10 Big Benefits of Upgrading from QuickBooks

We’ve talked a lot about the limitations caused by outgrowing QuickBooks, but haven’t really explained the added functionality you get with an upgrade to more flexible and modern accounting software. Scalable software can help you grow by streamlining your financials and allowing you to integrate all of your business processes. A quick look at websites for different solutions will offer you a confusing variety of advertised features. However, although the solutions you might consider as upgrades do have sizable differences between each other, there are certain core functions that you should expect in high-quality robust accounting solutions.

These applications typically offer:

1. Flexible integrations

Modern accounting solutions offer the ability to integrate with other business systems, applications and data, as well as the ability to create new integrations. Connecting your financial solution with all the other areas of operations saves time, money and errors.

2. Real-time dashboards

In combination with allowing for more complex data entry and analysis, these solutions include customizable dashboards that track important metrics in real time, helping everyone in your organization to stay on the same page and ahead of the competition.

3. Workflows and automation

An upgraded accounting solution will allow you to create unique workflows to automate recurring tasks, freeing up your time for more valuable work.

4. GAAP-compliant record-keeping

Unlike QuickBooks, more powerful accounting packages for SMBs are typically designed to be GAAP-compliant and to have high security standards, which means that every action automatically leaves an audit trail.

5. User controls

Along with providing better security by creating an audit-trail, today’s accounting solutions offer the ability to restrict viewing and editing access to on a user-by-user basis, preventing your sensitive information falling into the wrong hands—internally or externally.

6. Budget and spending management

Innovative accounting solutions typically offer functionality to help businesses monitor spending relative to budgets, reducing the long email chains and convoluted communication that often lead to outdated and inaccurate data.

7. Multi-entity management

A high-quality financial solution will offer multi-entity management within the application, rather than requiring you to use multiple versions of the software like in QuickBooks.

8. Custom reporting

Many financial solutions also offer a custom report builder. However, the ease-of-use does vary a lot between solutions; the best custom report builders are intuitive and allow new reports to be created quickly.

9. Multi-dimensional accounting

Dimensional accounting is quickly becoming a common feature in high-quality financial applications. With multi-dimensional accounting, tracking more complex data is as simple as adding another dimension to your chart of accounts, no more messing around with hundreds of ledgers or manual spreadsheets.

10. Anytime, anywhere convenience

Today’s workers are on the go. Cloud-based accounting solutions enable the whole team to get work done from the office, home or on the road. From expenses to approvals—no more delays and excuses that ultimately affect your bottom line and reputation.

How can upgrading QuickBooks help your business grow?

All of this functionality will increase your financial insight and facilitate more informed decision-making, not to mention creating happier employees. By increasing efficiency and accuracy at the core of your organization, you can create a strong foundation for sustainable growth in a constantly evolving market. In this day and age, innovations happen fast. Make sure your business is at the forefront of change by taking advantage of all the benefits that modern accounting can offer.

Interested in learning more? Download our ebook, Is Your Business Outgrowing QuickBooks? to dive deeper into these issues and determine if it’s time to upgrade to a new accounting platform.