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Signs You Might Be Outgrowing Your Accounting System

3/19/2018

 
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​If you’re struggling with your accounting system, it might be a sign that you’re ready for something new. 

Perhaps your company has grown so much that it’s outgrown its older accounting solution. 

Here are several indications to look for that justify moving to an accounting system with more features and scalability.  
User Permissions
 
Some companies have a need to limit certain functions to certain users.  Most systems come with basic functional limitations, such as restricting Accounts Payable and Accounts Receivable functions. But what if you need more granular user permissions such as access to only purchase orders or a certain bank account? Mid-market systems like QuickBooks Enterprise provide those features. 
 
Multiple Companies and Consolidated Financial Statements
 
Do you have multiple companies that are the “children” of a parent company? You might need consolidated financial statements and the ability to open multiple companies at the same time. 
 
Number of Customers and Vendors    
 
If your business is growing and the number of customers and vendors you do business with is regularly increasing, you may be in danger of reaching a list limit in QuickBooks Premier. Each system has their own list limits, and these limits can get complex quickly, so check with us if you have questions or concerns. 
 
File Size and Performance 
 
There may also be file size limits that you need to watch, especially if you have a high volume of transactions or multiple years of history in one file. 
 
You could also have performance issues.  If you have a new PC and your accounting system is still running slowly, we can offer suggestions on how to improve your performance. 
 
Inventory Features
 
If you need advanced inventory features, such as tracking inventory in multiple locations, using the FIFO method, and managing lots or serial numbers, you have options either to stay on a desktop-style system or move to the cloud. We can help you identify the best option for your situation – talk to us!
 
Enhanced Customization   
 
Most mid-market accounting systems provide better customization such as additional custom fields, better reporting, and improved form design. 
 
Number of Simultaneous Users
 
The final reason to switch to a larger accounting system is if you need more simultaneous users.  QuickBooks Pro allows for up to three simultaneous users, QuickBooks Premier handles up to five, and QuickBooks Enterprise makes room for up to 30 simultaneous users. QuickBooks Online allows up to 25 simultaneous users. Check with us if you are curious about your system’s license limits. 
 
Outdated Versions
 
At times, accounting system support is only offered for a limited time period. To ensure the security and safety of your data, make sure your current system is properly and effectively supported.
 
Did any of these reasons resonate with you?  If so, let us know so we can discuss your needs. 

Comments are closed.

    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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  • Home
  • Why Us?
    • Reviews
    • Open Positions
  • Client Services
  • Resources
    • Save on QBO Subscriptions!
    • Tax Refund Status
    • Gusto Year End Checklist
    • Videos >
      • Business Taxes >
        • 2019 Business Tax Highlights
        • 7 Ways Small Business Can Save On Tax
        • Taxes for S-Corp Owners
        • The IRS Loves Businesses
      • Personal Taxes >
        • 2019 Tax Highlights
        • Five Yearly Tax Essentials
        • 4 Common Tax Surprises
        • Retirement Can Be Taxing
        • Advance Child Tax Credit Reconciliation - 2022
        • Make the Most of Your Donations
        • Five Great Tax Secrets
        • Renting Your Property Tax Free
        • Ideas to Audit-Proof Your Tax Return
      • The Tax Cuts & Jobs Act >
        • The Tax Cuts & Jobs Act: What You Need to Do Now
        • The Tax Cuts & Jobs Act: Are Itemized Deductions A Thing of the Past?
        • The Tax Cuts & Jobs Act: The New Child Care Tax Credit
      • Tax Topics >
        • Tax Season is Coming!
        • The New World of Deductions: What Everyone Needs to Know
        • Proving Your Deductions
        • How to Fix a Mistake on Your Tax Return
        • How Long Should I Save It?
        • Tax Credit vs Tax Deduction
        • Understanding Effective Tax Rate
        • Understanding Marginal Tax Rate
      • Life Events >
        • Life Events: A New Birth
        • Life Events: Marriage
        • Life Events: Divorce
    • Articles >
      • Accounting & Bookkeeping >
        • How to Get the Most Out of Your Accounting Fees
        • The 10 Biggest Money Leaks in Your Accounting System
      • Business Factors >
        • IRS Rules for Classifying Workers
        • Checklist for a Healthy Cash Flow
        • 12 Ways to Improve Your Business Profits
        • 10 Step Annual Business Check-Up
      • Tax Topics >
        • Tax Guide for Self-Employeds
        • 15 Things Every Tax Payer Should Know
        • Disaster Casualty Losses
        • Travel & Entertainment Deductions
        • Tax Guide - A Deduction Checklist
        • What You Should Know About Tax Audits
    • Newsletters >
      • Newsletters - Monthly Editions >
        • Newsletter - Monthly Edition
      • Newsletters - Quarterly Editions >
        • Newsletter - 2019 Fall/Winter
        • Newsletter - 2019 Spring/Summer
    • How To's >
      • How To - Dext
      • How To - BILL
  • Blog
  • Appointments
    • Client Consultations