Reporting times, process automation, user count – Oh my! Is your accounting team ranting about QuickBooks as it struggles to handle more complex business processes?
A year ago accounting couldn’t have been happier with the system. But if your company has grown, it’s possible that QuickBooks has become a bottleneck to your processes and is now holding you back.
So what’s the next step?
For most organizations, it’s Enterprise Resource Planning (ERP) software.
Whether it’s cloud-based or on-premise, ERP is what bridges your finances with the rest of your operations and enables you to scale. In fact, 93% of companies that implemented ERP software reported improvement in some or all of their processes and almost half of the survey respondents realized those business benefits in just six months after their go-live date, according to Panorama Consulting,
Turnkey has developed a list of 6 signs that it’s time for you to upgrade from QuickBooks to a more robust finance and operations solution.
6 signs it’s time to ditch QuickBooks for ERP software
1. The nightmare of creating reports
If your reports are becoming increasingly disparate because data and processes are “living” outside of QuickBooks, it may be time to approach an ERP solution.
QuickBooks may not be able to capture every data point you need to report on your desired metrics. You may find your employees building custom reports in Excel by consolidating values from different sources. In this case, it’s time for a more robust solution that can produce court-room quality reports.
ERP will tie your critical business processes in with your finances and allow you to house all of your data and run reports from a single database.
Plus, as your data grows, QuickBooks takes longer and longer to process reports. Which brings us to our next point.
2. Data overload
Since QuickBooks was designed for small businesses, it can only accommodate a limited amount of data. QuickBooks has been known to drastically slow down once it exceeds 32,000 transactions or 10,000 vendors, customers or employees that have been entered into the system. An ERP solution can efficiently process data volumes that overwhelmingly surpass what QuickBooks can handle.
3. More than 30 total users?
QuickBooks limits licensing to 30 concurrent users – meaning only 30 employees can be on the system at any given time. As your accounting and finance departments grow and locations and processes expand, the user count alone could be your tipping point to ERP.
4. One-size-fits-all no longer fits you
With QuickBooks, your accountants are being forced to complete business processes in a way that is acceptable to QuickBooks. ERP solutions allow you to engineer your business model and processes in a way that works for you. Additionally, the right ERP solution is designed to be agile and adaptable in response to market demands.
Industry specific customizations and extensions not available in QuickBooks can greatly increase the efficiency of your business processes.
5. Increasing Specialization of Labor and Security
As companies grow, it’s common to segment accounting departments into accounts payable, accounts receivable, etc. With QuickBooks, segmenting these roles and permissions requires the more costly QuickBooks Enterprise and is limited to 30 users. A modern ERP solution will scale with your growth and may be the last financial solution upgrade you’ll ever need.
Additionally, ERP solutions are designed to produce accurate audit trails from complex financial processes, simplifying compliance and safeguarding your business.
6. Poor integration with other applications
Whether it’s a warehouse management solution or something more niche, like livestock production, it needs to integrate with your financial management system for seamless processes and reporting. ERP solutions come with a full suite of modules for every critical aspect of your operation and provide extensive integration capabilities with other applications that you won’t find with limited solutions like QuickBooks.
Still not sure if you’re ready for the next step?
Have questions or want to learn more?