Growing a successful business comes with problems and opportunities that demand different solutions. Most small businesses start out using basic accounting tools like QuickBooks to manage their financials. However as the business expands and operations become more complex, you’ll need information from across the organization so you can make decisions that drive growth. If you’re struggling to get that information, then it’s time to consider moving to an ERP solution like SAP Business One.
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:
> The number of spreadsheets used in your organization starts to grow.
> Answers for simple questions such as “What is my expected cash-flow for the next 3 months?” suddenly take much longer than they used to.
> It takes too long to close the books and provide accurate balance sheets and profit and loss reports.
> You expanded your business into another country, maybe even operate under different time zones. Your team will not be able to access real-time data and thus continue to rely on guess-work instead of up-to-date information.
> You want automation and integration of your accounting software with other systems. Unfortunately there are limitations to the ability of Quickbooks to integrate with third party software. So if you have an inventory tracking system, a separate CRM system, and some spreadsheets to manage information, you will need to manually consolidate all this information.
> The system becomes slow due to the number of transactions and the amount of data entered.
> You want interactive reporting. You need real-time dashboards on information across your organizations. You really would like to see your main KPIs on a real-time basis, ideally on your mobile device.
> You want to keep track of customers much earlier in the sales cycle. You need functionality to track prospects, follow-up on opportunities, manage quotations and sales orders, and you want to be able to see the complete customer history.
To help with your decision, we’ve created an infographic that compares 10 essential features between QuickBooks and SAP Business One that commonly impact fast growth and profitability.