs. However, an ERP system streamlines and automates processes, creating more accurate and efficient operations. Let us highlight why businesses should invest in an ERP system:
At some point, businesses outgrow entry-level business software, which becomes difficult. Especially, high-growth organisations cannot run their business with such software. This is the most crucial time to migrate towards a more advanced solution like NetSuite accounting. The NetSuite cloud ERP solution goes beyond standard accounting and facilitates end-to-end financial management. Businesses already using accounting software can migrate their data from older systems to advanced solutions.
The process of data migration involves transferring data from its original sources to the ERP system’s database. Mostly, it includes transferring data from different systems, formats, and storage types into a single structure. Successful data migration includes inspecting, extracting, cleansing, and transforming the data from the older applications before importing them into the database. The process can be made easier by dedicating a team to data analysis, migration process, and validation of results.
The data migration process is important to ensure the data’s accuracy and completeness. Since most organisations rely on historical data, it becomes essential to have correct data. Planned data migration will keep the entire ERP implementation project on time and within budget. In addition, it filters the obsolete and redundant data lying in the older systems.
Migrating to an advanced solution like NetSuite accounting will have a long-term positive impact on businesses. However, the migration process is a complex and time-consuming task. It needs close attention and complete accuracy to achieve the best results. The entire data migration process to NetSuite involves a series of steps.
Let us know in detail about 5 steps to ensure smooth data migration to NetSuite accounting:
The entire process of data migration is error-prone and time-consuming. Hence, it requires appropriate expert involvement and guidance till the last stage. The advanced functionalities of NetSuite accounting are quite difficult to understand. Once a business has successfully completed the data migration process, it needs guidance to access the NetSuite software. In order to overcome the issue, businesses can choose to outsource the accounting and bookkeeping part. With the help of Whiz Consulting, organisations can reduce the undue stress of understanding the complexities of NetSuite and focus on more productive activities.