Outgrowing
QuickBooks

Seven signs you need a
modern accounting system

Is your company strategizing for growth?

Of course you are. Growth is the lifeblood of every business. But the pace of change around the world has accelerated to the point where growth can happen faster than you may be prepared for. Though growth signals a strong, healthy business, it’s easy to find yourself mired in systems unprepared to handle everything that comes with that growth.

Perhaps you’ve launched a new foreign entity to sell your products and services in different countries with different currencies. Or maybe you kickstarted fast-paced sales cycles to manage complex contracts, recurring subscriptions, and an expanded professional services group. Suddenly your QuickBooks system can’t account for everything. You can either patch the day-to-day complications with ad hoc spreadsheets, email conversations, and other “solutions” (and give your auditors a headache in the process), or you can invest in a modern accounting system that easily meets your growing needs.

When is it time to move off QuickBooks and upgrade to modern cloud accounting? Read on to find out.

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1. Your company is growing— and you want to keep it that way.

QuickBooks can be a good starter system, but it’s just not enough for maturing companies. As your company grows, transaction volumes rise, the organization becomes increasingly complex, controls become more important, and reporting becomes mission-critical. After even just one of these changes, entry-level bookkeeping systems become insufficient to scale and support future growth.

2. You have too many spreadsheets.

Has your reliance on spreadsheets run through the roof? Are you spending more time outside of QuickBooks than in it? Do you lack the automation and workflow to manage increasing workloads? If the answer is “yes” to any of these questions, then you’re due for an accounting upgrade. Companies running QuickBooks typically resort to manual rekeying and time-intensive reconciliations within spreadsheets. It’s a recipe for disaster, especially for growing companies..

FinancialForce accounting has enabled us to manage a 48% revenue increase in a year without adding headcount. Our old QuickBooks system wouldn’t have been able to cope with this level of growth.”


JOHN HINDSON
HEAD OF FINANCE, BUILDIT INTERNATIONAL

3. Your auditors recommend tighter controls.

Most companies rely on a robust compliance operation to ensure they’re abiding by standard rules and guidelines for financial reporting. For QuickBooks users, it’s difficult to segregate duties, secure transactions from editing, and maintain accounting period transactional integrity and control (e.g. voiding a check from a prior period). If you’re using QuickBooks, don’t expect to score any points with your auditor any time soon.

4. You have complex reporting and revenue recognition requirements.

In the new services economy, more and more companies are adding new and diverse revenue streams, including multi-element arrangements on a single transaction. Evolving accounting rules require that each of these elements be recognized and treated independently. For companies with complex revenue models, QuickBooks falls short on functionality, forcing finance teams to resort to spreadsheets that lack appropriate controls and visibility.

5. Your company speaks many languages.

Companies with multi-entity and/or multi-currency operations tend to experience added complexity in their accounting process—a common catalyst for moving off QuickBooks. With an obligation to report on each entity in accordance with local and international standards, the growing organization will find it much easier to get compliant by using a more powerful cloud accounting system.

With FinancialForce accounting, our processes have become streamlined giving us full visibility into the business. Personnel in our offices across the globe are able to view account information and track activity on accounts. As soon as an opportunity is won, our accountants know to start billing—a process which was often missed or delayed with our previous QuickBooks system.”


MELISSA GRIFFIN
GLOBAL HEAD OF IT, APEX FUND SERVICES

6. Accounting is an isolated function

Do you store information about your customers in a single master record? Can you generate invoices in a single click? Is your accounting system hooked into your CRM and other tools? Your answer needs to be “yes” to these questions if you want to be a healthy, growing business today. It’s more important than ever to have your technology stack in sync and working together to drive business value. With an accounting system directly tied to CRM, for example, you get comprehensive views into the “whole account” across multiple departments so your team can solve problems in real-time and make smarter decisions.

7. You need real-time visibility into financials and beyond

Recording financial transactions is just one piece of the operational puzzle: Growing organizations have growing needs for financial visibility, reporting, and forecasting. Imagine being able to see financial reports, customer service metrics, sales forecasts, revenue recognition event dates, project personnel resource utilization, and more represented on a single dashboard. That’s what’s possible with an advanced accounting system that plugs into the rest of your tech stack.

If we hadn’t decided to make the move to FinancialForce applications from QuickBooks, we would have continued with the same old complications and would have had to hire more people. Now, I have more time to think vs. checking things...from a strategic perspective, I can get involved in more conversations.”


BILL LATOURETTE
CFO, SUNERGOS

Time for an upgrade?

Don’t let the shortcomings of QuickBooks become your business’ shortcomings. FinancialForce Financial Management (including accounting, billing, and revenue management solutions) clears away hurdles to growth so that you can focus on making customers happy, leaving competitors in the dust, and building a great business. QuickBooks may have helped you begin your venture, but FinancialForce will help you take your journey to the next level.

FINANCIALFORCE

Ready for modern ERP?

FinancialForce is the leading cloud ERP for the new services economy. The #1 ERP native to the Salesforce platform, FinancialForce unifies data across the enterprise in real-time, enabling companies to rapidly evolve their business models with customers at the center.

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