Signs You Might Be Outgrowing Your Accounting System
If you’re struggling with your accounting system, it might be a sign that you’re ready for something new. Perhaps your company has grown so much that it’s outgrown its older accounting solution. Here are several indications to look for that justify moving to an accounting system with more features and scalability.
Some companies have a need to limit certain functions to certain users. Most systems come with basic functional limitations, such as restricting Accounts Payable and Accounts Receivable functions. But what if you need more granular user permissions such as access to only purchase orders or a certain bank account? Mid-market systems like QuickBooks Enterprise provide those features.
Multiple Companies and Consolidated Financial Statements
Do you have multiple companies that are the “children” of a parent company? You might need consolidated financial statements and the ability to open multiple companies at the same time.
Number of Customers and Vendors
If your business is growing and the number of customers and vendors you do business with exceeds 14,500, you will have reached a list limit in QuickBooks Premier. Each system has their own list limits, and these limits can get complex quickly, so check with us if you feel you are getting close.
File Size and Performance
There may also be file size limits that you need to watch, especially if you have a high volume of transactions or multiple years of history in one file.
You could also have performance issues. If you have a new PC and your accounting system is still running slowly, we can help you improve your performance by condensing your file or setting preferences differently before you have to switch.
A mid-market system like QuickBooks Enterprise provides advanced features, such as tracking inventory in multiple locations, using the FIFO method, and managing lots or serial numbers. If you need these features, it may be worth it to switch.
Most mid-market accounting systems provide better customization such as additional custom fields, better reporting, and improved form design.
Number of Simultaneous Users
The final reason to switch to a larger accounting system is if you need more simultaneous users. QuickBooks Pro allows for up to three simultaneous users, QuickBooks Premier handles up to five, and QuickBooks Enterprise makes room for up to 30 simultaneous users. QuickBooks Online allows up to 25 simultaneous users. Check with us if you are curious about your system’s license limits.
Did any of these reasons resonate with you? If so, let us know so we can discuss your needs.