QuickBooks is a popular accounting software option for many start-ups. Its easy-to-use functionality helps many businesses track the status of cash-in and cash-out.
However, as your start up moves past early stage funding, you'll probably run into problems with QuickBooks including lack of core business processes insight and integration of customer data. Keeping QuickBooks for too long holds company's back from expanding and blocks you from gaining important business insights.
Here are 4 things to ask yourself that ensure QuickBooks isn't holding you back.
1. Do you know what's happening across your business?
Siloed data is a major problem in many businesses. When data can't be shared across departments and teams, it disrupts the connectivity and visibility of your operations, finances and other aspects of your business.
It's important to move to a financial system that provides employees, vendors, and customers with real-time data. This allows your company to run smoothly and decreases surprise issue.
2. How long does it take to consolidate financials across your systems?
If the answer is "forever," that's a clear sign it's time to make the switch. With the increasing amount of regulations and compliance requirements, especially when doing business outside your country, smaller ERP platforms just can't keep up. You need a platform you can rely on to meet accounting standards.
Cloud ERP systems are a great solution for this issue. They scale to meet your business needs and consolidate financials without large capital expenditures. You even have the option to automate accounting processes to reduce errors and eliminate the time consuming manual tasks.
3. Is it difficult to add new sales channels, product lines, or revenue streams?
Well it shouldn't be. In today's business, the market moves too quickly to be caught frozen in your tracks when your competitors are rolling out new products and services.
To maintain your competitive advantage, make sure your system integrates with other business solutions and streamlines CRM, accounting, order management, e-commerce, and other business operations. This provides insight into your business allowing you to discover everything from cross-sell and up-sell opportunities to product creation or improvement based on your customer's wants and needs.
4. How many Excel spreadsheets and third-party apps are you using to connect data?
Probably too many. Having your data spread out everywhere with disparate systems doesn't allow data sharing without significant manual work. This leaves room for errors during data re-entry and time lost in the process.
Cloud-based financial platforms are specifically designed to pull data from a variety of sources so that employees have accurate, up-to-date data, right when they need it. It also enables your employees to see trends, have better forecasting capabilities, and provides a more holistic view of customer's behaviors, wants, needs and interests.
The pace of today's market is moving too quickly to be held back by manual processes and little to no data visibility. You need an ERP system that not only helps you grow, but is flexible enough to meet your current and long term needs.
To read more about the how to know when to switch from QuickBooks, check out this article from NetSuite, Clear Signs Businesses and Their Accounting Partners Need to Move on from QuickBooks.