If you’re a small business, you’re most likely running QuickBooks. In fact, millions of businesses use QuickBooks as their very first accounting system. Why?
When companies are starting out, they can’t afford to make huge investments in finance systems. They spend $100 dollars or so and they are all set. They don’t have to invest in training and can be up and running in a matter of days.
For a lot of businesses, QuickBooks is the last accounting system they will ever have to buy because their needs don’t change.
What if Your Business is Growing?
But if your business is growing and evolving, your finance system needs to adapt. Your reporting requirements evolve. More and more people depend on critical reports and financials and need them quicker.
Most businesses respond to these increased expectations by compensating with manual entries, workarounds and the biggest crutch of all…spreadsheets.
As they continue to evolve, they add more workarounds, and more manual, duplicate data entry and more band aids. Now they are so in the weeds trying to get basic financials issued each month that they lose sight of how difficult their life has become each month.
The Key Warning Signs You Have Outgrown QuickBooks
Based on my experience with hundreds of companies, I would like to share with you 5 Warning Signs That Your Company Has Outgrown QuickBooks. We’ll cover the first two warning signs in this post and discuss the last three in our next post.
Warning Sign #1 – Monthly Reporting Nightmares
QuickBooks designed its reporting capabilities for very small businesses. In order to get more complex, meaningful financial reports, all of the data must be exported to Excel, summarized, formatted and printed manually each month.
Change a single amount and you need to repeat the entire process again.
How much time are you wasting taking all of these extra steps each month? What more productive and valuable activities could you be working on instead?
Warning Sign #2 – Disconnected Critical Systems
Let’s face it, as your company grows, your systems become more complex.
You need more systems to manage the operational aspects of your business: customers, time and billing, sales, orders, production, payroll, scheduling, delivery and fulfillment.
QuickBooks was designed to stand alone, creating disconnected silos of information that are very difficult to manage as you grow.
If you are only entering your sales data once a month from your billing system, it’s hard to have any visibility into operations during the month.
Want to Learn More?
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