QuickBooks meets the need of the hour for small businesses since it offers basic accounting at an affordable price. This accounting software is also user-friendly, making it ideal for startups. But as your business grows, QuickBooks becomes limiting because it is not designed for other processes apart from financials.
This can be frustrating and inhibit your company from reaching its goals. But thanks to accounting software like ERP, you can perform different tasks without difficulties. So, how do you know it is time to switch from QuickBooks?
Let’s find out!
1. Slow Processes
As your business expands, you may have a lot of data, overpowering the QuickBooks system. As a result, you will experience slower processes, for instance, delayed financial systems for your users and book balancing due to a bogged system.
Eventually, this will make your business operate inefficiently, affecting your client base. Remember, clients have much going on in their lives, and they need a system that can cater to them within the shortest time!
Your employees may also be forced to enter data manually in Excel or use other methods, which are sluggish. This means they will have to spend much time searching for important documents. To avoid such delays and inefficiency, you need to find a solution like Epicor ERP.
2. Having Multiple Entities
Is your company scaling new heights and opening multiple entities? If yes, this must be great progress for you to celebrate, but you will need a new system to stay at the top of the game.
Some of the issues you may encounter with QuickBooks at this point include managing the monthly financials for each company and the inability to share vendors with multiple companies. If you’ve not yet experienced such problems with QuickBooks, you may run into them unaware.
But you don’t have to go through this frustration; you can get suitable software that will help you manage all the companies’ financials at once. You will also enter one bill instead of having it as separate transactions in QuickBooks.
3. Security Maintenance Issues
According to PwC Global study in 2020, 47% of companies had fraud issues in the last 24 months. Furthermore, 50% of these incidents involved internal and external perpetrators. Consequently, there is a constant need to have an effective system that guarantees your business’s security, and QuickBook is not one of them. Reason?
When using QuickBooks, you can’t keep records of all your transactions automatically. As a result, you experience challenges in identifying any fraudulent behavior. This causes security issues, and your business may become prey to fraud.
So, how can you avoid this? By using accounting software that provides a full audit trail. It will not only protect your data from security threats but also help you find missing information.
4. Duplicate Data Entry
The more your business grows, the more data it will handle. Since QuickBooks is not designed to handle processes apart from financials, you may be forced to enter duplicate data into multiple systems manually.
Consequently, you will waste much time and human resources, becoming inefficient. So, if you start syncing data manually into the systems or running financial reports beyond QuickBooks capability, that’s a sign you need to transition to another software.
For instance, Acumatica updates information in all the systems when you make any changes. As a result, saves you time as you do not have to duplicate data. It also provides your users with the most recent version of a financial report whenever they log in.
5. In Need of More Personalization?
How do you run your business?
Is QuickBooks able to keep up with how you operate your company?
Your accounting software should blend into your company’s routine. While QuickBooks is ideal for small businesses, you may encounter challenges working with it as your business continues to expand.
Some of these challenges include:
-Not being able to automate workflow processes
-Having challenges when trying to customize your fields
Customization of your accounting software gives you access to significant metrics that are vital for your business. So, if you notice QuickBooks is not offering you this, it’s time to get the best accounting software for your company!
6. Accounting Issues
Having numerous financial errors is a clear sign you need to shift from QuickBooks to different accounting software that matches your company’s needs. Your accounting system should be making your work easier, not causing problems. Remember, you don’t have much time to keep correcting mistakes!
So, if you realize reconciling the bank account is an ordeal or converting currencies results in errors, you need to get proper accounting software. For instance, Acumatica consolidates multiple-entities financial reports, and ERP supports numerous currencies.
7. Unobtrusive Critical Business Metrics
To run a successful business, you need to make informed decisions after getting real-time insights. So, where can you find these insights? Your accounting system should be able to offer this.
However, if you use QuickBooks in a growing business, you may start having obscured critical business metrics. This will affect your decision-making and, ultimately, your business goals.
Here is what you should look out for when getting accounting software to help you with this:
-Effortless invoice processing and tracking.-Easy consolidation of reports from different entities.
-Easy distribution of revenue in multiple companies.
-Actionable insights that help with forecasting and budgeting.
-Easy access to different entities’ performance and the needed improvements.
-Comparison of multiple companies’ data in one screen.
If you don’t get accounting software that can perform these tasks, you will have recurrent challenges when running your business. In the long run, this will negatively affect your company’s growth.
Scaling your business requires numerous changes, and shifting accounting software is one of them. If you’ve been using QuickBooks and you notice delayed processes, manual data entry, security maintenance problems, or the need for more customization, it’s time for a change.
Such issues can make your business inefficient, affecting your customer base. You don’t want anything that will retrogress your business growth!
Get a Modern ERP System for Your Business!
Looking for accounting software that can grow with your business. Cloud 9 ERP Solutions scales as you thrive using Acumatica’s powerful platform; hence it can accommodate multiple entities. You don’t have to lag behind in decision-making anymore! Get it today!
