For many small and mid-sized businesses, Intuit QuickBooks is usually the first choice for financial software in the organization’s early days – and for good reasons. QuickBooks is well-known and very easy to use, and it offers the basic functionality that almost any business can use to get off the ground. Unfortunately, virtually every growing business also soon realizes that the early value of the software is soon overtaken by the limitations and compromises. Here are the five limitations that cause CFOs to look for an alternative.
As a starter system, QuickBooks is a logical and economical choice. It provides the basic functionality that companies need to get going, supports a chart of accounts and manages both accounts payable and receivable. But QuickBooks could also be holding businesses back from achieving their full potential. And not just QuickBooks customers, but the partners and independent accountants that support them. As companies start to grow, expand internationally, or encounter more complex financial reporting requirements, their dependency on the QuickBooks system can turn into a burden.
If you rely on a basic accounting package to run your business, now might be the time to consider other options, such as moving the processes that are key to your business operations to an integrated ERP (Enterprise Resource Processing) that will give you complete visibility into every aspect of your business.
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