Solving the Top 5 Quickbooks Limitations for Growing Companies
Although Quickbooks may be the first solution to come to mind as a financial software for your small- or medium-sized business, it may not be the most efficient decision when you’re thinking of bringing your business to the next level. Areas including process flexibility, data accessibility, information security, report visibility, and more, will quickly begin to reveal limitations as you’re running with QuickBooks. Spreadsheets may be able to fill in those blanks for a short time, but as more information is added, the data is bound to become disorganized and cluttered, resulting in a rising difficulty to accurately assess and integrate with your other applications.
Very soon, these inefficiencies will become routine ineffective or erroneous processes. The extra manual hours that could have been automated will prevail in your final costs.
Our Solving the Top 5 Quickbooks Limitations for Growing Companies webinar, brought to you by our Founder & President, Shawn Ostheimer, and Sage Intacct Pre-Sales Consultant, Luiz de Souza, dives deeper into the issues at hand with QuickBooks but also, how to tackle these issues and propel your business forward.
Over-Reliance on Spreadsheets to Support Financial Processes and Reporting
The lack of support on functions like revenue recognition or consolidations in QuickBooks will ultimately lead to heavy use of spreadsheets to keep up. Though these workarounds may work initially, they will ultimately lead to errors from a lack of control of your data as it is processed manually.
Excess Manual Data Entry and Re-Entry
When a new client order comes in, are you manually creating invoices and importing CSV files? As your business grows, this will no longer be a feasible solution as you have greater priorities to allocate time towards.
Limited Access to Reports and Information to Drive Decision-Making
Without a thorough real-time visualization of your business and precise reports to back up your decision-making, your business is vulnerable to delays and compromise when it comes to sudden industry changes.
Difficulty in Adapting to New Business Requirements
Moving up from an entry-level business will bring new demands and complexities — pressure will develop on the system as QuickBooks struggles to perform these new functions. The data volumes will increase and the site response times would tank.
Inadequate Controls Around Financial Processes
QuickBooks was designed for entry-level smaller-sized businesses where additional manual processes are common. So for those progressing to higher degrees of perplexity, QuickBooks’ controls and accuracy may not be strong enough to provide you with true confidence while making your financial decisions.
So, what’s next for your growing business? Let’s talk about Sage Intacct.
How does Sage Intacct Deliver Value?
As a born-in-the-cloud, true financial management solution, Sage Intacct straightaway offers advanced functionality on an adaptable platform with curated data for your business.
With everything made accessible online with Sage Intacct, you really are able to view your business anytime and anywhere. We all faced the recent pandemic that caused an array of challenges for workplaces, including data exchange among teams. Sage Intacct ascends with its real-time data and processes, multi-dimensional flexible reporting, and insightful role-based dashboards, all conveniently retrievable from one platform for all your teams globally.
On top of complete visibility, boost your business’ productivity with Sage Intacct. Begin by automating your accounting, then optimizing your applications’ integration extensively, and finally streamlining your processes throughout the organization with more user-defined workflows. Sage Intacct’s focus on building a foundation for your business where information can be easily shared and used to elevate the company distinguishes it from the competing solutions and sets it above.
Growing businesses particularly find value in Sage Intacct’s ability to handle increasing transaction volumes. The multi-ledger system and internal controls offered will further your finance team’s extent when analyzing new trends and projects, leading to more in-depth and expertly evaluated decisions.
So eliminate those inefficiencies and drive for a greater impact with your business when you implement Sage Intacct today. Get in touch with our experts to learn more!
Customer Success: Luna Child and Youth Advocacy Centre
Luna Child and Youth Advocacy Centre was using QuickBooks for many years but realized it was dragging them down in terms of its lack of automation and real-time information for decision-making. Lacking the formerly mentioned meant that their data was prone to errors and heavily time-consuming overall. Luna Child and Youth Advocacy Centre needed faster and more accurate budgeting, dimensional reporting, and visualized data via dashboards for their growing organization, and Sage Intacct gave them just that. With the time saved, Luna was able to reallocate their time more efficiently toward shaping their future and achieving their mission.
“The Answer Company was a major factor in the success of this project. They prepared the project timetable and action steps … owning it and pushing it forward.” – Glenice Bratvold, Payroll Accounting Coordinator
Read more on how Luna Centre Leads From the Front with Sage Intacct.
Customer Success: TAAL
TAAL Distributed Information Technologies Inc. (TAAL), a blockchain organization, adopted Sage Intacct and has reduced its monthly close time by 50%, saving multiple days each month on consolidations. They are now able to focus on strategic tasks that have propelled their business forward.
David Allen, CFO of TAAL, shares his outlook with us, “We expect to surpass $75 million in revenue this year. To say we’re scaling the business is an understatement. Without Sage Intacct and The Answer Company, I’m not sure we could have achieved such growth.”.
Read more on how TAAL Scales Skyward with Sage Intacct.