Telltale Signs You’ve Outgrown QuickBooks: A Lack of Control and Weak Audit Trails Create Business Risk
Posted by Indusa Admin on February 26, 2015 12:57 pm
When you notice that numbers in the books have mysteriously changed, it is likely not a glitch, but a manual entry that was rewritten. Many basic accounting software programs, QuickBooks included, allow any user to login and edit data as needed, without any restrictions or an audit trail. Unless you keep a close eye on your data, these seemingly little changes can create a larger problem – inaccurate numbers and skewed data. Making decisions based on inaccurate data can lead you in the wrong direction and introduce a whole new level of risk.
Growing Pain #3: Lack of Financial Controls and Audit Trails are Putting You at Risk
When changes are made in QuickBooks, do you know who made those changes, when they were made, or even why they made that change? If the answer is ‘no’ you may be putting your business at risk. You won’t always be there, but not knowing who is making decisions on your behalf or having the ability to authorize the appropriate decision makers within your organization makes it difficult to have the proper control to protect your business. In addition, not having insight into certain decisions makes it difficult, if not impossible, to verify the reasons for the changes or the integrity of the resulting data. You know you’ve outgrown QuickBooks when you can’t trust your data or provide a complete financial audit trail.
Protecting your data and putting the right controls in place is possible, and easy, with Microsoft Dynamics AX. You can restrict access to confidential or sensitive portions of your data, such as proprietary data or customer credit card information, to directors and managers. You can also provide each of your users with access to the software features that pertain to their immediate job tasks and restrict access to the remainder of your data and functions.
Electronic audit features within Microsoft Dynamics AX tracks data changes, as well as controls them. With the introduction of forms requiring approvals for certain types of data changes or by creating alerts to notify managers and directors with each occurrence, records maintain their integrity. Record for all data changes can be maintained to protect data integrity, ensure compliance, and reduce the chance for human error.
Connie Silverman, Controller at Kauffman Center for the Performing Arts comments, “By using Microsoft Dynamics, we have all the insight and reporting tools that we need to work effectively with outside organizations and give them insight into our financial status. We’ve also streamlined the effort of producing monthly, quarterly, and annual reports. What’s more, the security features of our hosted Microsoft technologies are fantastic. We can easily set the proper controls so that only authorized persons can change certain records and confidential patron or donor information, such as credit card numbers, is safe from unwarranted viewing.”
This blog series addresses some of the common signs businesses like yours are outgrowing QuickBooks and how Microsoft Dynamics AX is the business solution that helps keep you on the path of growth. If you missed the previous postings, you can view them here:
Growing Pain #2: Managing the Books and Cash Flow Isn’t As Easy As It Used to Be