6 Minute Read | The following blog post is based on Sage’s eBook titled ‘Life After QuickBooks: Why It’s Time For Your Financial Services Firm to Step Up to Sage Intacct’.
Why are businesses outgrowing QuickBooks so rapidly?
Many SMEs opt for Intuit QuickBooks as their financial software solution in their early days due to its ease of use and basic functionality known for getting businesses get off the ground.
However, as the business grows, the limitations and compromises of QuickBooks become more evident and quickly become a short-term solution to a long-term problem, with businesses resorting to using several spreadsheets alongside the system.
With multiple points of data entry comes a much higher risk of errors, and as the business’ demands grow, so does the pressure on finance leaders to come up with a proper solution and free up much-needed time and resources for allocation to tasks elsewhere across the business.
Put simply, QuickBooks is not designed for scale; businesses find that they quickly outgrow what was once the perfect solution for their small business and is now a serious hindrance.
Is now the right time to leave QuickBooks?
Investing in a new financial management solution might seem terrifying, especially if it feels like you’ve not been using QuickBooks for all that long.
But what many finance leaders don’t realise is their business is at greater risk if they do nothing to rectify the issues created by outgrowing QuickBooks.
Think of it this way: if your team has had to adopt manual workarounds and use several spreadsheets alongside the QuickBooks system, they’re wasting hours each week on manually inputting data between spreadsheets and QuickBooks.
These inefficiencies become standard procedure for the business, but when you look at the bigger picture, it has a knock-on effect on business efficiencies and prevents growth.