In our past few blogs, we have focused on the warning signs that you’ve outgrown QuickBooks. We touched on what happens when you can’t keep up with employee growth, the need to improve budgeting and forecasting, how to deal with the lack of accounting controls and the issues with database performance. As your organization continues on a path of growth and success, a logical next step would be to consider expanding into new business channels.
There are various opportunities that present themselves when you decide to expand into new business channels. For example, you can launch a new eCommerce site, open an Amazon Marketplace store, or turn to distributor channels. If you have ever experienced expansion before, it could get rather tricky trying to figure out what direction to go in next. Often, we get comfortable with certain processes and despite knowing that we should probably reevaluate them, we don’t.
The inability to analyze the data properly when considering expanding into new channels and recognizing when it’s the right time for you to address your organization’s need for a broader solution can be detrimental to your future profitability. Since your goal is to launch into new business channels, you need to focus on the fact that your current system doesn’t have the ability to manage your inventory across multiple channels. This further solidifies the need for a more dynamic system.
Now think about the limitations you’ve experienced when managing inventory in QuickBooks. As you progress towards expanding into new business channels, these limitations only get amplified.
For example, the appropriate inventory levels need to be reflected in your distributor channel and your eCommerce site. If a distributor places an order, is the inventory automatically adjusted on your eCommerce site? With QuickBooks, it is practically impossible to gain this robust integration between channels.
Various new channels also require you to take processing and pricing into account. How do you specify different pricing for your distribution channel and online channel? Can you define different fulfillment processes based on the channel and vendor? Expanding into new channels doesn’t have to be as complicated as QuickBooks often makes it.
If you are looking to expand your organization into new business channels but feel held back by your QuickBooks solution, contact Third Wave today and learn about what the next steps are! Remember to check back for next week’s post in the Outgrown QuickBooks series!