Are You Outgrowing QuickBooks Without Realizing It?
After you get your business off the ground, your administrative and financial needs are relatively basic. As long as one person is able to track and manage expenses, income, payroll and invoices, you’re able to run smoothly and focus on building your presence. The right solution for your business at this point is small business accounting and tax software, like QuickBooks Online and TurboTax. It’s easy to get started with and your accountant can easily access your data.
Now let’s fast forward to where all small businesses want to be in a few years: growth territory. You don’t start a business unless you want to see it grow and profit. Whether you’ve added 20 new employees, expanded your service offering, or launched a new office across the globe, your company has reached a new level and your software needs to follow suit.
Reaching the ERP Tipping Point
As your business starts to profit, growing in transactions and customers, you need to be able to run more complex business processes across your operations. As a simple general ledger solution, QuickBooks does not support areas like financial management, revenue management, fixed assets, procurement, order management, billing, inventory management, and services delivery. It’s designed to automate a limited set of core accounting functions and that’s it. When you start to recognize the need for these stronger financial controls, you’ve essentially reached the ERP tipping point and need to decide whether to invest in a new system or keep trudging forward with what you’ve got.
A common solution to this tipping point is to add more software systems to meet your needs. Many companies introduce an inventory management system to organize their overflowing orders, or a standalone Customer Relationship Management (CRM) system to track leads and sales. Unfortunately, this usually ends with trying to juggle multiple non-integrated software systems in addition to your accounting software, which typically results in a growing pile of information silos that you can’t make sense of.
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15 Signs You Have Outgrown Your Accounting Software
We’ve worked with a lot of clients who have gone down this deceivingly easy path and we want to save you the headache. There are warning signs that you can easily spot when it’s time to retire your small business software for a more robust solution. Whether you’re knee deep in all of these signs or you’re just starting to feel the pressure, reading this list will help you understand where you stand and maybe give you some insight into when you should start planning.
- Your weekly and monthly reports are always delayed and riddled with errors
- There have been multiple occasions where you have had to rekey sales orders, reconcile customer information manually, or manage SKUs across multiple systems
- Your employees complain about spending too much time hunting for and compiling spreadsheets
- You’ve exceeded the 5 user maximum of QuickBooks and have employees sharing logins
- Your users are able to go rogue in the system and change whatever fields they want
- Your finance team works late every month consolidating financial reports
- You don’t have any tools or processes in place to forecast sales and budgeting
- Your system is bordering the maximum number of customer/supplier/employee files you can have
- Your staff is working on overdrive to figure out how to add new sales channels, product lines, or locations to the current system
- You are running out of stock at some outlets while the same SKU sits on shelves elsewhere
- You’ve received complaints from customers on lack of stock or delayed shipments
- Your IT department is avoiding your calls because you depend on them for every issue
- Your employees are losing hair over the slow system performance
- Your sales people are resorting to desperate measures to manage their contacts and follow-up
- Your data is spread out between multiple systems and there’s no way to pull a consolidated report
If any of those warning signs have hit a little too close to home, it’s probably time to start the software selection conversation with your stakeholders. Just remember, although QuickBooks may seem relatively low cost to maintain, it’s probably masking the actual cost of inefficiencies you’re facing on a daily basis. The longer it takes you to perform your monthly close for instance, the less time and energy is spent on strategic (revenue generating) initiatives.
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Replace QuickBooks with a Single Business Suite
You want your staff to focus on business results, not worry about technology. There are a lot of great transition products out there that are affordable, flexible, and don’t require a huge IT investment. NetSuite, for example, is a reliable financial management solution built in the cloud and a smart replacement for QuickBooks Online. You can start off small with the basic functionality that you’re used to and then add-on to the platform as your business grows. Reach out to our NetSuite team for more information on how to successfully shift from accounting software to a ERP solution.
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