According to Chicagonow.com QuickBooks owns 80% of the market for small business accounting and manufacturing. The benefits of QuickBooks are obvious, it is easy to implement, easy to use and all at a very low cost. However, the software platform does have its shortcomings as businesses begin to grow and hope to scale. An Enterprise Resource Planning (ERP) system is the next step after graduating from QuickBooks. In this blog we wanted to showcase why an ERP system such as Strimo Solutions is preferred and highlight its growing demand in the cannabis industry.
Audit Compliance and Security: An Enterprise Resource System is built for security and audit compliance. Simply deleting a transaction is not an option with an ERP tool, making the system more robust and creating an organize audit trail to ensure data integrity. As such, ERP systems can be rated to be GAAP and audit compliant. Having a system that passes audit and GAAP compliance is an assurance for investors and oversight agencies alike.
Business Processes: As firms grow and expand to multiple locations and products so should the accounting process. QuickBooks eventually reaches its limit as it is unable to account for multiple locations and complex manufacturing processes. Segmented chart accounts by region or cost category is an important function when managing manufacturing operations and assessing product lines and locations. ERP systems allow for segmentation of locations, activities, and activity-based costing methods. QuickBooks requires data back filling whereas ERP systems can collect data organically throughout the process.
Reporting: QuickBooks master-record cannot exceed 15,000 records and can only manage a limited number of users. Integrating customer, sales, and manufacturing data very quickly surpasses the ability of QuickBooks to provide useful reporting. ERP systems can be designed to focus on mission critical items and provide dashboards and reporting that can be standardized for various levels within the organization.
Strimo Solutions is the first full ERP system in the cannabis industry to provide management with the necessary on demand information for tactical and innovative decision making. If you are plagued by the limitations of your current systems, it may be time to upgrade and graduate from QuickBooks. Contact a Strimo Solutions Specialist today.