As a growing company we understand both the thrills and challenges associated with growth. From an accounting perspective the challenges range from:
- Handing an ever-increasing number of transactions
- Preparing financial reports and operational metrics on a timely basis
- Addressing the added complexity of the new revenue recognition requirements
Setting yourself up for success early seems easy and ideal on paper, however not everything we do it ideal. Most businesses starting off utilize a solution, like QuickBooks, to assist with their day-to-day accounting. QuickBooks is well-known and easy to use. For the start-up phase of your business, it offers the basic functionality that almost any organization can use to get off the ground. Unfortunately, virtually every growing business runs up against limitations in QuickBooks.
How do you know that you’re outgrowing QuickBooks?
Depending on your business model, the limitations can vary. 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. Below are five signs that you are 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processes and reporting.We're only human and sometimes even the best of us can cause entry errors, incorrect or outdated data, process inefficiencies, wasted time and resources, and a lack control and compliance.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.
- Inadequate controls around financial processes. If you are starting to feel vulnerable or that you need a more secure environment, it might be time for a change.
Bottomline, if you’re growing to the point when multiple people are trying to log transactions simultaneously, it might be time to move onto a more sophisticated ERP solution.
You’re not alone
We work every day with CFOs from organizations that are transitioning from QuickBooks to Sage Intacct. It is scary to start your accounting software search, it isn’t something that you do every day, month, or even year. Most CFOs we work with perform an ERP search a couple of times in their career. Don’t be intimidated, there is light at the end of the tunnel and the search is worth it.
From QuickBooks to Sage Intacct, Showcasing Customer Journeys
We've helped hundreds of companies convert from applications like QuickBooks to a more robust, cloud accounting solution like Sage Intacct. For example:
Bombora outgrew its original accounting solution, QuickBooks, which couldn’t keep pace with the increasing demands of Bombora’s rapid growth, and its requirements for greater automation and control. Read their case study >
VirMedica was outgrowing QuickBooks. They were relying on Excel, which was causing their accounting processes to be cumbersome and prone to errors. VirMedica needed a more robust solution. Read their case study >
As Marinus Pharmaceuticals expanded operations, it found that QuickBooks did not meet its needs for internal controls, management reporting, and external reporting. They needed a solution to manage expenses more effectively and to provide robust reporting, it also wanted to implement an accounting solution that could scale. Read their case study >
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. Click here to learn more >