Between a few Excel spreadsheets and your trusty QuickBooks, you’ve been able to manage all of your company’s financial accounting software needs. Until now, that is.
QuickBooks is an easy-to-use program to manage customer accounts, keep track of inventory and business finances, create forms, and store customer information, but lately you’ve had a nagging feeling that this tool just isn’t cutting it anymore. The business has grown. You need more.
Here are five red flags that your company has indeed outgrown QuickBooks and it’s time for an upgrade.
- You need more advanced reporting capabilities: To get ahead in today’s competitive landscape small- to medium-sized businesses need the best reporting tools possible. Companies must know where the business stands at all times and where customers are, and have access to information to make faster, more informed decisions. Building new reports in QuickBooks is limited, at best.
- You want to access your data remotely: Managing your financial information anywhere and at any time is increasingly critical. Using a cloud-based software system makes this possible and also reduces the need for additional in-house IT staff or a server room.
- You need more security: As companies grow, they want to restrict access to their records within the company. Not everyone needs to see all the data. Just because your company is small doesn’t mean that information security isn’t a priority. Protect your organization’s financial, customer, inventory, payroll and reporting information with proper backup, limited access and proper security practices.
- You’re missing analytics features such as dashboards: According to “Grow Your Business with Confidence,” a Microsoft white paper for companies outgrowing QuickBooks, it’s critical to be proactive rather than reactive. “Sure QuickBooks can give you a snapshot of your sales performance for the past quarter, but do you know which products produce the highest margins and which customers are likely to purchase the highest volume of those products?” the publication asks. “Instead of looking at reports of past performance, you need insight into current activities and developing trends to move your business forward.” Remember, waste and internal process costs rob profitability. With analytics, you can identify ways to reduce or eliminate waste, drive out costly processes and create new incremental profits to your business.
- You have scalability issues: Generally when a company moves past the $2.5 million to $5 million range, it begins to need more functionality than what QuickBooks offers. (Even QuickBooks Enterprise has limits on the number of users and functionality.) When the total number of transactions is greater than 32,000, the program usually becomes significantly slower.