As your business has grown more successful your needs have changed. Larger offices, better data security, more complex organizational infrastructure – but what about your financial system? Has it grown with you? Software solutions that perform just one function well (e.g. QuickBooks) may have been great during your company’s early stages but are they the right choice to drive your continued growth and success? The decision to make a switch is always difficult and scaling up your financial software is no different. If you switch before it’s time you risk paying for larger capacities and capabilities than your company really needs, while even more worrisome is waiting too long to make a change. Forestall the decision and you’re undercutting your company’s bottom line with inefficient processes that can hurt key performance metrics and delivery deadlines that lead directly to your profitability. Below we examine some of the ways limited financial software options may be failing your current organization. Charging forward without any change always seems like the easiest path but if you don’t want your business to miss key opportunities for growth, you need to assess the state of your financial system continuously on the hunt for better solutions.
How fast-growing is your organization? QuickBooks and many other software options are simple solutions that address accounting and finances only. For a rapidly expanding business you need a solution that boosts efficiency across several functions – a way to truly support your entire company with one financial system. Your employees may already be wasting valuable time double-entering information or searching non-optimized reports for key data. NetSuite is a great example of a provider that offers a more complete and customized solution – employees across locations and functions can efficiently access client information and other financial documents on demand to get the information they need.
Software like QuickBooks can also limit your visibility into performance – what modern companies need to make good decisions quickly is up-to-the-minute data and real-time analysis. Single function software solutions tend to isolate applications and data and make the big picture difficult to assess. The bottom line is that QuickBooks’ limited functionality doesn’t scale very well with your business. Because it supports only a narrow band of functions and processes it will eventually limit your organization from creating expanded offerings and growth opportunities. All in one solutions like NetSuite allow employees to access real-time reporting details and let clients self-serve the information they need when they need it most.
Lastly, because QuickBooks is on-premise software there’s always a maintenance concern. If you’re paying to monitor and troubleshoot your financial system from your internal IT group, you’re driving up your costs unnecessarily. This is a big part of what makes a cloud option like NetSuite so enticing. Security and access issues are basically eradicated and you’ll have a huge support team backing up every upgrade that gets rolled out. At the same time an open system is much easier to refine – clients like you provide the feedback that allows a cloud provider to quickly respond and solve issues with the software. Statistics indicate that on average users gain around 12.5% in overall productivity after a switch to an all-in-one cloud solution.
Still not convinced of the advantage of assessing and upgrading your company’s all-in-one financial system when the time is right? Still not sure if that time is now? Read our short article on whether QuickBooks is holding back your company’s growth or reach out to us anytime for a free consultation. We’ve been through it all and we’re here to help!