Is It Time to Move Up?
Many startup businesses find QuickBooks to be an easily understood and inexpensive way to manage their finances, but after a few years of growth, they find that the demands on their accounting system are growing as well. Unfortunately, QuickBooks is not designed to grow with them. If your company is in this situation, you’re probably beginning to wonder if QuickBooks still is the best solution for your accounting needs. Or is it time to move up by graduating from QuickBooks?
In this three-part series, we’ll take a deeper look at when it’s time to graduate from QuickBooks and what are your best options for moving beyond QuickBooks.
Signs You Are Outgrowing QuickBooks
Depending upon your type of business, there are some very clear signs that you are ready to expand beyond QuickBooks:
- When you are compiling most of your reports on spreadsheets and using QuickBooks for simple functions such as check-writing and journal entries.
- When you need to consolidated reports from multiple companies or multiple locations that cannot be integrated within QuickBooks.
- When you and/or your staff are spending hours on data entry for information that cannot be imported from other systems, such as your customer resource management or sales force systems.
- When you are unable to quickly monitor project costs, revenues and profitability because of the lag time in integrating various inputs.
- When the number of users who need access to your books exceeds the limits of your QuickBooks plan, including options for read-only access.
- When you need to pull out a calculator or spreadsheet to convert transactions completed in other currencies.
- When you struggle with various reports and spreadsheets to meet complex governmental reporting or auditing regulations.
- Beyond Your Daily Struggles
Advantages you will gain by moving
Besides looking at the issues you are struggling with already and project to face in the coming months or year, here are a few more advantages you will gain by moving to a more robust accounting software:
- Deeper understanding of your company’s performance by better tracking of revenue based on specific products, locations, sales team members, etc. Without a deeper understanding of the underlying numbers, building a strategy for future growth is limited.
- Real-time reports that will allow you to discover problems when they are small and easily remedied, rather than months down the road when they have grown more difficult to control. This can range from unexpected downturns in a certain sector or region to out-right fraud or theft that can be stopped in its tracks.
- Better efficiency and higher morale in your staff. When your financial staff members are doing the work they enjoy and not working around problems, their morale will grow. You also will be reducing job costs as your staff will not spend hours re-entering data that easily is integrated between various systems.
- If you choose a cloud option, you’ll gain anywhere, anytime access to your financial data. This is a huge advantage for a company with multiple locations, remote staff or traveling staff, greatly increasing efficiency and ready access to data from distant locations.
Of course, each company will face different scenarios and different reasons as they consider moving beyond QuickBooks. In the second part of this series, we will look at various options for graduating from QuickBooks. In the third part, we will discuss how to prepare for moving beyond QuickBooks.
Having a partner to assist in this analysis and preparation will be a giant advantage for your company and can provide you with the tools to persuade your leadership team when it is time to graduate from QuickBooks. Contact us to discuss further how a cloud-based accounting system can provide you better, a more secure financial management system that you are experiencing with QuickBooks.