Contact us @ ‪(678) 250-3086

How to Know When You Have Outgrown QuickBooks

by | Mar 10, 2016

Outgrown Quickbooks

QuickBooks is a popular entry-level accounting system for many small and medium-sized businesses. However, as your revenue continues to reach new heights and the business grows more complex, the sooner you will start to realize that you have outgrown QuickBooks. Companies do not upgrade their accounting software after they realize they are out growing QuickBooks because they think it will be too expensive or time-consuming to switch to another accounting solution.

Intacct, which was named “Best for Replacing QuickBooks” by Inc. Magazine, is a financial management and accounting solution that can grow with your business. The powerful software is an easy and cost-effective way to upgrade your accounting system. It is also the only AICPA preferred provider of financial applications. Here are some common examples when companies will need more than the basic accounting capabilities QuickBooks can offer and how Intacct can help:

Detailed Financial Reports without Excel

Quickbooks can make life easier in some aspects, but you probably still spend lots of time manually inputting financial data and using other tools so your financial reports are more detailed. For example, if you need to examine the sales projections of a certain product or store location, it would take you a considerable amount of time and effort to compile that information in Excel.

As your business evolves you will need standard and custom reporting capabilities with current data that reveals the financial and operational side of your business. Information with a top-level view of your company’s finances will give your investors, board of advisors and employees valuable insight into the financial health of the company that can be put to strategic use.

Fortunately, Intacct allows you to create sophisticated financial reports that would be impossible to do with QuickBooks. The accounting system can consolidate and integrate financial data from other business applications like Salesforce and you can access it from any device since it is cloud based. Also if your business is international, Intacct can compute multiple currencies into one currency or process multi-currency transactions within one company. You can also configure the software to automate many routine accounting processes which can increase the company’s efficiency.

Preparing Your Company to Go Public

Preparing for an IPO can be an exciting yet stressful time for a company. If your business is growing and you are considering taking it public in the future your company must meet certain legal and financial requirements. Your legal team and potential investors will need highly detailed financial reports that would be hard to create with an entry-level accounting software. Intacct can help you prepare for the next step in your company’s future.

Selling Your Business

If you have reached the point in your career where you want to sell your business, it is very important to have accurate and up-to-date financial data to share with business brokers and perspective buyers. If you own multiple franchises, business units, or a portfolio of different companies then you will need consolidated financial reports that reveal your total costs, revenues and profitability.

Complying with State and Federal Rules and Regulations

Depending on your industry, your business may have to follow certain government imposed regulations. Overall, Intacct can support any regulatory compliance with its robust platform. You can also give users full access or “read-only” access or permission to your data on Intacct whenever necessary. This can be helpful when your company is audited or needs to show that is compliant with certain state and federal regulations.

Please contact us today for more information or a consultation. Our team of trusted professionals will discuss your accounting needs and how we can help your organization graduate to an accounting system with unlimited capacity for growth.