QuickBooks is an excellent and cost-effective solution for small businesses, maybe even midsize businesses. But your company will eventually reach a point when it’s time to move off of QuickBooks and onto an enterprise-level software. So, how do you know when to make the move and take your accounting software to the next level?
QuickBooks provides basic bookkeeping functionality and has become the go-to gold standard software for millions of businesses. It’s simple, inexpensive, and flexible—maybe too flexible. Your company will eventually reach a point when it will start to experience small uncomfortable shifts in performance, hurdles in data communication, and a lack of functionality.
Here are the top nine telltale signs it’s time to take the leap off of QuickBooks.
- You have difficulty managing and consolidating data from multiple entities. Multi-entity integration is important for completing month-end close as well as generating reports that pull data across multiple entities. If you have to use a separate instance of QuickBooks for each entity, aggregating data for various reports could take days to manually complete.
- You need a more well-documented audit trail. Whether you’re seeking an outside investment and require a financial statement audit, or you are being audited by the IRS, QuickBooks provides a lackluster audit trail. In some situations, the software even permits loopholes where financial information can be changed without any documentation. You’re opening your company up to fraud, increased human error, and potential security risks.
- You are about to reach the maximum number of users. QuickBooks caps users at a 30-person limit. If you foresee future growth in your business, QuickBooks does not scale with your company. It’s game over. Plus, as you approach the 30-user limit, the system gets bogged down and starts to experience performance issues.
- You do not have a built-in CRM system. If you’re managing client information in Excel or email databases, you’re most likely entering data twice, bottlenecking tasks, and getting information to clients at a slower pace. A built-in CRM system will allow your business to house everything—between sales, order fulfillment, and accounting—in one comprehensive system.
- Your database is susceptible to outages or running extremely slow. Many users now operate on QuickBooks Online, but there’s been a recent history of outages across the entire software platform, which has led to program crashes and slow performance, making accessibility to data cumbersome.
- You are in need of real-time data to run your business. Owners and managers need to monitor reports in real time to make good business decisions. Automated real-time data is a huge time saver for everyone needed to run separate reports on disparate systems.
- You regularly develop “workarounds” due to limited functionality. If you are implementing too many add-ons or managing too many tasks manually, the limited functionality is impairing efficiency and slowing business down.
- You are in need of greater inventory management. QuickBooks cannot support large quantities of fast-moving inventory.
- Building month-end and year-end reports requires repeat tasks. Shuffling through multiple data sources and blending information can be tiresome and time-consuming.
Were you nodding your head to any of these statements? Is it time to make an accounting software switch, but it’s a dauting reality to accept? While change can seem overwhelming at first, the end result will be well worth it and bring much more ease of use to your daily life.
With countless options on the market, our team has vetted the top-tier systems and weighed the pros and cons of each. If you are a midsize company looking for automation, accessibility, scalability, and overall innovation, we found Acumatica to be the best of breed. The built-in features allow companies to spend less time managing data and more time focused on delivering products and services.
Contact me at email@example.com or (805) 963-7811 if you would like to take the first step in making the switch off of QuickBooks and onto a more robust accounting system.