Many companies who use Quickbooks for small business accounting soon realize that it comes with serious limitations. QuickBooks is a simple accounting package, often perfectly suitable for smaller businesses with basic accounting needs.
As companies grow, they find themselves supplementing the software with spreadsheets and other off-the-shelf accounting systems, and usually sooner than they expect.
When your company realizes Quickbooks is no longer up to the workload, it’s time to begin searching for improved accounting technology.
But first, take a step back and figure out where your overall accounting and technology improvements are needed and consider ERP (enterprise resource planning).
ERP helps companies grow
ERP was once the domain of the manufacturing industry, but has now been broadly adapted to and adopted by countless other sectors. ERP systems eliminate disparate data silos to pull your business and accounting data under the same umbrella.
This vastly streamlines operational and accounting processes by creating time-saving opportunities with customizable automation features.
Adopting an ERP system can be a significant boon for a growing business. Still, it’s often hard to know which ERP solution will be the best for your needs. As with all things, making the right decision for your move to cloud accounting ultimately comes down to doing your due diligence.
A requirements shortlist saves time and money
First, you need to figure out what features are most important to you in an ERP system. Most ERPs differentiate themselves by including advanced or industry-specific features.
Once you’ve completed a software evaluation to determine the expanded features, you need to draft a scope document and create a shortlist of established vendors with good customer reviews. As a substantial investment as this, you don’t want to go with a new vendor that might disappear in the next six months.
Submit RFPs and compare
Request proposals from the vendors you’ve zeroed in on once you have your shortlist in order.
Ensure the proposals you receive outline all costs such as implementation, training, extended support services, maintenance costs, to name a few.
Software vendor shortlist
With proposals from vendors on your shortlist, reinforce what features and services are needed and start getting your hands on the software.
More than that, test your relationship with your potential vendors. The initial demo and interactions with their staff should be a good indication of how you’ll work together, but more importantly, test how well they work with you.
Be sure not to be sucked in by all the shiny features that you’ll never actually use. A good rule of ERP systems features is select only that which will help your business grow and thrive.
Looking at your potential vendors’ prices, demo-ing their software, and working with their team to develop a working relationship will naturally cut vendors out of the running.
As you continue to narrow down the vendor list, reach out to their references and past customers to gather insights into their client service and industry-related experience.
Keep negotiating as you work toward the conclusion of your decision process. Stick up for what your business needs out of its ERP solution.
If you don’t like the feeling you get from a particular vendor, don’t be afraid to go with your gut. Only you know your business inside and out, so let that be your guiding star.
Quickbooks can’t do what cloud-accounting ERP can
Cloud accounting is an excellent choice if you want to do away with upgrade and maintenance fees. Deployment is quick and efficient and you pay for only what you need.
Accounting solutions like Sage Intacct can help businesses scale quickly to meet growing operational demands by presenting more capabilities than Quickbooks.
Contact us to learn more about bringing speed, accuracy, and insight to your organization.