QuickBooks has been a workhorse in the business space for decades now, providing companies with a reliable way to manage their finances. As businesses grow, however, they may find that they’ve outgrown this accounting solution. When looking for the next step in their software evolutions, many look to ERPs, which serve multiple departments and serve a wider variety of business needs. But when is the time right to move on from QuickBooks, and what should a business owner factor into this decision-making process? How do QuickBooks vs ERP compare? Let’s discuss.
To begin, consider how your business will scale over the next few years. Is an expansion in the works? Will you be bringing new employees on to your team? Scaling up with QuickBooks can be complex… and costly. Typically, the application can often exhibit performance issues as more and more users hop on. Also, its subscription levels limit the number of users that can use the solution, meaning that you will have to pay more as you continue to grow. An ERP that charges based on how much computing power you use may be the more cost-effective option. You also get more bang for your buck with ERP—Dynamics 365, for example, comes in at the same monthly rate as QuickBooks but with a much richer feature set.
Today’s businesses need to collaborate effectively across individual silos. Not only does this make your business more productive and efficient, it also gives you a way to see the “big picture” more clearly. With its limited financial purview, QuickBooks cannot deliver in this respect. ERP is designed explicitly for those purposes.
One of the most important advantages of modern business tech solutions is the edge they give you in terms of parsing business data at your company. Not so much with QuickBooks. If you want to get an eagle’s eye view of your business data, track data across your company, and make the most informed business decisions based on data, an ERP option such as Acumatica with real-time reporting may be the more viable option.
Finally in the QuickBooks vs ERP debate, there’s regulatory compliance to consider. If your industry works under heavy regulation, you may need an ERP system to ensure that you are up to snuff. An ERP can offer everything from audit tools to document control features, making compliance much easier. QuickBooks is also not GAAP-compliant on its own, meaning you will have to pay extra for a third-party add-on to comply with Generally Accepted Accounting Principles.
Deciding to move from QuickBooks to ERP can feel like a big leap, but it’s one that can deliver proven ROI. As you weigh QuickBooks vs ERP, share your own experiences and considerations with us in the comments below. If you are ready to learn more about what ERP can do for you and begin retiring QuickBooks, start looking through the latest in ERP solutions.