How can we tell if we’ve outgrown QuickBooks?
Recently I was introducing myself to a group of women and describing how Tidestone Solutions helps businesses get to the next level. It was a typical introduction except that when I said (as I always do) that we help businesses graduate from QuickBooks, I received an immediate question from several of them.
How can we tell if we’ve outgrown Quickbooks?
On the surface it may seem that businesses know when they’ve outgrown their back office systems, but we find that human nature is very creative. If something isn’t working well, people improvise and figure out workarounds. The work gets done. The question, however, is how efficiently and accurately?
Here are the telltale signs of when a business is ready to graduate from Quickbooks:
- Duplicate data entry; processes are not automated. Spreadsheets are used extensively.
- There is a lack of real time visibility to the data. Gut instinct is used rather than actual data such as key indicators or metrics.
- Functionality is missing and, therefore, productivity is not at peak.
- Little to no security or internal control is exercised. Risk is high.
The bottom line is that businesses will have a very difficult time taking their business to the next level with an inefficient back office system. Managers, Owners, and Board Members need to be asking:
- How accurate is the data? If it’s entered 2 and 3 times, there’s too much room for error.
- What data would help us run the business most effectively? Do we have what we need, when we need it, and how we need it? How reliable is it?
- Are employees utilizing their time most efficiently? Could they be more effective with better tools and functionality? What could they be doing instead of duplicate data entry?
- Is the business at risk? Do employees have too much of the businesses intellectual property in their head and not in the system? Should we be segregating duties with system security to ensure compliance?
- If we were to prepare our business for sale, would the buyer be satisfied with our internal systems? Would they trust the financials and reports?
If you’re interested in learning more about the right time to graduate from QuickBooks or Peachtree, take a few minutes and attend one of the webinars on our Events page. If you’ve been through this before and would like to share some additional thoughts, we would love to hear them!
Download our free guide, Practical Advice for Companies Who Have Outgrown QuickBooks.