Change is inevitable as your company expands, and if you’re still using Quickbooks for your financials, it might be time to ask yourself whether it’s still the best fit for navigating growth’s tricky course. Here are 5 signs that your company is treading water with outdated systems and processes.
1. You’re having trouble remembering when you last updated your systems.
If you’re using outdated software that has since released new versions, or sticking with an older system because it’s what you know, you may be doing your business more harm than good. Running your financials on outdated software sets your business up for system reliability and data accuracy risks.
2. Your systems don’t integrate.
If Quickbooks isn’t integrating with the other software solutions you use, your teams are doing more work than they need to, while also risking data accuracy. Re-keying data into your other systems invites data errors. Relying on spreadsheets for critical reporting also invites data errors and consumes your team’s time. Trudging through tedious workarounds slows productivity too. These are all unnecessary risks your company can avoid with integration-based automation.
3. You can’t track your business like you once could.
The data you’ve always worked with in the past may not be the data you need now. Fast-growing businesses also have fast-changing metrics. However, on-premises systems can’t produce inventories, marketing conditions, or location and entity performance metrics with the speed or accuracy the way a cloud-based solution can.
4. Growth and compliance demands seem harder and harder to meet.
Modern businesses – especially subscription-based businesses, need to meet modern customer demands. With the increasingly complex product or subscription models come more complicated customer tracking and revenue recognition that meets the new ASC 606 and IFRS 15 compliance requirements. Outdated on-premises Quickbooks versions just can’t meet those demands without headaches, costly software retrofits, or less-than-perfect workarounds.
5. Your financial processes aren’t adequately scaling to your company’s financial needs.
It’s only a matter of time until your growing company needs something from your Quickbooks software that on-premises software just can’t do. Growing companies – especially fast-growing companies need to work in the cloud for growth tasks like adding new entities, or locations, quickly performing global consolidations, or converting multiple currencies.
A cloud-based financial management system like Sage Intacct supports today’s growing businesses:
- Automatic, behind-the-scenes updates and maintenance happen for reliability and performance confidence.
- Seamless integration with other best-in-class cloud-based solutions ensures data accuracy, and team collaboration to give fast answers to potential and existing customers, and to streamline accounting processes and project management.
- Real-time 24/7 updated visibility into key metrics and reporting on your personal dashboard means no waiting or guesswork when it comes strategic data analysis.
- ASC 606 and IFRS 15 compliant software makes revenue allocations for contracts faster, easier and more automated.
- Growth-focused features speed new entity set-up, GL entries, currency conversions, and global consolidations.