The Hidden Costs of QuickBooks
Most small businesses open operations managing their financials on Intuit’s QuickBooks. QuickBooks has proven success and is the most popular business solution for small and growing businesses. However, once businesses grow beyond entry level they start to see the deficiencies with QuickBooks. QuickBooks simply wasn’t designed to provide professional financial management capabilities to growing organizations.
Growing businesses have sophisticated, evolving demands that require more and better visibility into financial and operational performance. Once they hit this wall with QuickBooks’ performance, many businesses move their financial management to Cloud based systems that provide the key metrics every strategic business needs to succeed. Those that don’t migrate to a new solution are hindered by the hidden costs of QuickBooks.
As your business grows you need a financial management solution that provides the following:
- Automation of key processes to eliminate the necessity for manual processing of key data
- Real time access to financial data anytime, anywhere, via the Cloud
- Enforced internal controls with customizable workflows and functionality
- Integrations with other critical applications to maintain business operations
The hidden costs of QuickBooks begin to stack up once their performance begins to fail in the face of your organization’s growth. Those hidden costs come from reliance on manual processes to bridge the gaps created by lack of automation and integration with other applications. Manual processes incur further costs to the business owner due to the opportunity for error when data is moved and manipulated to build reports. These costs multiply by decreased staff productivity during the monthly close in response to lengthy reporting processes. However, QuickBooks’ inability to grow with expanding businesses becomes most expensive when it comes to accurate reporting for stakeholders. If stakeholders don’t have accurate and accessible data, they can’t make strategic plans for greater impact and continued growth. QuickBooks’ greatest hidden cost is it’s inability to support growth, blocking your business from gaining more profit.
The best way to see continued growth is to make the migration from QuickBooks to the Cloud. A new generation of Cloud based financial software has entirely changed the dynamics of graduating from QuickBooks. With Cloud based infrastructure all you need is a web browser and internet to access your financials in real time. No more investing in technology, servers, software, or IT. Cloud based financial management provides flexible reporting, role based and customizable dashboards, better productivity with integrations and user defined workflows, and scalability for growth. See your expanding business succeed with scalable architecture, a multi ledger system, and multi scenario reporting and planning for your stakeholders.
At MicroAccounting we do our best to help our customers succeed with whatever solutions supports their growth. To learn more about the Cloud based solutions we offer, like Sage Intacct, give us a call at 855.876.3773 or email us at [email protected].