Your business is growing. It’s time to evaluate your accounting system. While QuickBooks is a good accounting system for most small to medium size businesses to begin with, there are many business and financial requirements to consider before making that decision. QuickBooks has held the largest market share of small businesses for many years and most CPA firms are familiar with it and it has been largely inexpensive. Intuit’s leap into a true cloud based vertical left a lot of customers with less functionality than the on-premise version with greater costs.
However, as a financial manager, your analytical and reporting needs start to change as your business grows. Strategically, a business should have a financial system that is scalable and able to adapt as your business changes. A CFO requires real-time access, efficient month-end closing and automated processes. QuickBooks has many limitations in providing information while lacking the internal controls necessary to maintain the sensitivity of your financial data. QuickBooks is easy, it provides a recordkeeping system but lacks the GAAP compliance necessary for business growth.