Not too long ago, it was common to see general ledgers and other financial data kept by hand in notebooks or in rudimentary spreadsheets on a computer. Basic accounting software came soon after. Accounting departments everywhere were thankful. QuickBooks was among the first to corner the accounting software marketplace and it is still used by many businesses today. While QuickBooks is a great entry-level accounting software, it has its limitations and these limitations are holding your business back from being as successful and profitable as it can be.
Long gone are the days of checking off payments with a pen in the general ledger book. Switching from manual calculations to automation reconciliations like those offered in QuickBooks saves time and reduces common data errors. As your business becomes larger and more complex, you need more insight into your finances than QuickBooks can provide. You know you’ve outgrown QuickBooks when you have to resort to manually combining financial reports from different departments and business units to figure out cash flow, budget and forecasting projections, and profitability.
Every business reaches a point where basic accounting software can no longer provide the information your business needs to keep growing. A complete business solution like Microsoft Dynamics 365 can scale with your business as it grows and provides the insights needed to help you grow. Microsoft Dynamics 365 combines the sales and customer insights of a Customer Relationship Management (CRM) software with the advanced financial capabilities of an Enterprise Resource Planning (ERP) software to give small and medium enterprise businesses the tools to succeed, all from a single software.
“With reporting in Microsoft Dynamics 365, we consolidate our financial statements in five minutes, a process that used to take us a day. We filter and distill transactional data to help us with reconciliations, and export transactional information into an Excel spreadsheet so that executives can manipulate and analyze the data”
Joe Whitty, Controller, Amalfi Semiconductor
When you can see and analyze your true business performance, tracking cash flow and expenses, creating realistic forecasts, and making swift, confident decisions that drive business growth become much easier. Microsoft Dynamics 365 provides in-depth financial insight, such as real-time access to expected costs, cash flow, and accurate revenue reports; all essential when determining the profitability of your products and services. You simply can’t get that level of insight from a basic accounting software like QuickBooks.
Join us next week when we explore the next growing pain: A Lack of Control and Weak Audit Trails Create Business Risk, until then, download our free eBook “The Business Owner’s Guide to Replacing Accounting Software, or call (905) 907-3600 learn more about our cloud or on-premises solutions for small and mid-sized businesses. Overall, it’s easier and more affordable than you might think.
This blog series addresses some of the common signs businesses like yours are outgrowing QuickBooks and how a business solution from Microsoft helps keep you on the path of growth. If you missed the previous posting you can view them here: Growing Pain #1: Lack of Real-time Insight with QuickBooks is Keeping You Up at Night