Growth can be a great thing for a company, but you need to have the right tools to manage it effectively. You may have already added employees, suppliers and vendors, and have a growing list of customers. If you have steady growth and are expanding operations into a new state, or even a new country, you may be faced with a new set of challenges that basic accounting software can’t handle. And if you’re using an entry-level accounting software solution you might find yourself putting off expansion into these new areas. If you spend time on redundant data entry, creating spreadsheets, and manually calculating varying sales taxes, then you are at risk of data mishandling and mistakes.
In this final blog of our 10-part series, we will explore how an entry-level business software system like QuickBooks can hold your business back. As we’ve previously discussed, limited scalability, manual processes, and downtime can create obstacles for your business instead of paving the way for success.
Sign #10: You Put off New Business Opportunities
QuickBooks can be limited in the comprehensive functionality that a growing business needs to support multiple sales tax rates and multiple currencies. If you spend time on manual data entry, then you’re wasting valuable resources, which could be used to create new business opportunities. You know you’re outgrowing QuickBooks if you put off new business opportunities.
Adding new office locations, working with vendors in other states or countries, and transitioning to the global marketplace requires a scalable and robust business management system. A business solution such as Microsoft Dynamics GP can be just what you need for expansion. With the right technology, you will be able to identify new business opportunities and not be afraid to take the steps to capitalize on new business growth.