The client, owner of a burgeoning e-commerce company known for its unique handiwork tools, embarked on a strategic move to transition from
NetSuite to QuickBooks Online Advanced. This case study takes a deep dive into the process of switching the accounting software and migrating the historical data.
Fast Fix 247 was instrumental in facilitating their switch, ensuring a smooth migration of multi-currency transactions, payroll records, inventory details, and comprehensive transaction data spanning a decade, which included over 10,000 entries, from NetSuite to QuickBooks Online Advanced.
Project overview of NetSuite to QuickBooks Online Advanced
Here’s a brief overview of the scenario covered in the case study. The client wanted to switch their accounting system from NetSuite to QuickBooks.
|NetSuite to QuickBooks Online Advanced
|3 years of comprehensive data
+ 3 years of account balances.
Implementation of QuickBooks Online Advanced
The implementation process commenced with a comprehensive data migration, allowing the client to retain all critical data from their previous system. Based on the client’s existing e-commerce ecosystem, we developed tailored integrations.
|Conducted a thorough data transfer, including detailed records such as invoices, bills, payments, deposits, journal entries, and more.
|Established vital integrations with e-commerce platforms and payment gateways.
Key Challenges faced during the migration.
- Complex Transactions: Managing multi-currency transactions and diverse sales tax calculations across various platforms like Amazon, Walmart, and their own website.
- Data Integrity: Ensuring precise reconciliation of financial statements, including balance sheets, profit & loss items, accounts receivable, accounts payable, and inventory.
Reason for switching from NetSuite to QuickBooks Online
The client sought a more cost-effective platform that matched their usage patterns without the complexity of unused features in NetSuite. The switch to QuickBooks Online Advanced resulted in streamlined accounting processes, enhanced inventory management, and substantial cost savings.
|Managing multi-currency transactions and diverse sales tax calculations across various platforms like Amazon, Walmart, and their own website.
|Ensuring precise reconciliation of financial statements, including balance sheets, profit & loss items, accounts receivable, accounts payable, and inventory.
The 7-Step NetSuite to QuickBooks data migration process
Step 1: Planning for migration from NetSuite to QuickBooks Online.
The planning phase for migrating from NetSuite to QuickBooks Online Advanced is a critical step that sets the foundation for a successful transition. Here’s an overview of the planning phase, focusing on the data scope, project timeline, and budget considerations:
|– Financial records
– Customer/vendor details
– Custom fields/records
|– Initial assessment
– Data preparation
– Post-migration support
|– Software costs
– Consultancy fees
– Staff training
– Additional resources
– Contingency fund
Step 2: Data extraction from NetSuite to Excel.
Advanced tools were employed to extract data from NetSuite into a format compatible with QuickBooks Online Advanced. This ensures that all necessary data is accurately transferred without loss of fidelity.
Query Tool: A query tool was used to extract specific data sets from NetSuite. This tool allows for precise selection of data, ensuring that only relevant information is migrated.
Report Writer: Report writer, a tool built into NetSuite, was utilized to export reports from NetSuite. These reports are crucial for post-migration verification, allowing for a thorough comparison between the data in NetSuite and QuickBooks Online Advanced to ensure the integrity of the migration.
|To extract specific data sets from NetSuite.
|To export reports for post-migration verification.
Step 3: Data cleanup using automated Python scripts.
Automation enables us to reduce manual data entry. It also cuts the time of project completion down by almost 73 percent.
|Ensuring all accounts are accurate and reflect the true financial position.
|Critical for financial integrity and reporting accuracy.
|Eliminating duplicate records to maintain data quality.
|Essential to prevent data confusion and ensure reliability.
|Accounted for Missing Entries
|Identifying and recording any previously unrecorded transactions.
|Important for complete financial records and to avoid discrepancies.
|Verified Customer and Vendor Balances
|Confirming that all balances with customers and vendors are correct.
|Vital for maintaining trust and accuracy in business relationships.
|Organized Transactions and Inventory Details
|Structuring transaction data and inventory information for easy access and analysis.
|Beneficial for operational efficiency and inventory management.
Step 4: Data transformation based on the format of QuickBooks Online
Matched format of data extracted from NetSuite to the format accepted by QuickBooks Online Advanced. Here are the steps involved in data transformation when switching from NetSuite to QuickBooks Online
1. Field Mapping: This involves aligning each field in NetSuite with a corresponding field in QuickBooks Online Advanced. It’s important to ensure that the data will be stored in the correct place in the new system.
2. Data Type Conversion: Different systems may use different data types. For example, a text field in NetSuite might correspond to a dropdown menu in QuickBooks. This step ensures that each piece of data is converted to the correct type.
3. Format Standardization: Data must be standardized to fit the format requirements of QuickBooks Online Advanced. This could involve changing date formats from MM/DD/YYYY to DD/MM/YYYY, or vice versa, depending on the system requirements.
4. Data Cleansing: Before the data can be transformed, it needs to be cleansed of any inaccuracies or inconsistencies. This might involve deduplicating records, correcting misspelled names, or filling in missing address fields.
5. Data Enrichment: Sometimes, additional data might be required to fully utilize QuickBooks Online Advanced’s features. This could involve adding metadata or categorizing transactions in a way that wasn’t necessary in NetSuite.
6. Data Aggregation or Segmentation: Data may need to be aggregated (combined) or segmented (divided) to fit into the new system. For example, individual sales records might be combined into a single invoice record.
7. Validation Rules Implementation: QuickBooks Online Advanced may have different validation rules for data entry. During transformation, these rules need to be applied to ensure that the data will be accepted by the new system.
8. Test Import: A test import of the transformed data should be conducted to identify any issues before the full migration occurs. This allows for adjustments to be made without risking the integrity of the entire dataset.
Step 5: Uploaded data to QuickBooks Online Advanced
Our in-house team has developed a specialized Excel and QuickBooks Online connector. This tool was designed to facilitate a seamless transfer of the formatted data from Excel directly into QuickBooks Online Advanced.
Functionality of the Connector: The connector leverages the capabilities of both Excel and QuickBooks Online to ensure that the data is accurately mapped and uploaded. It automates the process, reducing the need for manual data entry and minimizing the risk of errors.
Data Upload Process: With the formatted data ready in Excel, the connector initiates the upload process. It identifies the corresponding fields in QuickBooks Online and transfers the data efficiently, maintaining the structure and format as defined during the data transformation phase.
Post-Upload Verification: After the data is uploaded, the connector allows for a verification step to ensure that all data has been transferred correctly and is reflecting accurately in QuickBooks Online Advanced.
Advantages of the Custom Connector:
- Efficiency: Automates the data upload process, saving time and resources.
- Accuracy: Reduces the likelihood of human error during data transfer.
- Customization: Tailored to fit the specific data structure and needs of the business.
- Scalability: Can handle large volumes of data and grow with the business.
Step 6: Data verification by matching balances in NetSuite and QuickBooks
After the data migration from NetSuite to QuickBooks Online Advanced, the next critical step was to verify the accuracy and integrity of the migrated data. We take this process very seriously as it ensures that the financial data reflects the true state of the business and that all transactions are accounted for correctly.
Here’s an overview of how we, post data migration, conducted data verification:
- Utilization of Exported Reports: The reports exported from NetSuite using the report writer tool were instrumental in this verification process. These reports served as a baseline to compare against the data now residing in QuickBooks Online Advanced.
- Meticulous Verification Process: A meticulous approach was adopted, where each entry in the exported reports was methodically checked against the entries in QuickBooks Online Advanced. This included verifying balances, transaction dates, customer and vendor details, and more.
- Data Integrity Checks: Data integrity checks were performed to ensure that no data was corrupted or altered during the migration process. This involved checking the completeness and accuracy of the data, as well as ensuring that relationships between data points were preserved.
- Accuracy Assurance: The team took extra measures to assure the accuracy of the data. Any discrepancies found were investigated and rectified immediately to maintain the integrity of the financial records.
- Commitment to Data Quality: The commitment to data quality was evident in the thoroughness of the verification process. The team understood that accurate financial data is the cornerstone of sound business decisions and compliance with regulatory standards.
Step 7: Ongoing assistance and quality control
To ensure the client fully leverages the capabilities of QuickBooks Online Advanced, we provided comprehensive ongoing support and tailored training. This strategic approach is designed to maximize the client’s return on investment, empowering them to harness the full potential of their financial systems for sustained business growth and success.
Native integrations configured for QuickBooks Online Advanced
Intuit offers several other services that integrate with QuickBooks Online. We configured these integrations for the client after the data migration from NetSuite.
|Time tracking and employee scheduling
|Banking and money management
|Payroll processing and tax handling
|– Time clock
– Timesheet reporting
– Debit card
– Envelopes for budgeting
|– Payroll runs
– Tax calculations
– Direct deposit
|– Streamlines time tracking
– Improves scheduling efficiency
|– Simplifies financial management
– Offers real-time money insights
|– Automates payroll tasks
– Ensures tax compliance
– Saves time on payroll management
External integrations configured for QuickBooks Online Advanced
We integrated the other tools currently used at the client’s organization. Integrating QuickBooks Online with these tools streamlined workflow, improved efficiency, and facilitated collaboration between sales, marketing and finance teams.
|Integration for managing sales, inventory, and financials from Amazon sales.
|Syncs e-commerce transactions and inventory from Shopify.
|Connects Walmart sales and supply chain data with QuickBooks.
|Integrates customer relationship management data with financial records.
|Processes payments and reconciles transactions within QuickBooks.
- 3 years of historical data + 3 more years of account balances migrated successfully.
- 10,000+ transactions migrated.
- Customer, Vendor, Inventory, and Employee details migrated from NetSuite to QuickBooks.
- Project completed in just under 1 month, 27 days to be precise.
- Native and External Integrations configured after project completion on behest of the client.
- Client’s company successfully transitioned from NetSuite to QuickBooks Online.