Your business is booming (YAY!), but can your accounting software handle the new growth?
If you’re transitioning from a small business to a medium-sized organization, and you are on QuickBooks, you may have already felt limitations and growing pains. We wrote an article last year for Accountex Report that talked about when it's time to change. "It is not surprising that applications like QuickBooks have millions of users. Most founders, when they are getting started, are simply looking for an easy and inexpensive way to get their vendors paid, send invoices to their customers, and prepare a simple P&L at the end of the month or quarter. And even well-funded start-ups, with aggressive growth plans and experienced investors, often start with applications like QuickBooks, as they appear to meet their needs." That's why it is important to know when it's time to step up to a more robust accounting solution.
5 Ways of Knowing That You’re Outgrowing QuickBooks
- An over-reliance on spreadsheets to support financial processes and reporting. We're only human and sometimes even the best of us can cause entry errors, incorrect or outdated data, process inefficiencies, wasted time and resources, and a lack control and compliance.
- Excess manual data entry and re-entry. If you're constantly having to upload and download via a CSV file can be a real productivity waste.
- Limited access to reports and information to drive decision-making. Reports shouldn't take days or weeks to generate. Having real-time access to your finances can be a game changer when you need to make business decisions.
- Difficulty in adapting to new business requirements. Any type of lengthy delay as the system struggles to keep up with data volume and calculation intensity.
Depending on your business model, the limitations can vary and if you’re planning on growing leaps and bounds in the next few years you might want to transition to a more robust environment before it is deemed absolutely necessary.
Real-Business Case Studies: QuickBooks to Sage Intacct
We've helped hundreds of companies convert from applications like QuickBooks to a more robust, cloud accounting solution like Sage Intacct. Over the past year we sat down with four of our clients that have made the transition. Here's what we've learned from them:
- VirMedica described how they were relying too much on Excel, which was causing their accounting processes to be cumbersome and prone to errors.
- Bombora needed a new accounting solution because QuickBooks couldn’t keep pace with their increasing demands, in addition to the desire for greater automation and control.
- Marinus Pharmaceuticals outgrew QuickBooks because it needed greater internal controls and better reporting.
- 4C Insights was going global and they needed a solution that was more robust than QuickBooks that could help them implement global consolidation in multiple currencies and manage their finances more efficiently.
Overall, our clients have seen results with Sage Intacct that cannot be ignored:
- Reduced their monthly reporting processing time from 12 days to 7 days (that's 71% faster!) (VirMedica)
- Global consolidation in multiple currencies (4C Insights)
- Faster period closing (Marinus)
- Established controls through segregation of duties and other administrative features (Bombora)
What’s your tipping point?
If you’re starting to feel the limitations of QuickBooks, or just fear that the inevitable to near, it is time to start thinking of what’s next. We’ve put together a few resources that might be helpful in the selection process:
- A whitepaper taking a deeper dive into the 5 differences between QuickBooks and Sage Intacct
- Real business case studies of our clients that have outgrown QuickBooks
- Access to an on-demand webinar on how to start your accounting software search