QuickBooks for Small Businesses is a Great Fit…Until It’s Not
Many company owners start out using QuickBooks for small businesses, often because they know the name, they were assured it was easy to learn and their CPA could train them to use it. It is a great starting financial management program for a small business, not only because it is easy to learn, but also because it’s affordable and produces good financial reports.
However, as your company continues to grow, you’re going to reach a point where the pain of using QuickBooks is going to convince you that it’s time to consider a specialized accounting software with more complex functions. How do you know when you’ve outgrown the use of QuickBooks for small businesses and are ready to graduate to a more expanded accounting system? Here are a few clues:
You use spreadsheets for complex analysis. If you’re getting to the point where you spend a lot of time looking at spreadsheets, manipulating the data on spreadsheets and checking and double-checking the accuracy of your data, it’s a sure sign that you need more complex analysis and reporting capabilities.
Spreadsheets are a great way to analyze how various aspects of your business are doing when you are first starting out, but as your company grows and becomes more complex, spreadsheets become problematic. There’s no way to trace the changes that have been made as a particular spreadsheet travels from one manager to another, and it’s difficult to have any source information about any given piece of data in the spreadsheet. In short, you never know if what you’re analyzing is reliable.
Your workflow and business processes are growing. If you only complete a couple of transactions a day, then QuickBooks for small businesses is perfect for you. However, if you need more complicated invoicing, payroll and job costing, it’s time to invest in a more comprehensive system.
You should also evaluate whether your staff is using workarounds or double-entry to keep your business processes moving. Another indicator is the need for some employees to wait for an opportunity to log in because you don’t have enough users on the QuickBooks system.
You’re always waiting. If you find it necessary to wait days or weeks to make business decisions because you are waiting for a period to close, it’s time to move beyond QuickBooks. There are systems available that provide real-time data at any time, without you needing to wait for a closing period. You need increased visibility into the financial health of your business in order to make informed decisions.
If these situations sound familiar, it may be time for you to evaluate options beyond QuickBooks for small businesses. At One Vision Solutions, we regularly work with companies like yours that have had a great experience with QuickBooks, but recognize that their needs have grown beyond what QuickBooks can offer. Give us a call to talk about the options available for growing small businesses.