If you’re like many companies, you may have started out using QuickBooks to handle your accounting needs. And with good reason – QuickBooks is easy to use and has the tools most fledgling businesses need. But as your business grows, you may be missing out if your accounting software hasn’t grown along with it. Here are some of the things you’re missing if you’re still using QuickBooks.
When you started out, QuickBooks could provide all the information you needed to get your business up and running. But as you grow, you’ll need to track a wider variety of information – information that QuickBooks can’t provide. And the QuickBooks reporting platform is limited to one dimension, so you can’t sort data and create reports that give you the real-time insight to make big decisions. So, you wind up settling for the data you have access to but miss out on the data you really need.
As your company grows, you have to access a greater range of information for an increasingly diverse audience. QuickBooks lacks the capability to customize reports and makes it more difficult to get the right information to the right people at the right time. And QuickBooks is not designed to handle multi-entity accounting, forcing you to log in and out of multiple QuickBooks systems if you’re handling accounting for multiple locations. A more sophisticated financial management solution is scalable, so that it can grow as your organization does.
When companies outgrow QuickBooks, they often wind up using multiple tools to handle their various accounting activities, leading to a patchwork of disparate platforms and information silos. Your accounting staff then has to aggregate information from multiple sources, leading to duplication of effort and cumbersome manual processes. A cloud-based solution like Sage Intacct simplifies your accounting and provides your entire organization with a single source of truth.
Companies often compensate for QuickBooks limitations by using spreadsheets to track data and create reports that QuickBooks can’t handle. Using multiple spreadsheets means relying on manual data entry and processes – all of which is time-consuming and adds opportunity for error. In addition, a manual approach significantly slows down month-end closing and the ability to provide critical reports to key stakeholders. With a cloud-based solution like Sage Intacct, you can automate repetitive tasks and core accounting processes, eliminate potential errors, and speed up the entire process.
QuickBooks might seem cheaper, but in the end, you’re probably missing out on cost savings. If QuickBooks’ limitations mean that you’re using a combination of spreadsheets, multiple tools, and manual workarounds, it’s costing you more than you realize, both in terms of time and money. Moving to a cloud-based financial management system generates cost savings by automating critical processes and providing the ability to make strategic decisions that drive profitability.
If you’re tired of missing out with QuickBooks, you need a cloud-based accounting solution like Sage Intacct. We can help you upgrade to an accounting platform that is a better fit for your needs. Call MicroAccounting today at 855.876.3773 to find out more.