Growing Pains: When Your Business Starts to Get Too Big for QuickBooks
June 1, 2018
Sooner or later, every growing business begins to experience the growing pains associated with the success of a thriving business. Finding the right talent with the skill set to help with scalability will become a challenge. Expanding into new markets and demographics will be another hurdle to overcome. Implementing new, sophisticated systems and processes is another obstacle to face. Whether these growing pains will affect your business in a significant manner or not, one growing pain all burgeoning business will likely face is outgrowing QuickBooks (or their small business accounting software).
It’s almost inevitable. As a business grows into a more complex network of financial systems, reporting, budgeting, and data processing become increasingly challenging – often to the point where QuickBooks cannot keep up with the expanding sophistication. At a certain point, the training wheels need to come off and your business needs to switch to accounting software that can keep up with the rate of growth your business is undergoing.
How do you know when it’s time to switch?
When your business begins to experience a number of the following pain points:
- Too many of the processes are manual and repetitive
- Too much of the work is done in a spreadsheet (and not in the software)
- Data can’t be accessed from multiple locations
- Reporting and visibility are unable to drive decision making
- There is a lack of data integrity in the system of record
- QuickBooks (or your accounting software) is struggling to, or cannot, adapt to newly implemented systems
Eventually, every growing small business encounters a few, if not all, of these frustrating pain points. QuickBooks and other small business accounting software just aren’t equipped to handle the complex financial-management and accounting functions a business needs as it increases in size and revenue.
Sage Intacct, a cloud-based accounting software, provides the level of sophistication other accounting software lacks. A simple, and easy-to-use program, Sage Intacct offers the features a growing business really needs. Many businesses experiencing growth begin to search for more practical accounting software that enables them to automate the cumbersome and costly day-to-day tasks, retrieve real-time updates, access financial data anytime and anywhere, and provide greater functionality and flexibility.
If you’re spending hours in Excel instead of your accounting software, it’s the sign of a big problem. Save countless hours each year by automating close periods and reporting, revenue recognition, project accounting, and much more.
If it feels like too much time is dedicated each month, and at the end of the year, to closing the books, it’s time for a change. Greatly improve the time to close for monthly and year end books, and free up additional and highly valuable time to use toward strategic planning and forecasting.
Your accounting software should help propel your growth, not slow you down. With Sage Intacct, you can pull reports with ease, and search and filter reports like revenue or profit by product, customer, project, location, fund, or any number of critical criteria. Use cloud-based technology to increase the scalability and security of your business – all from an easy to use dashboard – and maintain full compliance with built in financial controls.
As a Sage Intacct partner, our Accounting Solutions team evaluates and understands the short- and long-term needs of your organization and shape Sage Intacct to align with those needs – working with you, efficiently and effectively. While our practice works in the heart of your financial and accounting systems, our core focus is always on the achievement of your strategic goals, and continued growth. Contact Us Today →