It wasn’t too long ago that general ledgers and other financial data were kept by hand in notebooks or in rudimentary spreadsheets on the computer. Basic accounting software soon followed, much to the pleasure of accounting departments everywhere. QuickBooks was amongst the leaders to capture the accounting software marketplace and is used by many small businesses today. While QuickBooks is great entry-level accounting software, it has its limitations and these limitations may now be hindering your overall business efficiency, profitability and growth. If so, a more robust accounting software such as Microsoft Dynamics 365 Business Central may be needed.
Growing Pain #2: Managing the Books and Cash Flow Isn't What it Used to Be
The days of checking off payments with a pen in the general ledger book are more than over; they're (thankfully) long forgotten. Switching from manual calculations to automatic reconciliations, like those offered in QuickBooks, saves time and reduces common data errors. However, as your business grows, you need to know more about your finances than what QuickBooks can provide. You know you’ve outgrown QuickBooks when you have to manually combine cross-department or multiple business unit’s financial reports to figure out cash flow, budget and forecasting projections, and profitability.
There comes a point when basic accounting software can’t provide the financial insight you need to support a growing business. A business solution from Microsoft provides a complete solution for your business operations including financials, customer relationship and supply chain management, manufacturing, human resources and payroll, and more without the complexity of traditional enterprise resource planning (ERP) software.
Joe Whitty, Controller, Amalfi Semiconductor says, “With reporting in Microsoft Dynamics NAV, we consolidate our financial statements in five minutes, a process that used to take us a day.” He continues, “We filter and distill transactional data to help us with reconciliations, and export transactional information into an Excel spreadsheet so that executives can manipulate and analyze the data”.
An end-to- end view of your business in a solution will make it easier to track cash flow and expenses, create realistic forecasts, and make the swift, confident decisions that drive business growth. In-depth financial insight, such as real-time access to expected costs, cash flow, and accurate revenue reports, are essential when determining the profitability of the products or services you offer. You simply can’t get 360 degree insight from basic accounting software.
Go beyond a backward looking system of record and look forward to a complete business solution from Microsoft to gain the financial insight that can take your business to new heights. Learn how making informed decisions can help you serve customers and improve your bottom line by watching this short video.
Join us next week when we explore the next growing pain: A Lack of Control and Weak Audit Trails Create Business Risk, until then, take a test drive or learn more about our cloud or on-premises solutions for small and mid-sized businesses. It’s easier and more affordable than you might think.
This blog series addresses some of the common signs businesses like yours are outgrowing QuickBooks and how a business solution from Microsoft helps keep you on the path of growth. If you missed the previous posting you can view them here: