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Top Limitations Quickbooks Doesn’t Want You to Know About

Top Limitations Quickbooks Doesn’t Want You to Know About

Top Limitations Quickbooks Doesn’t Want You to Know About

QuickBooks Online offers great features for starting your business and focuses on small business needs. However, midsize or large companies with more complex operating models will quickly face major challenges with QuickBooks in the long term.

Now that you have established the foundation for your business financials, you’re ready for more. Preparing for growth starts by upgrading and implementing a more robust software solution.

If you’re not sure it’s time to upgrade, consider these three limitations you might be experiencing with QuickBooks Online.

Limited Financial Visibility

You have a lot on your plate —you’re busy managing every aspect of your business, so you need to make quick and informed decisions based on accurate financial data. Unfortunately, QuickBooks doesn’t provide dashboards that provide insight into your business performance and core financials.

Heavy reliance on spreadsheets and templated reports offer limited visibility and no real-time capabilities, making it difficult to accurately manage and track your cash flow. Often, businesses make decisions based on outdated data, use inefficient financial processes, and experience a lack of financial control.

Limitations of QuickbooksManual Data Entry

Efficiency and profitability drive your business toward success, but with reports requiring loads of manual entry and re-entry, those are all but lost. QuickBooks Online has a limited number of integration tools that focus more on major accounting functions. That leaves you to manually handle data entry, which is doable for simple tasks and small businesses.

However, as you grow, spending countless hours importing customer data and verifying the accuracy of your formulas isn’t an effective way to run your business financials.

Here’s why manual data entry is killing your business performance:

  • It leads to numerous errors, decreasing the accuracy of your financial data.
  • The cost is greater than you think when you factor in corrections and researching discrepancies.
  • Slow turnaround time leads to outdated data by the time a report reaches a partner’s desk, making timely and informed decisions impossible.

Automating the process with the right accounting tools will set your business on the right track and prepare your business for long-term growth.

Weak Audit Trail

One of the major limitations of QuickBooks Online is the level of details provided in its audit trail. Without well-documented and in-depth financial data tracking, changes can be made without restrictions and by any user.

The lack of financial controls puts your business at risk for inaccuracies and skewed data. This can lead to huge problems down the road if you aren’t careful. Protect your data using tools that leave a more comprehensive audit trail and provide user permissions that restrict access to sensitive information or reports.

Outsource With Improved Financial Management Technology

It’s natural to outgrow QuickBooks Online, and sometimes it’s hard to identify when the time is right to upgrade and move on. If you’re experiencing growing pains using QuickBooks Online, it’s time to consider other options that better suit your business needs.

At Heal Accounting, we offer an easy solution to get back on track and upgrade your accounting software. If you’re ready to take your business to the next level, outsource your accounting and get the financial help, you need to thrive.

Don’t let the limitations of QuickBooks Online hold you back. Contact us today for your free consultation.

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