QuickBooks is a great tool for organizations looking to manage their financials, but it isn’t designed for dealing with organizations with multiple entities. QuickBooks does not allow for more than one entity per file and because of these shortcomings, it actually complicates the process by forcing accountants to log in and out of several accounts while managing inter-connected entities. This may not be much of an issue if there is only one or two inter-related entities to manage, but it can quickly become a nightmare when managing three or more entities. Imagine repeatedly logging in and out several times every day for multiple related organizations. The time alone of logging in and out over the course of a month is a tremendous waste of time and effort. This extra time doesn’t even include the additional time needed to export data to Excel spreadsheets because of QuickBooks’ inability to house multiple entities’ data in a single file. Having to stitch multiple entries together requires a significant amount of time and concentration to avoid errors and mistakes.
While QuickBooks may identify itself as a “low cost” solution, growing organizations may find it costs more to maintain and operate because of the increasing number of patches and half-solutions needed to keep the whole system running. Unlike QuickBooks, Intacct enables you to track financial and operational data in real time without having to repeatedly log in and out when managing several inter-related entities. Intacct automates many of the limitations of QuickBooks, such as multi-entity close and reporting, revenue recognition, project accounting, and flexible reporting capabilities that are nearly endless. An added benefit of switching to Intacct is the guaranteed safety and security of its cloud-based system. System availability and security is assured and allows for easy use of other cloud business systems, such as Salesforce CRM, Avalara Sales Tax, and Nexonia Expense Reports. Intacct was designed to integrate with other cloud-based programs, which makes it easy to mix-and-match programs according to an organization’s specific and unique needs.
Not only does upgrading from QuickBooks to Intacct save time, it allows accountants to take on more of an advisor role for the organization. Rather than being locked into managing spreadsheets and performing excessive data entry, accountants can help guide the organization toward greater efficiency and profits.
For more information about the benefits of upgrading to Intacct, please contact Louis Stratton, Director of Porte Brown’s Consulting Services team at 708-429-1040 or LStratton@portebrown.com.