Mar 24, 2020 Author: Accounts Junction
Netsuite is a cloud accounting software that helps you manage your business finances, customer relationships, all overall operations like invoicing, cashflow management, account receivable and payable management. This software is specifically designed for managing small and medium enterprises.
Businesses using netsuite as their prime accounting software may chose to switch to other software in their course of operation. The reason may vary from business to business, and from market to market. It may be due to better feature or less servicing cost.
So, if you are the business who is considering to switch from Netsuite, especially to Xero, the steps are quite easy to follow. The set-up to Xero from netsuite is hassle free. You can follow the following steps:
1) Export customer and vendor’s contact: To export all the customer and vendor’s contact details, you need to follow the steps given below:
a. On the home page of netsuite, click on the ‘List’ option on the tab.
b. A drop-down menu will appear. Click on the ‘Relationship’ option, then, on the ‘Customer’ option.
c. A whole list of your contacts details will open. You can export into ‘CSV’, Excel or in PDF format. But since, you are going to import the details to Xero, it is preferred to export in ‘CSV’ format.
d. Click on the preferred option and your data will all be downloaded.
2) Import in Xero: Once the contacts data is exported from the netsuite, you need to import it again in the Xero. To do so, follow the steps below:
a. Open the Xero software, click on the ‘Contacts’ option on the tab.
b. Your existing contacts list will be open. Click on the ‘import’ option given on the ‘contacts’ page.
c. Download the template file. Make sure your exported file is in ‘CSV format in order to browse it.
d. Select the file you want to import and browse it.
e. Your contact details is now successfully imported in the Xero
3) Bank reconciliation in Xero: The next step is to set-up Bank Reconciliation. This is one of the most essential step Xero set-up. You can complete the set-up your bank account in three simple steps. For fast and secure reconciliation, the below given steps should be followed:
a. Click on the ‘Bank Account’ option on the ‘Accounting’ Menu.
b. Select ‘Reconcile Items’ to reconcile the desired bank account.
c. You can review all the bank transaction that has been imported on the reconcile tab.
d. Your bank account set-up is completed now.
Comparison of The Financials
If you are still confused whether you should make this switch from Netsuite to Xero, consider the demands and necessities of your business and whether the services of these softwares can comply with the need of your business or not. You can take help of the following comparison between the Netsuite and Xero.
| NETSUITE | XERO | |
| INVOICING | Netsuite manages invoice and bills with its separate software,called,‘SuiteBilling’.This helps you manage your bills and also provide customers options for easy payments. | Send bills and receipts and record their details.It also lets you approve every invoice before sending it to respective customer. |
| BANK RECONCILIATION | Netsuite saves up your time by doing fast and accurate bank reconciliation.Transactions are updates on regular basis that prevents chaos at the end of the period. | Xero integrates with major banks of the country to made banking procedure easy and smooth.It helps in increasing efficiency. |
| ACCOUNTING | Netsuite manages your overall accounting dynamics like account payable and receivable management,balance sheet,cashflow management,P and L account.The integration in netsuite is fast and simple and it provides real time data. | It offer you a separate software, ‘XeroHQ’, solely for bookkeeping and accounting purpose. It is an integrated software that keeps all the details you require for business and creates progress reports and client data with their respective invoices. |
Benefits of Conversion
When you opt for software conversion, you should know all the benefits your new software provides to your business over your older ones. Xero is a kind of software whose features provide overall help to your business, from invoicing to managing expenses, making and accepting payments, creating dashboards, etc. Conversion to Xero provides additional perks or advantages to your business.
1. Better Reports from Xero: Xero creates customized and attractive reports that you need to run your business. It provides reports in real time so you can have fast access to them and can easily share them with other employees or respective department managers. These Reports help you compare your performance with performance of previous years. It will help you know which department performance is lacking and which department needs attention and finances.
2. Improved Class Tracking: Xero keeps track of your time and cost and your payments and expenses all at one place. So, you don’t waste time searching for any important information.
