Struggling with your accounting software might be inhibiting your growth. “Fewer than five percent of all businesses in the US grow to be more than $1 million in annual revenues. And fewer than one percent make it to $10 million.” If your business is starting to see growth, don’t you want to beat the odds and go all the way? How you manage that growth might be one of the keys to sustainability.
Issues that can Spawn from Growth
Growth is good, but it can also lead to issues that might impact your business, for example:
- If you can’t respond timely to customer order questions it might lead to a drop in customer satisfaction.
- If every location has a purchasing manager, then incorrect or excessive spending might occur.
- If you are still using spreadsheets to manage your reports then it’s very likely that business decisions are being made on outdated or error prone information.
Do you have Poor Visibility?
Earlier this year Inc. recently analyzed five common small business problems and number five focused on failure to mastering your cashflow. “Creating a detailed cash flow map, showing how cash moves into and out of your business is the first step to getting your hands around your finances. Then, you can start making changes to your standard practices in order to optimize your receivables and liabilities, improving your position and reducing the cash demands that will be put on you as you scale.” Having accurate and timely visibility is a common pain point we hear day-after-day. Sage Intacct held a webinar outlining what issues growing companies usually face, they are:
- Growing number of transactions
- Transactions occurring at more locations with reporting delays
- Monthly close and visibility takes too long
Scale for Growth
Having the right tools in place to be able to scale to your growth is essential. If you are running your finances on QuickBooks and have started to feel constraints and limitations in the platform, it is time to move on to a more sophisticated ERP solution, such as Sage Intacct. Key areas that make a big difference in Sage Intacct for companies that have been struggling to scale using QuickBooks:
- Immediate Visibility & Productivity
- Order to Cash
- Procure to Pay
After transitioning from QuickBooks to Sage Intacct, 80% of Sage Intacct customers wished that they would have switched sooner. Creating detailed reports and having visibility into your finances might give you a leg up on the competition.
Watch Sage Intacct’s on-demand webinar to learn more about how they differ from QuickBooks and watch a short demo outlining dashboards & reports, order entry, and purchasing control. Click here to watch the webinar >
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