Is It Time to Scale Beyond Quickbooks?

By: Joseph Sabella, Client Opportunity Director

For many new businesses, QuickBooks is an excellent entry-level accounting software choice.  It is straightforward, easy to learn and provides basic functionality that will satisfy the needs of most small businesses. 

However, QuickBooks is not designed to scale as you experience growth, forcing most finance teams to rely on work-arounds and spreadsheets to cope with QuickBooks limitations.  Over time, this can have a negative impact on your business.

Have work-arounds and spreadsheets become the norm? Below is a list of the most common business issues associated with spreadsheets and work-arounds.

Manual activity and human error: 

Spreadsheets and manual journals can be a way of life with QuickBooks.  These work-arounds increase labor costs, decrease staff productivity and are prone to human error which can result in inaccurate data.  How trustworthy is your data and how long does it take to close the month?

No real-time visibility:

Business owners and managers need access to real-time information to capitalize on favorable situations or to correct course quickly when necessary.  Does management rely on static spreadsheets to make decisions instead of accessing real-time data in the form of dashboards with drill-down capabilities that help to tell the story? 

Need for advanced reporting:

Changes in reporting requirements, like ASC 606 have been a challenge to businesses due to the limitation of advanced reporting in QuickBooks.   Are you exporting data out of QuickBooks and using complex spreadsheet calculations to stay in compliance as opposed to generating custom reports with a click of a button?

Lack of multi-entity capabilities: 

Multiple instances of QuickBooks are needed for businesses with multiple entities, leading to work-arounds for consolidated reporting and manual journal entries for intercompany transactions.  How long does it take your team to generate consolidated reports or to track intercompany activities?

Has your business outgrown QuickBooks? 

If so, Sage Intacct’s cloud-based financial management solution is used by thousands of businesses from startups to public companies to improve company performance and make finance more productive.  As a best-in-class system, Sage Intacct delivers deep accounting capabilities across multiple industries designed with a single aim—to accelerate your success.

What’s next?

Register for the webinar: 5 signs that it’s time to scale beyond QuickBooks to hear from finance leaders from SalesHood as they discuss their growth journey and what triggered their search for a new financial system.

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