All About Migration from QuickBooks & ZohoBooks to NetSuite ERP

IT support services | Singapore (Headquarters)

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Are you struggling to consolidate financial data from multiple systems? If manual reporting and disjointed financial systems are holding your business back, then this case study on migration from ZohoBooks and QuickBooks to NetSuite ERP is what you need. Let’s dive in and understand how migrating from ZohoBooks and QuickBooks to NetSuite ERP improves financial reporting.

Client Portfolio

Our client is a leading digital services and solutions company. They are headquartered in Singapore with operations in the United States, the United Kingdom, Germany, Dubai, and India. The firm majorly focuses on providing digital transformation to businesses by providing them with strategy, consulting, and technology services.  

They approached us with the need to migrate historical transactions of a year along with the open transactions from their legacy systems, QuickBooks and ZohoBooks, to NetSuite.  

Problem Statement

Our client faced challenges with their legacy financial systems, using both QuickBooks and ZohoBooks. The client operated six entities on QuickBooks and three others, with an Indian branch, and a Sez and Non-Sez one on ZohoBooks.  

The main issue was that each of these sub-companies was treated as a separate entity rather than being consolidated under a single parent company in QuickBooks. For example, even though both the UK and Dubai subsidiaries were on the same platform, QuickBooks did not allow consolidated financial reports.  In ZohoBooks, the Sez and Non-Sez branches with different tax configurations were managed under the same account but as separate branches, allowing for consolidated reports. However, ZohoBooks had data validation issues, causing confusion between Sez and Non-Sez transactions. Additionally, the Indian branch was considered separate from the Sez and Non-Sez ones in ZohoBooks even though those were actually under the former one.  

These created difficulties in generating consolidated reports, handling intercompany transactions, and validating certain accounts. They had to manually create consolidated reports of their legal entities by calculating each sub-company’s profit and loss data. Preparing consolidated reports on a manual basis was very tiring and error-prone.  

Moreover, the transactions needed to be migrated to NetSuite according to the project code of each of the transactions. The client needed the ability to generate profit and loss reports based on specific project code classifications.   

What We Suggested

Our experts thoroughly studied the client’s issues and suggested a smooth approach to address them. The suggestion involved migrating their data from the legacy systems, QuickBooks and ZohoBooks, to NetSuite ERP. Our suggestions included:  

• Subsidiary Structure: With the Singapore branch as the parent company, we recommended structuring the 8 other branches as sub-companies or subsidiaries within NetSuite. 

• Integrated Cloud-Based Platform: Consolidate all financial data into a single, integrated system. 

• Data Extraction and Cleanup: Our experts would extract the historical data of a year along with the open transactions from the legacy systems, and then check for duplicates, unnecessary entries, and missing data. After cleaning up the datasets, transfer the validated data into a NetSuite-standard file. 

• CSV (Comma Separated Value) File Import to NetSuite: This involves utilizing the data import functionality of NetSuite to efficiently bring in large datasets from the legacy systems.  

• Automated Consolidated Reports: The migration would allow for automated consolidated reports, streamlined intercompany transactions, and the ability to generate specific profit and loss reports using project codes.  

This would significantly reduce manual work and improve data accuracy and security.  

Challenges

The migration process came with its own challenges. The legacy data from QuickBooks and ZohoBooks was found to be inconsistent and disorganized, requiring extensive cleanup before it could be successfully migrated to NetSuite. Our team had to extract the data from the legacy systems, and then clean up and standardize this data before importing it into NetSuite.  

Our team also performed error checks and completed a trial balance to ensure no data was lost during the migration process. Typically, according to NetSuite best practices, the client handles the extraction process, which can be tedious and error prone. However, in this case, our experts managed the entire extraction, offering the client a significant advantage.  

The challenge was ensuring that the data from nine different entities was accurately mapped and migrated without compromising the integrity of the financial records.  

Additionally, the client’s need for tag-wise reporting based on specific classifications added further complexity, necessitating careful customization of the NetSuite system.  

Customer Success

Through careful planning and execution, we successfully migrated all of the client’s financial data to NetSuite using CSV import functionality. The data cleanup process ensured that all mismatched and messy records were corrected, allowing for a smooth transition.  

By consolidating their financial operations into a single ERP system, they can now easily generate consolidated financial reports, perform intercompany transactions, and create profit and loss reports based on project classifications.  

    • Successful migration from QuickBooks and ZohoBooks to NetSuite ERP.  
    • Eliminated the need for manual generation of consolidated financial reporting with NetSuite, improving efficiency.  
    • Substantial reduction in manual work, leading to increased productivity and cost savings.  
    • Enabled seamless intercompany transactions. 
    • Improved data validation and security, reducing the risk of errors and inconsistencies. 
    • Enhanced reporting capabilities with the ability to generate tag-wise profit and loss reports based on project codes provided by the client.  
    • Enhanced financial transparency.  

Way Forward 

The implementation of NetSuite ERP has positioned our client to continue optimizing their financial processes and expand its use of automated reporting and analytics. With the enhanced data validation, security, and reporting features, the company can now focus on scaling its operations with minimal manual intervention. Future steps may include integrating additional modules within NetSuite to further enhance their digital transformation journey and improve business insights.  

 If you’re looking for a revolutionary transition for your business, here’s your destination. Our expert team is ready to assist you with your queries and worries. Reach out to Jobin & Jismi now to discuss your specific requirements.