QuickBooks Upgrade

Many promises are made in the heat of making a sale, including fast accounting system software installation. So, just what constitutes “fast?” And, how does a QuickBooks® migration to Microsoft Dynamics GP, one of the most common accounting software moves, stack up in this department?

While every company’s requirements and roadblocks are different, there is one sure way to establish some clarity around such issues as a QuickBooks accounting services migration: get feedback from someone who’s been there and done that.

Jeff Skeen, founder of Titan Fitness, saw his company grow from 6 to 1,000 employees in six weeks, as the company acquired two health club chains and added 14 locations. This necessitated an efficient and rapid accounting software transition out of QuickBooks.

We worked with Skeen to implement a Microsoft Dynamics GP coup—delivering and deploying a Fortune 500-sized accounting solution in 60 days versus the six months typically anticipated when performed by a Big 6 accounting firm. This accounting system software easily will accommodate expected growth of the company to 4,000-plus employees in more than 60 locations over a five-year period.

What’s more, the price was one-third lower than comparable accounting services installations. Skeen expressed his satisfaction with the entire process, noting, ““I was very skeptical, then surprised. I figured I was missing something. Then, I was thrilled.”

“Wizard Productivity Systems got us up to speed and saved us on basically everything needed for a back office of six people to oversee 1,000 employees. They helped with application and license cost, training, implementation, chart of accounts setup, getting product on servers, selecting a hosting facility,” Skeen adds. “Our investors were surprised that we had put together a management team with a Fortune 500 infrastructure so quickly and cost effectively.”

Here’s a concrete example of the type of concrete time and price accounting services results that can be generated for clients. Since definitive information about these critical results typically requires some digging online, we wanted to give you some accounting software info that didn’t require a shovel.

Much is made of price disparity between such entry-level accounting solutions as QuickBooks® and mid-market stalwarts, including Microsoft Dynamics®. Often, this is comparing apples to oranges. Needs and challenges of a mid-sized company versus a very small business are typically different—and typically warrant different accounting solutions.

Given this scenario, comparing prices is a wasted exercise. Obviously, entry level pricing will be considerably lower than mid-market accounting solutions.

As the price comparison isn’t really a valid consideration, what does matter? Cost. The price paid for accounting software is the money outlay. Cost relates to additional expenditures made necessary because of accounting software shortcomings. Optimally, potential cost issues should be examined prior to buying accounting services—so that a cost/benefit analysis can be conducted. Areas that can become expensive quickly because of a poor accounting software include:

Human capital. If your people don’t take kindly to their accounting software, morale, productivity and longevity issues result. Besides the loss of productivity costs, you may have to hire in trainers and coaches to resolve issues. An employee who leaves often costs a company 70-200% of his/her annual salary for rehiring and retraining. Ka-ching #1.

Audits. Can your accounting software stand up to the typical IRS or other audit? If not, start calculating potential professional fees charged by CPAs, lawyers and other advisors to straighten out problem areas. I was struck by an Oregon newspaper article that stated, “IRS audit costs Sandy Fire District $10,000…The audit was one of the first in a ‘concerted nationwide’ crackdown of fire departments…” Given that our basic Microsoft Dynamics® purchase and implementation is less than $9,000, do the math. Of course, you can always argue that the accounting software wouldn’t have mattered in this case. Possibly.

But, if the IRS is moving to a “concerted nationwide” crackdown on fire departments, other industries are likely to be targeted—particularly as the Treasury Department ratchets up its efforts to find money anywhere to fund our economic bailout. While choice of accounting software can’t guarantee you won’t be audited, it can make a substantial difference. Ka-ching #2.

Security-related regulatory compliance. Entry-level accounting software typically has one layer of security. Mid-market accounting solutions generally offer many layers, and are much harder to hack. An article entitled, “How Much Does a Hack Cost?” pointed out, “According to the annual report by the Computer Security Institute and the FBI, the average loss per company due to security breaches in 2005 was about $167,000…Some rules of thumb say that $100,000 is a good starting point when measuring average loss per incident. Some say $200,000.” Do you really want your accounting system software to function on the low-end of the security scale? Ka-ching #3.

Oscar Wilde said, “A cynic is a man who knows the price of everything and the value of nothing.” Being price-conscious without considering the value of first-class accounting services is shortsighted and potentially very costly in the long run.

If you don’t think more regulation is coming, think again. Just today Bloomberg reported, “Former Federal Reserve Chairman Alan Greenspan said a ‘once-in-a-century credit tsunami’ has engulfed financial markets and conceded that his free-market ideology shunning regulation was flawed.”
Increased regulation, regardless of form, undoubtedly will affect corporate financial recordkeeping. Small to mid-sized businesses lacking accounting software that provides accurate and in-depth financial reporting had better start rethinking their accounting solutions now—before regulatory requirements force them to rethink—and revamp—later.
So, what do you need to help ensure compliance with regulations not even enacted yet?

• Ask questions about what’s coming—then evaluate. Do online research, visit online social/business networking sites where pertinent topics are being discussed, query industry trade organization authorities, read pertinent articles, talk to trusted advisors. Get educated about what’s likely coming, so you can stay ahead of developments.

• Beef up accounting software to meet future requirements as well as today’s needs. As we all know, when government ramps up regulation, resulting mandates don’t always appear logical. So, make sure your accounting system software can handle anything even remotely on the radar screen post-election. This means accounting solutions that can handle “heavy lifting” today, and can be updated as new developments dictate.

• Don’t be pennywise and pound foolish. In the rush to belt-tighten, don’t pinch pennies on under-powered, under-performing accounting software. It doesn’t take many hours of CPA or legal fees spent dealing with regulatory non-compliance to offset any savings from buying lower-priced accounting solutions. To get specific, look at a QuickBooks Upgrade. If you have a small company whose financials can easily be handwritten on a spreadsheet, you’re likely okay with QuickBooks, upgrade or not. But, if you have any degree of complexity, a pattern of company growth, multi-level security requirements, multiple concurrent accounting software users, or any other expanding scenario—look at such heavy duty solutions as Microsoft Dynamics GP or SL.

From Roosevelt to Roosevelt, the message is clear: Our biggest enemy is inability or unwillingness to act constructively when adversity strikes.

Teddy Roosevelt said, “In any moment of decision, the best thing to do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.”

FDR proclaimed, “The only limit to our realization of tomorrow will be our doubts of today.” He’s also responsible for the famous line from his first inaugural address: “…the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”

Unfortunately, too many small-to-mid-sized businesses operate mainly from a place of fear. At the first sign of a downturn, they start tuning out the cacophony of bad news by burying their heads in the sand. Of course, once you bury your head in the sand, you—and your company—will run out of life-giving oxygen rather quickly.

Fear drives more business failures and economic malaise than any other downturn-related factor. Hope, determination and perseverance are the antidotes.

At this uncertain time, I call upon small to midsized businesses of America to find renewed hope, fortify it with determination, and rely on perseverance when the going gets tougher.

It’s October 1, 2008. Do you know where your QuickBooks® accounting software is? According to a BusinessWire news release, they’re now at version 2009.

The release points out a variety of new features designed to improve online accounting services and communications. It also talks about “small businesses” finding more ways to get ahead and make more money using the newest QuickBooks upgrade.

I don’t doubt that this QuickBooks upgrade is more full-featured. I can see where the new bells and whistles will speak to some needs of small business owners.

What I didn’t see, in the news release anyway, is discussion of QuickBooks 2009’s ability to handle a higher number of concurrent users, higher overall transaction numbers and the like.

That’s not a knock on QuickBooks accounting solutions. It’s just a reminder that every accounting software application has its limitations. QuickBooks can work well for small businesses whose needs are moderate. When it begins to move slowly, both in terms of processing information and generating reports, or when people have to start waiting in line to get on the system, it’s time to consider a QuickBooks upgrade—to another accounting software manufacturer.

Obviously, I’m a fan of Microsoft Dynamics accounting software as a logical next step for companies seeking higher transaction capabilities, faster performance, and ability to handle substantial company growth in the small-to-midsized arenas.

Here are six areas to examine when you’ve determined that new accounting software is a must, or you’re moving in the direction of more robust and scalable accounting solutions:
1. Evaluate expected transaction levels
2. Determine required level of financial reporting.
3. Calculate number of expected simultaneous users.
4. Establish desired level of accounting services monitoring.
5. Make sure the accounting software integrates with business applications familiar to employees
6. Decide what level of security is appropriate with the new accounting software.

Is there an accounting software upgrade in your near future? If so, don’t land in quicksand by selecting accounting services that will drag your business down instead of lifting it up.

When your accounting system software starts slowing down, don’t jump from the proverbial frying pan into the fire. Among the myriad mid-market level accounting solutions that can help propel your business to the next level is Microsoft Dynamics®, an especially effective option when considering a QuickBooks® upgrade. READ MORE »

In a recent survey of QuickBooks and Dynamics GP (formerly Great Plains) users, we asked what level of service they would require from an accounting solution provider for their next implementation.

Of those surveyed, 91 % of QuickBooks users and 61% of Dynamics GP Customers want to do more of the implementation themselves with varying levels of support from outside consultants.

Upon reviewing the survey responses, it is clear that users want more efficient and effective ways to implement their accounting solution. Not only are they looking for cost savings, but they also want to reduce their reliance on outside consultants.  Nevertheless, recognizing that good implementation consulting is still necessary, they need to be able to select the level of training and implementation assistance they needed.

This information helped support the business case for our site www.wizardX4.com.