So your company has outgrown QuickBooks… Now what?
It’s time to focus on transitioning to a reliable and adaptable accounting software. Here are the three main things that multi-entity organizations should look for as they transition away from QuickBooks.
Consolidated Information
Maintaining accounting data can get complicated as companies expand with new locations or franchises. When that happens, the organization hits the wall because subsidiaries might use different accounts or programs. This creates disparities with spreadsheets which can take days, or even weeks, to consolidate results. And, of course, that introduces security issues and risks of unseen errors. To put it simply, QuickBooks can’t handle the changes of growing companies.
Cloud financial accounting uses automated consolidations which eliminate external spreadsheets and manual efforts, making your financials easier to manage.
Secure Controls on Delegated Tasks
One concern for multi-entity companies is ensuring data security across the organization. With QuickBooks, any user can access any information about any part of the business. For example, a store manager in Texas could view operations results from Oakland – even if that doesn’t concern him.
With a cloud financial accounting software, you can define positions for individual users to limit their access solely to the data they need to do their jobs. Here’s one example: An AP clerk might have permission to create or delete vendors or pay bills, but not have any access to payroll data.
Smarter Reporting on Multiple Entities
When managers and executives want reports and analyses (and you’re tasked with building them), you need the ability to wander freely through the organizational structure. You want to move seamlessly between entities. Start with top-level results. Drill down on exceptions. Analyze individual entities. Compare the balance sheet of one entity with that of its sister companies. Users need the ability to go up, down, and sideways through the various forecasts so that they can determine which business strategies should be expanded and which ones need revisions. That sort of flexibility simply isn’t available in QuickBooks.
If you’re ready to step up from QuickBooks, the team at InCloud360 is prepared to help you take that next step.