For many SMBs starting out, QuickBooks and Bill.com are the go-to solutions for getting the business off the ground. Controllers of growing businesses know that QuickBooks can only be stretched so far, and as you add entities and lines of business, you can quickly go from growth mode to panic mode as your accounting practices and reporting requirements begin to break your accounting solution. Some of the heaviest lifting a growing business faces in its accounting department is accounts payable. So how do controllers of growing businesses know when it's the right time to switch to a multi-entity accounts payable automation solution? Well ideally you will make the switch before you go into panic mode so you can maintain steady growth without losing your sanity. Let's look at some of the signs you have outgrown QuickBooks and Bill.com.
If your business is experiencing some or all of these headache inducing problems, you could literally be saving hundreds of hours by switching to accounts payable automation for multi-entity.
Ideally, you will be able to anticipate your business' growth and be up and running on enterprise level software that can automate your end-to-end process before you start to experience these headaches. But if your list of vendors is growing into the hundreds and your number of locations is growing beyond a handful, now is the time to start shopping for an enterprise level accounting solution with MEM and multi-location accounts payable automation so you can continue to grow without growing your overhead.
As a controller, your key goal is delivering value to the organization and stakeholders in the form of reporting, strategy and planning, risk management and streamlining accounting operations. If you are being bogged down by SMB solutions that are being stretched beyond their intended use, you have less time to focus on the work that matters most. Here are key benefits of multi-location accounts payable software for controllers.