If you’ve decided the time has come to take your accounting organization to the next level—and replace QuickBooks with a more advanced accounting software solution—congratulations! This shows that your business has grown and you expect to keep growing. And you need the enterprise-level technology to get you there.
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When deciding which accounting software solution to adopt, you have to consider the value you expect to see on your investment. If you’ve outgrown QuickBooks, for example, you’re probably experiencing some of these pain-points common with growing businesses:
- You need to automate. Manual processes are costing you time and money—and keeping your team from pursuing more strategic initiatives.
- You need advanced capabilities. You’re now multi-entity or multi-currency, or perhaps multi-location; you need your system to do more than record journal entries and write checks; more than a few employees need to access your system for different reasons throughout the day.
- Reporting has become critical. The Excel-based reporting isn’t cutting it. It doesn’t offer real-time insights, and your reports don’t dazzle the C-Suite. You need to deliver better data, more data, and actionable data—and your bottom-line depends on it.
These may not even scratch the surface of how your existing accounting system is holding you back from your potential—operationally and financially. The fact is that your business is ready to get to the next step. You need your accounting software solution to provide you with all of the capabilities you need today—and tomorrow—so you can keep building on ROI.
What’s more, you need customizations that will enable your team to move beyond what “out of the box,” entry-level accounting software is giving you. You need to keep building as you grow.
Is On-Premise or SaaS-Based Software a Better Value?
The next question—and our main question in this face-off—is what kind of accounting software solution is going to meet your needs and get your organization to where you’re going with the most ROI? Here are some considerations:
On-Premise Software. This is solution offering software that you purchase and install (or download) on your computers. It may require you to purchase hardware to support it, and you’ll have to pay for business licenses for each user. Because your system and data “live” on-premise, at your place of business, you’ll need to have adequate IT staff on-hand to handle implementation, upgrades, and support. This may require hiring staff.
SaaS. Software as a service solutions from companies like Intacct are cloud-based and don’t require the purchase of software, hardware, or licenses. Use of the software is subscription-based and therefore highly scalable. The software is accessed over the web via any internet-connected computer or smart device. And since the software and data are both securely hosted by the service provider (e.g. Intacct), your internal IT resources don’t need to manage upgrades or provide user support—it’s all handled remotely by your vendor.
SaaS: Winner for Overall Value
When it comes to costs and maintenance, the SaaS solution is the clear winner. But let’s take a look at some other factors and their impact on value. Let’s go what we need to alleviate those pain points:
- Automation – When you think about how automation will boost your team’s productivity while reducing errors, even more dollars-and-cents value is uncovered.
- Advanced Capabilities – When employees across different accounting areas—AP, AR, procurement, etc.—are able to make the most of their new system’s functionality, and better yet, access their tools around-the-clock from any device, they’re unlocking new efficiencies and workflows that result in lower costs.
- Reporting – Cloud-based accounting systems offer easy yet robust integrations that enable you to connect your various financial, CRM, and ERP systems (if and when you implement them) and see even more ROI, thanks to maximizing the use of your data for real-time decision-support and strategic planning.
With a cloud-based accounting software system, you’re starting off with savings. But the overall value can be exponential.
Want to learn more about what cloud accounting software can do for you? Contact our team today to get started!