Some facts about Quickbooks
Quickbooks is a wildly popular financial management software. In 2015 they had 80% of the marketshare with 29 million small business in the US, and Quickbooks is still growing strong.
They have currently over 2.2 million subscribers for Quickbooks online, a very big number of which is Self-Employed users. Those users are a very strong focus of Quickbooks in their overall strategy, but specifically for Singapore. Recently Intuit launched QuickBooks Self-Employed, a way for the Singaporean self-employed community to stay on top of business expenses. There also is a mobile app aims to ease accounting tasks for the Singapore Self-Employed users.
So Quickbooks is by all measure a really fantastic product for Self-Employed Users, Freelancers and Small-Business Owners. However, once your company grows beyond 10 or 20 employees, you will very quickly outgrow Quickbooks and you will need to look for an alternative solution that better accommodates a growing small-to-midsized organization.
How do you know that Quickbooks may no longer be able to cater for your growing company?
Should you upgrade from Quickbooks?
The truth is that change is difficult. If things (more or less) work, then people are very resistant to change. A pure accounting software provides you with significantly more flexibility to adjust business processes on the fly – and this is a double-sided sword. If a process can change depending on your customer, your internal staff, the whims and fancy of your people, then there is no consistency. This prohibits profitable growth, and clear transparency on the business. The more a company grows, the more excel spreadsheets you will need to keep tab on all the activities, and to create the reports you need to run the company.
And people like their spreadsheets! Spreadsheets are wonderful: you can add in or remove any number, you don’t need to worry about traceability, everybody can keep their own precious spreadsheet, and manipulate it to their hearts content. So asking people to give up their spreadsheet is akin to asking Gollum to give up his ring… But “what got you here won’t get you there”. As your company grows, so will the tools needed to keep the business running smoothly and transparent.
How do you know whether your company has grown to a stage that you may want to consider upgrading from Quickbooks to an ERP system?
Here are some of the signs to look out for:
Ok – I think I made my point. Quickbooks is a really great software for Freelancers, Self-Employed users and small business owners. It is inexpensive, flexible and can do the job while your business is small.
But once your business has grown and you have more than one person running your accounts, once you have inventory, delivery and CRM integration needs, you really should consider an ERP solution that scales with your company. After all, you spend a lot of effort to grow your company to the size that it is now, and you wouldn’t want your IT environment hold you back from further growth.
Also you may want to give your accounting team a break. In many case – with separate systems for accounting, sales and inventory – month-end closing becomes a real pain for your team. They spend countless hours trying to reconcile the figures. They work overtime to produce the reports, neglect their families and sacrifice their free time to be able to provide you with the information you need to run your business.
We have helped many companies to migrate from Quickbooks to SAP Business One for exactly those reasons.
Check out the success story from TrickleStar below and read more about how we helped them tocustomer videos and download the solution brief. Alternatively, join us at our next webinar and see SAP Business One live in action.
Or simply contact us for any questions you might have on how SAP Business One can help your company to become a Best-Run Business.