outgrown quickbooks? TRANSITION TO AN ERP
There comes a point in every thriving business’ life when the realization is made that QuickBooks is just not enough.
We don’t deny that QuickBooks is a smart investment in the early stages of a business, providing simple and easy-to-use accounting software.
However, as a business grows, requirements become much more complex. Here are 5 signs that QuickBooks is no longer sufficient for your business and that you’ll soon be welcoming an ERP:
Your business runs on 200 Excel spreadsheets
You have a spreadsheet for payroll, a spreadsheet for clients, a spreadsheet for inventory — does this sound familiar? How about when Excel shuts down unexpectedly and hours of effort are gone?
QuickBooks is limited in expanding its capabilities beyond budgeting and accounting. The right ERP system pulls together all aspects of your business so you can be more productive with your time. For instance, making sales instead of trying to coordinate dozens of spreadsheets.
An ERP solution like Microsoft Dynamics GP, with its dynamic properties, ensures that your data is always up to date as your business changes. And with 200 out-of-the-box Excel reports, you can easily export data into a spreadsheet that you can slice and dice in multiple ways.
Manually entering everything is taking up most of your working hours
As a business grows in complexity, so does its accounting requirements.
An ERP is the solution to more efficiently tracing inter-company transactions, having accurate, real-time visibility of the business’ financial position, and producing useful financial reports without manually entering data or cutting and pasting.
Fact: If the thought of tax time makes you cringe because of the overwhelming need to clean up your books, it’s time to look into an ERP system.
Stuff is falling through the cracks and you don’t have time to catch each one
When a business has five employees, catching errors is simple because everyone is essentially in the same room and on the same wavelength.
However, jump ahead to 50 employees and things get a little more complicated. Not everyone can monitor his or her email inbox 24/7. It’s impossible to find a good time to coordinate input on company policy and procedure, which can lead to costly mistakes.
An ERP system provides the checks and balances needed in the most error-prone areas of your business, and can alert you to these before they balloon into an enormous problem.
There’s duplication everywhere, and it’s a potential land mine
You have a spreadsheet of clients for accounts receivable. Your marketing manager has her own CRM database of clients for email blasts and promotions. Your operations department has their own address book of clients for deliveries. See the problem yet?
Besides the obvious loss of efficiency from every department spending effort to create their own list instead of working from a shared list, the mistakes that can arise from disparate yet duplicate efforts are potentially catastrophic. A good example is double-billing customers, which is never acceptable.
A good ERP system will align all the information requirements of each department so that reporting is consistent and accurate, leading to better decisions, faster processes, and better productivity. Not to mention more rapport and teamwork. Goodbye, silos.
Quickbooks won’t scale
In romance as it is in software, breakups can often be about one party outgrowing the other.
It’s okay to feel nostalgic: Quickbooks was there for you when you needed it. But to get to the next stage of your business, you’ll need software that covers not just finance and accounting, but operations, marketing and other key functions. You need proper reporting capabilities. You need constant visibility of where the business is, at all times.
A good ERP system not only provides you a solution for now and the next year or two. A ‘next-step’ upgrade should also be waiting in the wings. In fact, when choosing an ERP system always ask about the next-step plan. When will it be time to upgrade? How easy/difficult will it be to deploy? How much will it cost?
The upside of this break up with Quickbooks? Your business is growing fast enough to warrant an ERP system. So onwards and upwards. Make sure you choose a good partner, one that, as this video eloquently demonstrates, will grow with you.