Clear Signs SMEs Need to Move on from QuickBooks

11 May 2020 5 MIN READ

For a startup, Quickbooks is the most affordable and viable choice. It renders the desired functionality that small companies need to manage their business complexities, and provide valuable information to accountants. As Quickbooks seems to be a logical choice for startups and small businesses, it could also be holding their fast-growing business back. As companies start to expand their moves internationally or encounter supply chain issues, warehouse management complexities, or complex laws or financial reporting requirements, there comes the need to invest in a smart and enterprise-ready ERP. 

This is because the legacy system doesn’t run real-time reports on inventory levels, automate the handling of all key accounting processes, or manage the reams of data that is generated daily. The legacy software also falls short of the competencies when it is the time to add a new business venture, analyze more complicated cash flow reporting or so. 

Although most businesses recognize the shortcomings of Quickbooks and Tally and the need to embrace the robust ERP such as SAP Business One to keep pace, some may be reluctant or aren’t convinced to make a move towards digital transformation. Unfortunately, these decisions can turn a cost growth impediment to business in the long run. 

Let us discuss the key signs that indicate the need for businesses to make a move towards a unified and enterprise-ready ERP. 

Businesses aren’t sure what’s happening

When departments and other business functions operate in silos, getting to the basic level of information becomes challenging. Management often finds themselves in the wave of confusion as they can’t lay actionable decisions and gain visibility as to what’s happening across the entire enterprise. 

Financial closing takes ages 

As a business grows in size and scale, it often finds itself encompassed with the complexity of managing foreign currencies, multi-languages, tax laws, reporting, and compliance. Cloud ERP offers a proven and scalable model to expand into new lines of business to scale your business geographically and automate all key financial process and minimize the probability of errors  

Tough to centralize accounting and order management

As the business grows in maturity, they need robust business software that can centralize key accounting and financial operations of the business. The software that enables them to respond quickly to customer complaints and demands. It also measures the profitability of each of the business activities and departments. When every business user has access to the information, it is easier to lay informed decision making, track sales opportunities, and view any overdue invoices or services issues. 

Tough to reveal and understand trends from excel sheets

It is tough to lay decisions and understand trends from excel and spreadsheets. It is complex to dive deep into layers of rows and columns making it difficult for business users to analyze trends that are requisite for successful business operations. A cloud-based ERP empowers all decision-makers to improve the accuracy of forecasting and analyze trends. The software enables all users to lay informed decision making with a more holistic view and insights into each customer behavior. 

If a business is facing any of these issues, it’s likely a sign that they’ve outgrown their legacy system. A cloud-based ERP supports all aspects and unifies financials, sales, project, procurement, admin, and product management, ordering, invoicing, and supply chain and customer management on a single platform. It will also help your business minimize complexity across a broad range of operations, allowing insights into the entire business. 

So, have you outgrown your legacy system or want to switch from Quickbooks to SAP Business One? We can help you embark on the next-gen ERP seamlessly.

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About the author

Nidhi Batra

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.

Follow me on LinkedIn to stay updated on the latest industry trends & technology update

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