It goes without saying that Quickbooks is an affordable solution for new entry-level companies just getting off the ground. Unfortunately, as your business begins to grow, your accounting solution won’t always be able to keep up. If you are having any of these or similar issues, it may be time to upgrade to a solution that better suits your needs.
You are Experiencing Errors
When it comes to spreadsheet-based accounting (or just reporting on your accounting), especially with multiple users, errors can be fairly common. It is easy to mistype and mix up numbers when your solution is not automated.
Hours are Being Spent Running Reports
Quickbooks can run some reports, but if you want to see your data differently than the way Quickbooks wants to show it, it can be a time-consuming process to get all of the data and numbers you need in one place. This often ends up with you trying to do your reporting in Excel. If getting to critical data that you need regularly is taking longer than it should, you may need to reevaluate your solution.
You Have Problems Managing Multi-Company Transactions
If you have several entities, you have probably run into some issues using Quickbooks. This is a huge pain point for Quickbooks users, often requiring multiple subscriptions and sign-ins, making it challenging to have combined reports without an extra amount of work on your end. Recording funds transfers between entities is also more complicated than just recording one simple transaction.
Data is Being Input Multiple Times Because Systems Aren’t Integrated
If you are having to transfer data manually from one system to another on a regular basis (whether it’s to move data from an operating system into Quickbooks or pull data from Quickbooks into a reporting tool), you are wasting time and money. Having an integrated solution could save you time and hassle.
Accounting is Inefficient
Efficient: achieving maximum productivity with minimum wasted effort or expense. Can you honestly say that your accounting department falls into this category? Using an outdated solution, or one that simply can’t keep up with your growing business, to manage your books is costing time and money with plenty of wasted effort.
You are not Confident in your Reporting
Since you know errors can be common in a manual solution, it can be difficult to have extreme confidence in the numbers that are being shown in your reports, especially when several departments and multiple people are contributing numbers. You have good people on your team – but good people make mistakes when they are trying to do their reporting in Excel. And you may not know that those mistakes were made until AFTER you’ve made a critical decision using bad numbers.
You Feel as if Accounting is out of your Control
When using a solution like Quickbooks, it’s easy to feel like you’re not fully in control of your company. Unlike a comprehensive solution with web access that lets you review your financial information any time, anywhere, you don’t have access to all the information you want at the click of a button, making you rely heavily on other people to provide the numbers to you.
Your System is Holding you Back From Growth
Growth can be hard when your infrastructure simply cannot handle more of it. If you are losing business or incapable of growing as your company could otherwise do, then you need a solution that fits your needs and can grow with you seamlessly.