QuickBooks is an effective accounting and financial record maintenance solution for small to medium-sized businesses, providing companies with a level of functionality beyond the company checkbook. However, difficulties often arise as businesses grow, typically related to areas such as reporting options, scalability and capacity. With growth come increased business and regulatory demands that require solutions with more functionality than off-the-shelf accounting software provides.
Enterprise resource planning (ERP) solutions represent the next step for companies that need a more comprehensive platform to manage the entire business, not just the accounting function. Continuing to utilize a software package that does not fit the needs of the company can have several negative effects, such as constraining growth, increasing the risk of fraud and leading to inaccurate financial data.
Many midmarket ERP solutions are currently available from well-respected vendors such as Microsoft, Sage Intacct and Oracle NetSuite. The immediate benefits these platforms can provide include:
- Multidimensional reporting
- Consolidation of multiple entities
- Enhanced compliance management
- Streamlined accounting and budgeting
However, making a choice among the available ERP options can sometimes feel overwhelming. One size does not fit all, with deployment method, platform features and system functionality being the most common considerations in the selection process.
Read our white paper to learn more about the limitations of QuickBooks as companies grow, when to consider upgrading to a midmarket ERP system, and how to select and implement the best solution.