Most small businesses begin their financial lives using Intuit’s QuickBooks, which—with an 89% market share—is by far the best and most popular small business accounting application. It’s well known. It’s easy. It works. And it offers the functionality a business needs when it’s starting out (Intuit).
But, if your business has moved beyond the entry level, your organization may be facing a number of challenges as you hit the limits of QuickBooks functionality. An Intacct whitepaper, Moving Beyond QuickBooks, shared 4 factors that contribute to the hidden costs of a growing organization.
Growing organizations that continue to use QuickBooks may find they’re spending extra time managing workarounds outside the application. They may not even realize the number of inefficiencies getting in the way of conducting day-to-day business. It’s all too easy for these inefficiencies to become ingrained over time. And because there’s no immediate cash outlay, doing nothing may seem like the only option—or at least the most cost-effective option. But you may be incurring a broad range of hidden costs.
These factors consistently slow down the monthly accounting process, thereby increasing costs:
- Over-reliance on manual, paper-based processes
- Lack of integration between financials and other business critical applications
- Decreased staff productivity as a result of inefficient and manual processes
- Inadequate data and lack of insight into the business
These challenges indicate that it’s time to graduate to professional financial management software!
So, what is the solution? Moving financial management to the cloud!
Traditionally, the cost and risk of graduating from QuickBooks has been high, resulting in too many businesses staying with QuickBooks longer than they should. This is no longer the case!
Cloud computing changes everything. A new generation of cloud-computing based financial software has entirely changed the dynamics of graduating from QuickBooks; with cloud computing, the vendor takes on all the information technology cost and risk. All you need is a web browser and an Internet connection—on a PC, Mac, iPad, or smart phone—no need to invest in expensive technology, servers, software, or IT.
For more information, you can download a copy of the whitepaper here, or visit the additional resources below!