QuickBooks is a great starting point for most small businesses.
The problem is that as your business expands, that software solution can become a huge hindrance. It starts off little by little; patching something here, needing an additional spreadsheet there. Pretty soon your finance department is wasting time battling your software versus doing your bookkeeping.
The good news?
There’s no need to settle. More businesses adopting cloud ERP than ever before are growing. Watch their stories.
What you’ll discover:
- Why QuickBooks Hits A Wall
- The Real Cost Of Waiting Too Long
- Signs Your Business Software Has Outgrown QuickBooks
- Making The Move To Cloud ERP
Why QuickBooks Hits A Wall
QuickBooks was designed to do one thing. Track income. Track expenses. And when you’re a small business starting out, QuickBooks does that task well.
Here’s the problem:
Scaling Businesses require much more than simple accounting. They need on-demand inventory management, consolidated reporting across multiple entities, CRM integration and business software that bridges all departments. QuickBooks was never built to handle that kind of volume.
The statistics speak for themselves. In one study, 22% of finance executives cited outgrowing QuickBooks as a challenge. That means nearly a quarter of all companies reach this same ceiling.
That’s where a true cloud ERP solution comes in. Cloud ERP platforms like Oracle ERP software help you integrate your finance, inventory, CRM and operations in one connected cloud ERP solution. Say goodbye to five different business software programs that can’t integrate with each other. Cloud ERP solutions finally allow growing businesses to have visibility into every corner of their operation – in real-time. Something QuickBooks can’t do at scale.
Easy enough, yes? Then why do companies drag their feet?
The Real Cost Of Waiting Too Long
Most business owners severely underestimate the cost of continuing to use QuickBooks after it has expired.
Think about it:
- Manual data entry between disconnected systems
- Errors from spreadsheet-based reporting
- Extra hours closing the books every single month
- Missed opportunities from slow, delayed insights
- Frustrated finance staff who end up leaving
That’s cold hard cash leaving every week. When they finally do decide to make the move, 88% of CFOs said they underestimated the time involved for a smooth migration.
The lesson? Don’t wait until you’re drowning to start thinking about a better solution.
Signs Your Business Software Has Outgrown QuickBooks
When do you know it’s time to make the switch? There are some pretty obvious signs.
Your Team Lives In Spreadsheets
When your finance team is pulling data out of QuickBooks to Excel just to create reports…. Stop.
Spreadsheets should do calculations. They shouldn’t run your business. When your staff is spending more time in Excel than your actual business application you purchased licenses for – it’s time to grow out of QuickBooks.
Multi-Entity Reporting Is A Nightmare
Do you have multiple companies, locations, or currencies to manage?
QuickBooks starts crumbling quickly when you want consolidated financials across entities. Something that should take seconds manually takes hours of painful consolidation. The right cloud ERP does this natively.
Inventory Numbers Are Always Wrong
Growing businesses with physical products know this pain all too well.
QuickBooks has inventory capabilities. They are rudimentary for a reason. When you start selling:
- Multiple warehouses
- Different units of measure
- Manufacturing processes
- Real-time stock updates
- Serial or lot tracking
…inventory accuracy falls behind. Your staff starts guessing what is actually in stock. Customers become disappointed. Sales are affected negatively.
Month-End Close Takes Forever
If closing the books each month feels like climbing a mountain – something’s broken.
Top cloud ERP solutions automate significant portions of the close process. Businesses that upgrade often reduce close time by half or more. Faster close is one of the biggest benefits of cloud ERP. Close to 53% of companies view ERP as a priority investment these days.
You Can’t Get Real-Time Data
Business decision making must be made with relevant data. Data from last week won’t be useful until next Tuesday. That just doesn’t fly in today’s competitive business world.
Making The Move To Cloud ERP
Ready to make the jump? Here’s what to keep in mind.
Pick The Right Business Software For Growth
ERP platforms are developed differently. Some are built to be enterprise-level and serve larger companies with thousands of staff members. While others are tailored to meet the needs of the small- mid market.
The right cloud ERP should:
- Scale up smoothly as your business grows
- Connect all your departments in one central place
- Automate repetitive manual tasks
- Give you real-time reporting and dashboards
- Handle multi-entity operations easily
Cloud ERP adoption has skyrocketed over the past several years. Approximately 64% of companies now have cloud-based ERP – a huge leap from only 44% in 2020. And it shows no signs of slowing down any time soon.
Plan The Migration Properly
Here’s where most companies really mess up.
They approach the migration as if you are swapping out software. It’s not. Migration to a true cloud ERP from QuickBooks is an enterprise transformation initiative.
You need:
- A clear timeline (usually 3-6 months)
- Buy-in from every single department
- A dedicated project lead
- Proper data cleanup before the move
- A backup plan if things get bumpy
Skimp here at your own peril. Proper planning is how the winners realize the greatest benefits from new cloud ERP.
Train Your Team
The best software for your business is useless if your employees don’t know how to operate it.
Provide adequate training. Define workflows. Ensure everyone knows how to use the new system to its fullest potential. Herein lies the difference between effective cloud ERP implementations and agonizing ones that grind to a halt.
Bringing It All Together
QuickBooks is great business software – for the right stage of business.
Almost inevitably, growing companies quickly outgrow it though. Workarounds become costly. Spreadsheets pile up. The finance team crashes and burns.
Switching to a proper cloud ERP fixes all of that. Companies get:
- Real-time visibility across every single department
- Automated processes that save hours each week
- Better reporting for much smarter decisions
- Room to scale without hitting frustrating software limits
- Happier finance teams who can focus on strategy
Early adopters will gain competitive advantage over those who wait. Those who wait too long will always be behind.
Look at your current environment. Are you spending too much time managing around QuickBooks? Is your business software growing with you or secretly stifling you?
When in doubt, always go with your gut. It’s probably time to evaluate your options. The perfect cloud ERP solution may be the biggest business improvement you make all year.
