1. Reporting is limited…and not just in accounting
Native reporting capabilities within QuickBooks are limited, forcing businesses to access data from various internal systems. Businesses must use more advanced techniques (i.e. cross-referencing multiple excel sheets) and manually creating customized reports. The problem is, this process poses risk by increasing the likelihood of inaccurate reporting and potentially miscalculated key-business decisions.
2. Too many disparate systems, not enough automation
Mid-market companies on average are running anywhere from 10-25 different internal systems. Businesses are susceptible to major errors when data is not automated and integrated between these various systems. Manual and dual entry is not only cumbersome, but it also drastically increases the probability of human error. “As we enter 2019, data silos continue to prevent many companies from gleaning critical insights regarding their customers and business. To address this issue, organizations should place a renewed focus on breaking down silos with tighter cross organizational alignment.” – Deloitte. Implementing a platform into a business with one single-database can drastically increase productivity and eliminate the inefficiencies of disparate systems.
3. Lack of industry and business-specific functionality
QuickBooks is a great, cost-effective accounting system for any business first starting out. However, as companies grow, it is imperative early-on to adopt a solution that aligns with and caters to unique business models. Manufacturing, Distribution, and Pharmaceutical industries are often first to seek industry-specific solutions. These industries have specific requirements around advanced manufacturing, supply chain, and warehouse management. Strict regulatory compliances create the need for a solution that incorporates key-functionality for managing inventory such as:
- lot Tracking
- BOM Management
- Traceability
- Serialization
- Landed Cost Tracking
- Barcode Scanning
By moving to an ERP solution, companies can take advantage by leveraging an entire suite of applications through a single unified platform.
4. Your company is growing, but your data is outgrowing QuickBooks
Organizations quickly realize when they’ve exhausted QuickBooks’s system capabilities because of how quickly it becomes…not-so-quick. Users start experiencing system instability when file size limits (customer records, inventory items, and increased transaction volume, etc.) are exceeded. This will also become increasingly problematic as department headcounts increase, creating the inability for more users to access the system at all. Businesses that are reaching the limitations of transaction volumes, file sizes, and user access capabilities within QuickBooks start looking into more-scalable solutions.
5. Multiple Entities, Multi-company Transaction, Manual Entries
Inter-company transactions and financial consolidations are major limitations in QuickBooks. Inter-company transactions can only be performed through manual entry.
6. Technical System and Professional Support
Deciding on the right technical solution partner is just as important as deciding on the right ERP solution for your business. Moving away from QuickBooks and deciding on a solution provider is two-fold:
- You must partner with an organization that fully understands your business end-to-end.
- They must provide an ongoing solution that shares your common goals, aligns with your company visions and is invested in the long-term partnership.
To sum it up!
Growing out of QuickBooks and into a core ERP platform will digitally transform your business by:
- Improving processes
- Automating tasks
- Workflows
- Improving inventory
- Warehouse management
- Increasing reporting capabilities
Now is the time to present your organization with a single, scalable, unified platform. AlphaBOLD is committed to growing with your business and supporting your strategic business objectives for many years to come. We are dedicated to helping our customers digitally transform their business by offering the best solutions and guiding them every step of the way. Reach out to us today if you would like additional information and are ready to take the plunge!
