Entrepreneur

You outsource it to a professional.

5 mil revenue is considered small?

Hire someone to do it

Hire someone 100%

I use quickbooks and currently at 7M annual revenue. Have a guy part time for book keeping though.

We hired our own full time CFO to handle accounting and budgeting when we were doing ~3.5M revenue. Was definitely worth it. At 9m we hired another full time accountant to help our CFO.

When bookkeeping became too much for me to handle I used Bench Accounting, you can Google them. It was pretty good.

As someone who works in the lower MM PE space and sees plenty of businesses this size, QB is the norm (and also perfectly acceptable to a buyer if you’re ever looking to sell). I recognize I’m not a fellow entrepreneur but I hope that perspective is helpful.

Multi eight figures. Quickbooks.

This is the second post asking the same thing and my response is the same - what is it you aren’t getting from Quickbooks that makes you wonder if it is enough?

Everyone saying to "hire" someone: what do you think the person you hire will be doing? Entering it into a spreadsheet?

QBO is fine. So is Xero. I run two 7-figure businesses on QBO.

Hire someone to do the books. In my mind the platform is less important. I have used Xero and quite liked it.

Most of the companies I have worked with hire someone to do it.

Quickbooks is still easy to use at this level.

It is.

Three components: •Quickbooks (I do all ‘data entry’ myself) •a Quickbooks consultant (liaison between me and my CPA, she helps tidy things up) •my CPA

We’ll do 8-9 this year and use the desktop QuickBooks pro or whatever. Manufacturing. It’s just super simple. I still do it and we just have an accounting firm do the payroll taxes and close the books each month.

3.5MM still using QuickBooks with an accountant and bookkeeper and doing fine. I will probably hire a CFO at some point but I don't see how QuickBooks itself will be a problem anytime soon.

Yes quick book is good Look for someone to help you do it. If you are in Kenya consider me

Accountant here. I have been mostly using Xero over the past few years. Quickbooks on line is really at par with Xero so choosing one over the over is mostly dependent on where you are located. Most US small companies will go with Quickbooks, rest of the world with Xero (not entirely true but I just simplify).
The multi-currency version of Xero has a critical issue though so I would not recommend it if you need to deal with bank accounts in different currencies.
If you are looking for something free, Manager is a decent software that does the job.

We ran over $40 million on Xero. I am pretty sure QB can handle the same.

We have a part time bookeeper using QB

We used QB for 16 years. We are moving to netsuite in 2024 with 26M in revenue. I think we should have moved at 20M. It's a huge jump from QB to NS. I'm going from ~200/month for QB to $60k a year plus $85k for implementation.

It depends upon how complex the business is and how you manage. If you love numbers and like to manage via ratios then you may want to move to something larger sooner.

I suspect QB is fine for now.

Outsourced accounting shop

Find your hood cpa and use what they use. We have a great CPA firm. They do our payroll, taxes and assist with compliance on employee documents. They are quickbooks online resellers. So we license QBO through them.

We use Chase business bank accounts. They have a fantastic online system that allows different levels of access. Example bookkeeper can schedule bill payments, but only I can approve them.

I think it depends on the type of business. What industry are you in?

Weed business here, quick books won’t allow us neither will most “big time” companies. I use Homebase for scheduling/timesheets and basically have to keep track of non cannabis purchases myself.

Quickbooks can be good enough. At 1-5 million you need at least one staff member responsible for entering information into QB. Could be anywhere from a clerk to a CFO. Accounting is a hard profession to recruit in.

We are hitting growing pains with QB right now and we are slightly larger than 1-5. Between 1-5 it had its issues but was fine.

I used quickbooks and then hired a company overseas to do it. Saved me tons of money

As an accountant that runs his own practice, I can confirm QuickBooks is utter trash, Xero is a million times better for SMEs.

I’d have a local bookkeeper that understands your local taxes. I’m sorry but 99% of offshore bookkeepers say they know your tax system but they don’t. Pick someone that lives it the same way you do.

Some people have said the had a CFO that did the bookkeeping for them as well. That’s mental if you’re paying them by the hour. Utilise their time for strategic advice, not bank recs!

Outsource QBO (not QB desktop) or Xero.

Depends. What’s the business? Manufacturing requires a lot more than qb IMO but it can be done.

Quickbooks all the way!

also, Wave is trash.

I’m lower end of the scale but I use excel lol

IF you dont mind me asking what is your LOB and does it require pulling numbers from different systems ?

Botkeeper is the way.

Fractional CFO/accounting firm with Quickbooks and a payroll provider, but we had some complexities to our products (B2C Fintech).

We used QB past the $20MM mark.

We commonly see businesses in this range use QuickBooks and, depending on the founders' background and priorities, start to consider a fractional CFO.

I'm seeing a lot of QuickBooks answers. Is there a point where you might switch from a smaller player like Freshbooks or Wave and move to QuickBooks?

QBO or Xero is fine. I much prefer Xero though.

• accountant who manages a team of bookkeepers.

Xero is slightly better than quickbooks. However US businesses prefer qb. It's up to you. I advice hire good bookkeeper than doing yourself. Ping me if any questions. Happy to guide.