A 2017 survey by Viewpost, a provider of B2B electronic invoicing, found that the vast majority of small and mid-size businesses use Quickbooks for their accounting software. And there’s definitely a good reason for that: Quickbooks is easy to use, it’s inexpensive, and it’s reliable and stable, making it the perfect solution for when you’re just starting out.
But for all its benefits, Quickbooks also has some limitations—especially for businesses in high-growth mode.
Look for these 5 signs that it’s time ditch Quickbooks and upgrade to a more robust platform.
1. Business is booming
If you’re adding locations or service lines, or just have a significant increase in transaction volume, Quickbooks will have a hard time keeping up. You may be tempted to add personnel to help with invoicing, management reporting, or manually entering data, but you’d be better off looking into software that can help automate those processes—freeing up time for more important tasks.
2. Your team is geographically dispersed
Whether due to busy travel schedules or remote working arrangements, it can be a challenge to get the right people in the office at the right time to do Quickbooks-related tasks like approving payments, physically signing checks, and filing paper invoices.
3.Users are taking turns
If users are taking turns in the software or you have users across multiple networks, you’ll quickly become frustrated with Quickbooks, especially if you use the desktop version. Cloud is a big benefit for accounting software, because it can be accessed by anyone, anywhere, at any time.
4. You’re spending too much time in Quickbooks
Quickbooks is meant to be, well, quick. If you or your employees are spending too much time in the software, trying to get it to do things that it was never meant to do (or worse, using Excel to do things you thought Quickbooks could do), you should probably look into upgrading and spending those precious resources elsewhere.
5. You’re not adhering to accounting best practices
Quickbooks lets you edit historical journal entries, delete transactions and has a limited audit trail. Safeguard your operations, get in compliance and be better prepared with a system that adheres to accounting best practices.
If you can identify with any of these warning signs—or you’re expecting your business to scale quickly—look beyond Quickbooks for your accounting software needs. If you need help understanding your options, let XMI be your guide. Give us a call at 615-248-9255 or connect with us online.