In the fast-paced world of medical manufacturing, the need for efficient and robust software solutions cannot be overstated. As your company strives to grow and stay competitive, the limitations of popular accounting software like QuickBooks will become apparent. While QuickBooks may be suitable for small businesses with basic accounting needs, it lacks the essential features that medical manufacturing businesses require to streamline their operations. Enter Acumatica Cloud ERP – a comprehensive solution that fills the gaps left by QuickBooks, empowering you to excel and thrive in the ever-evolving healthcare industry.
In this article, we will consider 6 areas where QuickBooks falls short, and how Acumatica provides a solid foundation that will grow with you for years to come.
1. Reporting Options Beyond Accounting
One of the major pain points that medical manufacturers encounter with QuickBooks is the lack of reporting options that go beyond the basics. It is crucial for businesses to have access to real-time insights on production, inventory, sales, and financial performance. Unfortunately, QuickBooks fails to offer in-depth reporting on crucial operational metrics, leaving you driving in the blind when making business decisions. Worse, QuickBooks cannot properly handle revenue recognition, causing real difficulties in complying with regulations such as ASC 606.
Acumatica Cloud ERP, on the other hand, boasts a powerful reporting and analytics module that enables decision-makers to generate customizable reports from various data sources. From tracking production costs and analyzing inventory turnover rates to detailed revenue recognition, Acumatica provides a holistic view of the entire manufacturing process along with a trustworthy view of all your financials, empowering businesses to make informed and timely decisions.
2. Deep Production, Inventory, and Manufacturing Control
In the medical manufacturing landscape, precise control over production, inventory, and manufacturing processes is paramount. With its primary focus on accounting, QuickBooks lacks the robust features necessary to manage the industry’s complex workflows and quality standards.
Acumatica Cloud ERP fills this void by offering comprehensive production and inventory management capabilities. With Acumatica, startups can track raw materials, monitor work-in-progress, manage bills of materials, and handle complex production routing. The system also integrates quality control processes, ensuring that products meet stringent regulatory requirements.
3. Tracking Multiple Entities in One Place
As medical manufacturers expand and diversify their business ventures, they often find QuickBooks inadequate when it comes to tracking multiple entities under one umbrella. Managing separate financials and operations for different entities can be cumbersome and inefficient, leading to potential errors and compliance issues.
Acumatica Cloud ERP is designed to cater to multi-entity businesses, allowing controllers to manage multiple subsidiaries, branches, or locations from a centralized platform. This functionality streamlines financial consolidation, inter-company transactions, and reporting across all entities, providing a complete view of the entire business network.
4. Personalization Capabilities
Flexibility and adaptability are critical for startups and established companies alike who are operating in a rapidly evolving industry like medical manufacturing. Regrettably, what you see is what you get with QuickBooks. Your business must conform to the processes as they are designed in QuickBooks, making it challenging or even impossible for businesses to tailor the software to their unique needs and preferences.
Acumatica Cloud ERP stands out with its highly customizable interface and workflows. Companies can tailor the system to match their specific processes, easily adding or modifying fields, forms, and reports to suit their evolving requirements. This level of personalization ensures that the software adapts to the business, not the other way around.
5. Extensive Customer Management Functionality
Building strong and lasting relationships with customers is essential for the success of any medical manufacturer. However, QuickBooks provides limited customer management functionality, making it challenging to maintain a comprehensive customer database and deliver exceptional service.
Acumatica Cloud ERP addresses this shortfall with a robust customer relationship management (CRM) module that seamlessly integrates with the ERP system as a whole. Your sales team can manage customer interactions, track sales leads, analyze buying patterns, and provide superior support with ease, all within a single platform.
6. Automated Procedures for Business Operations and Quality
In the demanding world of medical manufacturing, efficiency, and accuracy are non-negotiable. You need to build customer confidence by meeting international standards. However, that requires stringent processes and quality control procedures – another aspect of good business management where QuickBooks falls short.
Acumatica Cloud ERP offers advanced automation capabilities, enabling startups to streamline repetitive tasks, reduce manual errors, and enforce quality control procedures consistently. By automating workflows, businesses can focus on innovation, productivity, and maintaining compliance with industry regulations.
Medical manufacturers face unique challenges and require software solutions that cater to their specialized needs. While QuickBooks may be suitable for small businesses, its limitations soon hinder growth and expansion. Acumatica Cloud ERP emerges as the go-to solution that fills the void left by QuickBooks. With its comprehensive reporting options, deep production and inventory control, multi-entity management, personalization capabilities, extensive customer management functionality, and automated procedures, Acumatica empowers medical manufacturers, helping them thrive and succeed for years to come.
Embrace the future of ERP with Acumatica and pave the way for innovation and growth in your medical manufacturing journey.
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