4 Signs You Know You’re Outgrowing QuickBooks
As your business expands, certain start-up practices may not be able to keep up with your current accelerated pace. Although they may have worked for you initially, there comes a point when those methods, such as your accounting software, are becoming more of a hindrance than a help. And as any entrepreneur knows, time-consuming processes add up fast and can cut away from your long-term goals. To help you determine when the time is right to make a switch to more efficient accounting solutions, we’ve compiled four telltale signs that your company could be outgrowing QuickBooks.
4 Ways to Know Your Business is Outgrowing QuickBooks
While QuickBooks is a viable accounting software option for solopreneurs and startups, it has very basic operational functions and limited reporting capabilities. As an e-commerce company expands, it will require a more efficient platform to provide custom reports and robust month-end closing. Here are four warning signs it’s time to move on to a more sophisticated solution.
1. You’re Wasting Time with Insufficient Reporting Capabilities
When standard reports aren’t providing you all the information you need anymore, business processes take a lot longer to complete. These insufficient reporting capabilities and lack of business intelligence end up creating duplicate efforts that waste time and delay projects.
2. You’re Stuck on Spreadsheets
If you’re relying on Excel to manage your business operations, it could be costing your company more than you realize. Excel is not only limited, it wastes a lot of time and offers very little consistency between spreadsheets produced by different employees, especially when a role transition is required. In fact, a study by Dartmouth College’s Tuck School of Business found that 94% of spreadsheets contained errors: errors that can add up fast.
3. You Find Yourself “Filling the Gaps”
Many companies who are outgrowing QuickBooks find that since their current software can’t manage their expanding operational requirements, they turn to other third-party vendors. But using add-on products that “integrate” with QuickBooks to fill the gaps is just a band-aid approach. This is not only a temporarily solution, but many e-commerce companies will find it also slows down their ability to manage financial processes effectively, which ultimately affects their profitability.
4. Business is Stuck
Think about it: You can’t improve business by doing the same thing over and over, hoping for different results. To move forward, you have to make a change, adapt, and try new strategies. As your business starts to grow, the need for a complete business integration will become apparent. Your accounting software should evolve with your changing needs, not weigh down your potential growth opportunities.
Modern Accounting Solutions for Expanding E-Commerce Companies.
We get it, many startups who have already used QuickBooks for one or two years might feel hesitant to change processes because they feel it could take too long, be too expensive or get too complicated. They feel dependent on their current systems but may not realize the damage those systems could be causing.
Making the transition is easier than you think.
If any of these growing pains sound familiar to you, it’s time to move forward and focus on the next phase. Don't wait another day to unlock your dreams of online business growth; contact the experts at Lumiola : modern accounting solutions for expanding e-commerce companies.