As your business grows, so does the complexity of your financial management.
While QuickBooks has been a leading small-business accounting software product for three decades, it might be time to reassess. Delaying an upgrade to a more robust ERP (Enterprise Resource Planning) solution could be costing you money.
Let’s take a look at four places where you may be losing money with QuickBooks.
Four places where you could be losing money with QuickBooks:
Manual Processes & Duplicate Data Entry
QuickBooks does a good job of tracking the finances of a small company, but as you grow and expand, it loses its ability to effectively manage data.
You are losing money with QuickBooks if:
- Multiple employees are entering the same information
- Employees are focused on data entry instead productive work
- Time is lost looking for specific data
Each of these issues can also impact other areas of your business. This has the potential to increase your costs of customer service or tracking.
QuickBooks Creates Bottlenecks
Business growth is directly dependent upon the effectiveness of your resources.
Systems track all of the moving parts of your business, but if your financial reporting system can’t give you a quick overview of business performance, it creates costly workarounds and inefficiencies.
Your business looks at software as a supportive mechanism that fuels growth. Your finances are the heart of your company. Like a healthy body, integration of your financial reporting system allows the lifeblood of your company to flourish and flow.
You pay your staff well to do their jobs. Some key areas that might be costing your employees time and productivity include:
- Order processing
- Budget overruns
- Error identification and correction
- Repetitive data entry
- Annual auditing
- Monthly and Quarterly reports
Take time to evaluate where your company sees slow information processing. Look also at how much time your employees have to spend on financial information processing that isn’t part of their main job function.
Lack of Key Data in QuickBooks
Perhaps the most important element of QuickBooks' cost to look at is its ability (or inability) to provide you with a clear picture of your business’s overall health.
This vision, articulated with clear goals, is key for the growth and success of your business. Your team needs to have access to the right software tools in order to see trends in costs, revenue, capital outlays, and labor.
QuickBooks provides a platform for the basics, but unfortunately lacks the overall functionality and reporting that is necessary to make your goals a reality. As your business grows, so do your needs for clarity and insight.
If you feel that QuickBooks is costing you money and making growth more difficult, take some time to analyze your options. Find a more robust ERP system that will give you the reporting and efficiency you need to make your business goals a reality.