3 Signs You’ve Outgrown QuickBooks
If you are an owner or even an employee of a small business, chances are that a majority of you use or have used QuickBooks to handle your accounting needs. Statistics show that more than 90 percent of small businesses in America use QuickBooks – which is a good reason to use it.
If you are familiar with the product, then you are also familiar with the reasons why it works so well for small businesses. It is accounting software for dummies – no insult intended. You don’t have to have a knack for accounting or understand double-sided entries or ledgers to operate the system and accomplish your accounting needs. It is also a product obviously familiar to a majority of business professionals, which means finding and hiring help if the need arises is a cinch. But what about when it isn’t going to be a good fit for your company?
At SherWare, we are obviously supporters of QuickBooks and use it in our own business. Its integration with our oil and gas accounting software is one of our most popular products. However, no product is a one-size fits all product, no matter how good it is, and QuickBooks is no exception.
For potential clients and current clients, here are three signs that your business may have outgrown the need for QuickBooks.
1. You are doing more accounting outside of QuickBooks than you are in.
Since QuickBooks is intended for the average business user, it isn’t meant to always grow with your business. There comes a time when QuickBooks just can’t handle ALL the accounting needs your company has to grow and stay up to speed within its one program. For more robust financial processes, greater speed and more accounting functions than the basics it offer, it may be time to move to an integrated system that can handle your company’s growth.
2. You have more than 200-300 wells you operate and are trying to track in QuickBooks.
Along a similar path as the sign above, the integration between QuickBooks and SherWare’s oil and gas accounting software works seamlessly. However, when you start getting several hundred or more wells, with all the investors included to have to track, the sheer amount of transactions QuickBooks needs to track will slow your speed down, leaving you frustrated at its limitations.
Two takes on this sign: If you are coming in looking to purchase oil and gas accounting software and have more than several hundred wells, you may want to consider the fully integrated Accounting Manager software simply because the size of data files you probably will have and because with that much detail to track in your business, you’re likely going to outgrow QuickBooks quickly anyway for a more robust system that grows with you. That’s not to say this is hard fast rule, as we have many clients with more than this amount of well that have no issue with QuickBooks slowing down – but merely something to consider.
For those who are using QuickBooks, once you find yourself dealing with a slower connection speed and QuickBooks transactions taking longer than expected, it may be time to upgrade – no matter if you’re using our oil and gas software integrated with it or not.
3. You have more than 10-15 users attempting to run QuickBooks.
Another limitation that you may run into is again – related to the speed with which you can handle transactions and complete your work to be efficient. If you have more 10-15 users – again this is a variable that is determined by the amount of work your users do within QuickBooks.
I understand that QuickBooks offers a multiple-user Enterprise edition so multiple users shouldn’t be an issue – but when you get that many people working on it at the same time, it will invariably slow the system down.
Are there any other limitations you’ve run into that’s made you have to upgrade from a QuickBooks edition?