For many small companies, QuickBooks has provided an easy answer to doing finances. However, as your business grows, so do the challenges associated with financial management. Knowing when it is time to make a move to a more robust financial management solution will save you time and money. Here are a few of the signs that indicate you have outgrown QuickBooks.
Growing Manual Processes
As your company grows, so does your financial complexity. You will start to see an increase in the time it takes to complete the manual processes and daily task that are required. You will also find the need for Excel spreadsheets to compile reports and complicating accounting. The manual process encountered will continue to grow with your business costing you time, money, and lack of efficiency. You may find yourself hiring additional accounting staff to handle all the offline processes.
Not Many Multi-Company Abilities
With company growth, your company could expand into multiple companies, and you will find that QuickBooks is just not equipped to handle multi-entity situations. Even with the multiple instance function provided the man-hours needed to log in and out multiple times for each entity could end up costing much more than an investment in a solution equipped to handle multi-entity. And that’s before you take into consideration the time and effort involved in manually consolidating your reporting in Excel!
Data File Size Limitations
As you add customers, inventory, and or other line items, your data size increases, and when you hit the data limit, you will start to see instability in performance. With these limitations, you may find that you have to purge some of the valuable data you have stored in order for your instance to perform adequately.
Companies looking to improve their overall efficiency may want to look into cloud-based accounting software that grows with your growing business.