It’s a known fact that QuickBooks has become the go-to accounting software for small businesses, sporting an 80% market share for everyone from solopreneurs to startups, all the way up to small and medium enterprises (SME). There comes a point, especially for those businesses who have begun to grow rapidly, when QuickBooks becomes more of a hassle than a help, and the hours spent each month closing the books is cutting into your professional, personal, and social life.
Of course, this is not a knock on QuickBooks. Like we’ve said, it’s a great option for small businesses that expect to have stable year-over-year transaction and revenue numbers within QuickBooks’ market (We’ve also noted that there are good reasons to skip starter software altogether if you intend to grow and want to avoid spending time on implementation, training, and migration later).
Knowing this, the team at Brittenford recently held a webcast featuring warning signs that your company has outgrown QuickBooks, as well as options and success stories of companies that have chosen to make the switch (like this case study of a global nonprofit organization who upgraded, reducing the time spent manually tracking grant costs). Here are some signs the software isn’t living up to its potential.
Strategic Priorities vs. Status Quo
As an organization grows, business leadership sees the financial role becoming more important throughout the organization and provide more strategic leadership for where the business will be in the coming years.
However, this demand for strategic thinking is too often quashed by a demand that you work on things like procure-to-pay and quote-to cash, both of which are hindered by manual processes like email, Word documents, Excel spreadsheets, and more which can get lost, be incorrect, or become corrupted.
These time-consuming processes add up, and it cuts away from your long-term decision making.
Six Signs You’re Outgrowing QuickBooks
The webcast highlights these six signs that an organization’s back office can no longer succeed with QuickBooks:
- Are You Struggling with Reporting and Analyzing Operating Data?
- Are Manual, Disjointed Processes like Email Draining Your Organization’s Productivity?
- Are You Depending on Spreadsheets for Managing Books of Record or Reporting?
- Do You Have Multiple Locations, Subsidiaries or Base Currencies?
- Do You Need Access to Real-Time Information?
- Do You Need to Quickly Generate Financial Consolidations for Banks, Board Members, or Auditors?
Additional factors include a need for advanced integrations. One example of this is an organization that uses Salesforce and QuickBooks, two platforms that do not work well together.
Learn More: How to Tell You’ve Outgrown QuickBooks
The Wipfli/Brittenford webcast goes into the multiple solutions that can help businesses, sharing:
- How to select between the 16+ “next-step” accounting software options
- When the cost of using QuickBooks outweighs the cost of another platform
- How to define “Cocktail Napkin ROI”
- The hidden savings that businesses find after they upgrade
- Three points of comparison when looking at other options
- How to define success before fielding a call from a software vendor or reseller
- How to select software that fits your organization’s five year plan.
- Why “marketplaces” matter when it comes to selecting a next-step software
- How to tell when the pain has exceeded the utility.
You can learn all of this and more in the recap of How to Tell You’ve Outgrown QuickBooks. Watch now.