QuickBooks Can Serve as a Starter Financial Management System, With Limits

We have all heard the phrase “cash is king.” It is the mantra most companies live by. It is also why purchasing an application to manage money is usually the first business software investment that food and beverage companies make.

As a starter system, QuickBooks is a logical and economical choice. At a high level, QuickBooks provides the basic functionality any food
and beverage business needs in a financial management system: managing a company’s
chart of accounts and its relationships with vendors and customers through accounts payable and accounts receivable respectively. Providing this core functionality at a reasonable price point has made QuickBooks the system norm across many industries.

However, with heightened customer expectations, increased competition and evolving business models, companies can no longer rely on the business management systems of the past. The reality is that times have changed. Ecommerce has provided a platform upon which to build entirely

new business models. Inefficiencies and wasted time on routine tasks, such as the monthly close, are no longer accepted. Business decisions are now driven by key performance data, not historical practices or best guesses. Real-time visibility and insight is now the difference between thriving and barely surviving.

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