QuickBooks, a well-liked entry-level accounting system, is undoubtedly the first choice for startups or small businesses because it is inexpensive, straightforward, well-known, and effective. In most situations, these firms have modest financial needs; therefore, QuickBooks is a suitable program. But as the company expands, they rapidly recognize the software's shortcomings.
It's crucial to realize that as your business grows, you'll need a comprehensive solution with enhanced functionality, intelligent reporting, and the capacity to manage complex business operations. However, most business owners find it challenging to determine when to shift to a new system. If that describes you, keep reading to learn more about the signs that you have outgrown your QuickBooks solution and the necessary steps.
Here are the common signs that you are outgrowing QuickBooks and you do need to shift to Microsoft Dynamics 365:
You may need a new system if your company heavily relies on integrating third-party applications to increase functions like inventory management. It suggests that your company has outgrown spreadsheets and needs supplemental software to close operational gaps. However, because add-on programs' integration may not be as strong as claimed, they lack data synchronization and could experience problems with upgrades; hence, they could not be beneficial.
Switching to Microsoft Dynamic is the ideal solution if you discover that you require centralized data amongst business units, brands, or subsidiaries. In general, QuickBooks can't manage multiple entities, which forces accounting to use cumbersome manual remedies and restricts businesses looking to grow their operations. Multi-entity consolidation can become a significant resource guzzler in the absence of automation.
Instead of performing value-add analysis, most businesses that outgrow QuickBooks solutions spend more time consolidating, exporting, and importing data between platforms.
An expanding organization will find that it needs more users exceeding the limit that QuickBooks provides since they tend to exceed the system's storage restriction. In QuickBooks, a maximum of three users can be active at once for QuickBooks Pro, and five users can be active at once for QuickBooks Premier. Businesses can add up to ten user licenses to the Desktop Enterprise edition before the price increases to thirty. Additionally, as the size of your company's files increases, QuickBooks efficiency will begin to suffer. Businesses that go over these restrictions risk expensive and troublesome system failures.
You need to update your system when you realize that your organization is suffering from a lack of visibility. Gaining insights from that information in QuickBooks will get more challenging the more customers you serve, the more goods you produce, and the more revenue you generate. Since data is typically housed in several systems, updating your data will be challenging. Reduced reporting capabilities force the use of labor-intensive manual processes or spreadsheets, both prone to error.
Due to QuickBooks' shortcomings in obtaining historical data, business owners may find it challenging to manage tasks like budgeting and sales projections. Although QuickBooks has data for trend analysis, it is difficult to identify and extract, so staff members occasionally have to make more informed estimates that are frequently wrong.
If your firm is going through any of the signs mentioned above or difficulties, you should embrace the development and prosperity of your enterprise by implementing a new, reliable system. Most companies outgrow their QuickBooks solutions and shift to Microsoft Dynamic, which offers a wide range of services. For instance, this solution will benefit your company through the following:
Outgrowing QuickBooks solutions is a good indication of organizational success. As a small business owner, you will choose QuickBooks since it is a widely-used accounting solution globally. It might be able to assist you with your accounting requirements, but as your business expands, you'll come across constraints that require you to upgrade to a better system. Investing in a Microsoft Dynamic solution is the ideal method to boost your company's productivity and expansion.
At LI Tech Advisors, we have a perfect solution for your organization. We offer a comprehensive range of technological services, including network configuration and IT support. We can also utilize the Microsoft Partner Network to connect with the best partner to assist with QuickBooks to Dynamic transitions. Get in touch with us or book an appointment to learn more about how we can support you throughout this transformation.