QuickBooks is one of the most popular General Ledger (G/L) systems for the small enterprise. However, as a company grows, it begins to experience the limitations of the application. At Carlson, our customers have cited the following issues they have faced as they’ve outgrown QuickBooks:
- The need to work around QuickBooks' limitations by using spreadsheets
- Inflexible reporting - too much time assembling custom reports
- Need for multiple instances to accomodate new locations, business units, etc.
Spreadsheets are a double-edged sword in the finance office. While they are a good fit for ad hoc analysis and reporting, they create their own set of problems when they are used to patch the deficiencies of enterprise systems. Spreadsheets are inherently manual-intensive, requiring frequent updates and audits to ensure accuracy. Accounting staff spend too much valuable time posting journal entries and consolidating financial statements while only dreaming of automating the close and reporting, revenue recognition, project accounting, and more. Spreadsheets also create silos of data and information, running counter to one of the key reasons for implementing a G/L or ERP system in the first place, which is to create a single source of record for financial data. If you are using spreadsheets to fill the gaps in your processes, it’s time to consider a more comprehensive, integrated solution.
Reporting is a big issue with QuickBooks, with users spending untold hours configuring the custom reports they need. Oftentimes, they will fall back on spreadsheets to get it just right. Sage Intacct, on the other hand, was designed for a high degree of flexibility to create the reports users need to run their business and make more informed decisions. With Sage Intacct, you can quickly create customized reports and drill down from a top-level view down to individual transactions. You can create role-based dashboards that provide the appropriate information to the right stakeholders. You can easily pull reports such as revenue or profit by product, by customer, by project, by location, by fund, or by any other critical business dimension that is relevant to your organization. Because Sage Intacct is a 100% cloud solution, reports and dashboards are available on a self-service basis via web browser.
As companies grow and add new entities such as locations or business units, they will frequently create new instances of QuickBooks. However, this “workaround” creates multiple sources of record for financial data and prevents a holistic view of the enterprise. If for example, the company needs to push data to a budgeting, forecasting and planning system, then the integration becomes much more complex and costly (not to mention having multiple Charts of Accounts). With Sage Intacct, there is no limitation to the number of entities and all data resides in a single database. There is no need to consolidate high level information in a spreadsheet, which not only is time-intensive but also tends to introduce data and formula errors. Sage Intacct multi-entity and financial consolidation capabilities improve your productivity, accuracy and compliance by managing detailed local financial information for all business entities. Sage Intacct supports simple and automatic rollups for businesses like franchises and restaurant chains all the way through advanced global financial consolidation for holding companies and multi-national corporations.
At the end of the day, most finance and accounting teams recognize that they need to have the right financial systems in place in order to keep up with growth. Sage Intacct offers QuickBooks users a path to scalability, reduced reliance on spreadsheets, and better reporting. If your organization is encountering any of the issues described above, contact us today for a demo. You can also view the recording of our "Key Benefits of Moving from QuickBooks to Sage Intacct" webinar.