QuickBooks lacks the ability to integrate with most third-party software, which means users don’t have access to a single, unified database from which to pull and analyze all of their critical data. Lack Of Integration Causes Inefficiencies And Reduces Visibility Into Your Business Cloud-based accounting solutions can solve more complicated reporting issues like visibility across entities, multi-currency transactions, and compliance. These limitations make QuickBooks report generation a tedious and time-consuming process that you can’t afford as your company continues to grow. While you can create reports in QuickBooks, it’s challenging to turn on and use features like classes or locations or add custom entries like inventory management information or revenue projections into your reports.

QuickBooks customers generally agree that QuickBooks is a good tool for financial reporting, but like most tools, it has limitations. In that case, you are probably at a point where you have outgrown QuickBooks and need to consider shifting to a cloud-based accounting solution to handle the complexities of your growing business. Suppose your business can identify with the following situations listed below. Many businesses are quick to learn that as your company grows and you develop more demanding and varied business requirements like multi-currency and multiple entity businesses, QuickBooks is limited and no longer meets your business needs. QuickBooks was likely your first purchase when you started your business, and you may still be using it. It’s the industry standard for start-up businesses looking for a user-friendly, low-cost accounting solution.

QuickBooks is the preferred accounting solution for over five million users.

Quickbooks multi currency issues