Is your company currently using QuickBooks? Are you expecting growth? Growth makes business software an increasingly important factor in operations. QuickBooks can be an appropriate accounting system for some small and medium sized companies. However, your business needs may require an upgrade from your entry-level accounting system.
How do you know when your business needs have outgrown QuickBooks? FMT Consultants share 5 signs your business is outgrowing QuickBooks on the ERP SoftwareBlog.
The number of financial transactions your company handles on a daily basis should be a good indication of whether QuickBooks is still the right solution for you. For example, if your bookkeeper handles a few simple daily transactions QuickBooks may be your best option. If your company requires detailed revenue and expense tracking, a more robust ERP system may be a better fit to handle your growing needs.
If your accounting department consists of 5 or more employees QuickBooks may not be the best fit for your company. Most versions of QuickBooks tend to become problematic at 5 users. Typically this much activity causes the database manager to get bogged down resulting in the disconnection of users from their sessions.
Growing companies need a double-entry accounting system that allows them to comply with government regulations, industry standards, and corporate quality initiatives. Unfortunately, QuickBooks is a single-entry accounting system meaning it doesn’t feature “audit controls.” Audit controls keeps record of every transaction entered into an accounting system so the account balance can be traced back to the transactions that make up that balance.
Eventually QuickBooks users may begin to notice a decline in performance, including a delay in the solution’s menus and reporting functions. Most companies using QuickBooks tend to notice such problems when the file size reaches 250 MB or when the total number of transactions exceeds 32,000. Significant performance problems usually occur when any list (customers, vendors, employees) exceeds 10,000.
The simple reports available in QuickBooks may not provide you with an accurate view of your organization. Oftentimes, QuickBooks users have customer and revenue data in supplemental systems such as, Excel, and a CRM system. Creating a detailed report that provides you with all the information you needed requires a lot of time spent manually entering data from one source to another. You may discover that valuable employee productivity is being wasted on mindless data re-entry.
You can read the full article here.
If you have noticed these signs within your company visit Brittenford.com or contact Brittenford, who can assist you with upgrading your financial management software. And please share this post with those considering upgrading from QuickBooks!