Dynamics GP vs. QuickBooks

GP: A Better Alternative to Quickbooks

With over 3.5 million users, QuickBooks is one of the most popular small business accounting systems on the market.

Quickbooks offers good value for the money and an assortment of basic accounting features to meet the needs of many small businesses and startups. Unfortunately, while QuickBooks may be a good entry-level solution, it has significant limitations that prevent it from meeting the needs of growing businesses. Some of the challenges we have heard about include the need for separate payroll system, reporting is awkward, inability to predict labor costs and lack of modules for industries such as manufacturing, distribution and warehousing.

7 Signs That Your Business May Be Outgrowing QuickBooks

The qualities that make QuickBooks a good entry-level accounting solution are the same ones that make it inadequate to meet the needs of growing businesses.

Here are several indicators that your organization may be outgrowing QuickBooks:

  1. Limited reporting capabilities aren’t giving you the visibility and insight you need to run your business.
  2.  Multiple departments or lines of business are preventing you from centralizing and integrating your data.
  3.  You find yourself unable to confidently and consistently comply with regulations for monitoring and securing your financial data.
  4.  You experience frustrating and unacceptable delays in menus, reports, or navigation.
  5.  You have had to sacrifice transaction history or master records to improve system performance.
  6.  More users need to access the system than are currently allowed.
  7.  You are concerned about the lack of security and compliance features.

Building Reports Manually? Time For A Change

When Employees Are Building Reports Manually

Challenges from the accounting system

The case of one client that had a legacy financial management system that provided no way of adjusting the statement formats or manipulating data within the reports is one that is all too common.

To create financial statements manually, employees had to:

  • compile data from more than four sources to consolidate information across business units;
  • wait for each department to contribute their piece and then cross-reference data manually;
  • double check the formulas and numbers in Excel spreadsheets to ensure that the reports and math were accurate;
  • customized reports were out of the question without hours spent with 3 staff.

When you find that your staff are allocating considerable time to reporting manually and you have to hire one or more additional staff to handle reporting just to create monthly financial statements – its time to consider an upgrade – or update.

ERP was the next logical move

After the switch to Dynamics, this client was able to easily and quickly run financials and format the statements just the way they wanted.

Using automated workflows, the accounting team could route the reports to both internal and external reviewers and auditors and track approvals.

They also switched to an online payroll management system that provided workflow back to the GL with direct deposit for the staff as well as took all the work out of the year end T4s and periodic ROE.

With confidence in the numbers, they were able to reallocate staff resources to be more productive working in the business as opposed to manually hoping for the best.

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