How do you know that you’ve outgrown QuickBooks?

When it comes to accounting software, QuickBooks is a great place to start. Its user-friendly interface and accessibility have made it a staple in the financial management of many small and even mid-sized businesses. However, as your business expands and evolves, there may come a time when QuickBooks is no longer the best fit for your accounting needs. In this article, we will discuss some key signs that suggest you've outgrown QuickBooks and why it might be time to consider more robust and customized accounting solutions.?

QuickBooks fulfills all the basic accounting needs of a new small business, but slowly, as your business progresses and grows, you can notice some major inconveniences like manual workarounds. Your company’s crucial data is found buried in the deep sea of spreadsheets. Your workforce is often more likely to spend its time fishing out an important spreadsheet. Month-ends and revenue recognition are as painful as they can get.

A few other limitations that you might have come across also include limited users and storage limits. Quickbooks Pro and Premier users range from 3 to 5. QuickBooks Desktop Enterprise is available in 1-10 and up to 40 user licenses. Quickbooks is also not accommodating when it comes to adding multiple entities and your fast-growing business’s subsidiary needs. Lack of customization, limited functionality, and its somewhat rigid structure result in some significant annoyances. For example, one cannot select or change who can approve purchase orders, thus making the approval process open-ended.

The need for storing information and data other than the software itself causes many holes to patch. The outgrowing number of products, customers, sales channels, and revenue makes it gradually impossible to gain insights from the data in Quickbooks. Most other software, like Netsuite, has built-in programs to allow bulk data upload, while for QuickBooks, you have to resort to outside sources like A2X or SasssAnt, which can further increase your costs. Sales forecasting and budgeting can occasionally be challenging due to the lack of historical data.

To sum it all up, if your company is already or soon will become multiple entities, Quickbooks cannot meet your needs.? ERP will eventually be required if you have multiple warehouses. QuickBooks has limitations in terms of integration capabilities; it is also not possible to connect it with ERP (enterprise resource solutions) software or CRM (client relation management). QuickBooks will not be adequate for you if you are about to offer goods or services internationally.

Certain industries have unique accounting and compliance requirements. If your business operates in a niche market with specialized accounting needs, QuickBooks may not be equipped to handle these intricacies. Software tailored to your industry can ensure you remain compliant and make it easier to manage sector-specific financial tasks.

Investing in more robust and tailored accounting software can save you time, reduce errors, and enable you to make data-driven decisions essential for continued growth and success. Before making the transition, carefully assess your business's unique requirements and explore advanced accounting solutions that will provide the support and functionality your growing business needs.