5 Signs You've Outgrown Quickbooks

Has your company outgrown QuickBooks?

When a business grows, it faces new challenges that can be difficult to resolve without the right systems in place. This is particularly true when it comes to a business’s finances.

As a company grows, its finances become much more complex. Often, finances can become so complicated that basic accounting tools like QuickBooks do not cut it anymore.

Having the right accounting software is critical to a company’s success. If a company's accounting software cannot keep up with its financial needs, it could result in costly mistakes, reduced productivity, and more.

If you’re using entry-level accounting software, are having problems taking control of your finances, or are struggling to keep up with the growing financial demands of your organization, it may be time to consider upgrading your software/accounting system.

Read on to learn more about signs that your company has outgrown QuickBooks.

5 Signs You’ve Outgrown QuickBooks

1. Financial Reporting

As a business grows, its financial data becomes more complex. Complex financial data requires detailed reporting and insights to see how the company is growing.

Reporting and insights give business owners an idea of their financial position, how much money the company has, where it is coming from, and where the money goes. It is a crucial aspect of business growth and can provide a snapshot of your company’s financial performance.

If your finances are getting increasingly complicated, it’s time to invest in a system that helps you better understand your company’s financial performance so you can make crucial financial business decisions that lead to growth.

If QuickBooks isn’t giving you the financial insights you need to grow your company, it’s time to upgrade to advanced software.

2. You Struggle to Keep Up With the Demands of Your Company

If you cannot keep up with your company’s growing demand and are taking workarounds or shortcuts for financial processes, it may be time to consider new software.

One of the telltale signs that a company has outgrown QuickBooks is the use of spreadsheets to store financial data and make financial calculations. Workarounds, shortcuts, or manual data entry can lead to costly errors that put your company at risk.

3. You Are Wasting Resources on Manual Data Entry

Manual calculations and data entry come with the risk of human error, which can cost companies thousands of dollars.

While QuickBooks does remove the need for manual data entry and calculations, it does not offer the more complex tools and insights a growing business needs to succeed.

If you're struggling to combine cross-department financial reports, understand your budget and cash flow, and forecast projections, it’s time to update your accounting software.

ERP solutions like NetSuite provide in-depth financial reports about all aspects of your company’s finances so that you can keep up to date and know where your company stands in all areas. By upgrading your software and eliminating the need for manual data entry or calculations, your company will be well on its way to financial success.

4. Your Company is Struggling to Manage Company Growth

Are you struggling to manage business growth and are putting off new opportunities because you are too overwhelmed with your finances?

When you grow your company, expand operations, gain more customers, and hire new employees, your finances become much more complex, which requires an ERP system built to handle complicated finances.

If you’re struggling to manage company growth and get a firm hold on your finances, it may be time to switch to a robust financial management system built for your growing demands.

5. Productivity Has Taken a Hit

Although QuickBooks does automate the accounting process, it has its limitations. QuickBooks provides limited insights that can take you hours, days, or even weeks to get a grasp on without the right tools.

When you have to do manual data entry or calculate insights on your own, it takes away precious time and resources that can be spent on other, more important parts of your business.

Is your company’s productivity limited because of the financial reporting you have to do?

Remember: for a company to succeed, it needs the right tools. If your team is taking multiple steps to manage finances, it may be time to consider a new ERP system that can streamline financials, payroll, and human resources into one program while giving you the insights you need to set long-term business goals. These systems remove the need for repetitive data entry and will save you time, money, and resources.

Outdated software leads to data accuracy risks and incorrect reporting. As a company grows, so do its financial needs. Upgrading your software can help support your company’s growing demands, ensure data accuracy, and improve communication and collaboration between departments, all the while streamlining major organizational processes.

If you think your organization has outgrown QuickBooks, it may be time to switch to an ERP system that can help improve your financial processes, accounting, payroll solutions, and more.

Are You Considering a Software Upgrade?

If your accounting software is slowing you down, it may be time to evaluate your ERP options.

Nolan Business Solutions offers solutions that improve your financial processes, inventory solutions, accounting, and more. We help solve business software problems to give companies the freedom to transform and grow.

One of those ERP options is NetSuite. As a NetSuite Solution Provider, our team can help you evaluate the benefits of transitioning to a robust yet flexible ERP solution. Book a free demo today, and our team will be in touch to discuss how we can help with your business transformation.

Liked this article? Here are three more articles about growing your business and reaching success!