Sage50-->Qbo Accounting System Change At Closing

people:

searchers

investors

intermediaries

lenders

lawyers

accountants

consultants

insurance

tasks:

getting started

see job postings

share your PPM

see my deals

read interviews

browse posts:

tip for the week

europe

acquisitions

industry news

north america

australia

women in search

self funded

deal sourcing

interview

single sponsor

operating

latin america

bestof

case studies

corona

accounting and legal

africa

getting started

traditional

networking

deal making

asia

getting funded

03/16/2021 Redacted Redacted

searcher Dartmouth College - Tuck School of Business at Dartmouth Princeton University United States Coast Guard Academy

SAGE50-->QBO ACCOUNTING SYSTEM CHANGE AT CLOSING

I'm contemplating a transition to QBO at or after closing, because it offers more integrations with other desired biz software.  I'd appreciate advice regarding timing/process from operators and/or accountants.  Thanks!

1 like 62 views 13 comments

admin Massachusetts Institute of Technology - MIT Sloan School of Management Taylor University Stanford University - Graduate School of Business - 03/16/2021

Tagging a few Searchfunders who have commented on Quickbooks in the past & might be able to offer advice here: ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[red

like reply | 0 likes

searcher Dartmouth College - Tuck School of Business at Dartmouth Princeton University United States Coast Guard Academy - 03/17/2021

Thanks, Luke! I intend to connect with a couple of accountants separately, but thought I'd also might get some great advice here.

like reply | 0 likes

admin Massachusetts Institute of Technology - MIT Sloan School of Management Taylor University Stanford University - Graduate School of Business - 03/17/2021

No problem. Never hesitate to ask a legitimate question on Searchfunder. That's what we're here for!

like reply | 0 likes

investor University of Nebraska - Lincoln - 03/17/2021

This is a tough one and really comes down to your perspective & preferences after close. You could live with the current accounting system for a few months and see where the opportunities & gaps are, and how the integrations you've identified will actually add value. You may find another (different) platform that can take it to the next level after you really understand the nuts and bolts of your business. We transitioned from Quickbooks to Sage Intacct due to a variety of factors but ca

like reply | 0 likes

professional Harvard University - Harvard Business School Dartmouth College - 03/17/2021

Hey John, your instincts are correct about the power of QBO's ecosystem of apps that pick up where QBO drops off. But TargetCo's industry should also influence your choice of accounting software. For instance, if you have complex inventory management needs, QBO won't likely be the right solution. We helped a search fund port from Sage to QBO and performed that migration right after close so we could start the NewCo's accounting in a fresh QBO instance. It was an asset deal so we didn't move the

like reply | 0 likes

searcher Harvard University - Harvard Business School University of California, Santa Barbara - 03/17/2021

I would postpone this decision. Spend the first 6-12 mos figuring out why systems and processes are the way they are and then you're in a way better position to choose a path forward. As Ben mentions above, you may find that there's a platform that's a better fit than QBO. Besides, if you're like most of the rest of us, you'll have your hands pretty full transitioning into the company.

like reply | 0 likes

searcher Dartmouth College - Tuck School of Business at Dartmouth Princeton University United States Coast Guard Academy - 03/17/2021

Thanks, Bernard. I appreciate the advice.

like reply | 0 likes

searcher Camosun College - 03/17/2021

I would agree with deferring this decision as there is probably more important issues to fix before switching over to Quickbooks Online.

like reply | 0 likes

searcher Dartmouth College - Tuck School of Business at Dartmouth Princeton University United States Coast Guard Academy - 03/17/2021

Thanks, Charles

like reply | 0 likes

searcher University of Kentucky - 03/17/2021

I’m of the opinion that if your needs require you to move to QBO for important features, and if it is something you’ll have to do anyway, at close can be good timing. Particularly in Dave’s example about an asset sale and lots of pieces changing already. It also depends how much other activity you have happening in the first weeks - and the personality/skill of your accounting team.

like reply | 0 likes

searcher Dartmouth College - Tuck School of Business at Dartmouth Princeton University United States Coast Guard Academy - 03/17/2021

Thanks, Brent. I'll be the accounting team!

like reply | 0 likes

professional University of Wisconsin - Madison - 03/17/2021

Without knowing the specific business and the functionality needs you are driving for its tough to give a solid opinion. However I'd be careful to ensure you retain the historical transactional history. Certainly its helpful to run reports out of one system versus trying to meld information together for reporting. There maybe more planning/work required to transition than anticipated and other more pressing items.

like reply | 0 likes

searcher Stanford University - Graduate School of Business University of North Carolina at Chapel Hill - 03/22/2021

We switched to QBO from QBD on the day of closing. It was a fairly smooth transition, but it was a lot of work to clean up and migrate our customer list (and historical data). I would suggest taking a step back and considering the volume of change you are planning to make in the first[redacted]days and determine the relative priority of switching accounting systems. It isn't an insignificant task. And I would also make sure to have an accounting guru on speed dial to help you get things setup co

like reply | 0 likes

sign in to join the discussion

Searchfunder Session: Most Asked Lending Questions for Search Funds

2021-07-27T18:00:00+00:00

THE Summer BIPOC ETA Virtual Mixer

2021-07-28T00:00:00+00:00

Doing A Geographically Focused Search

2021-07-28T18:00:00+00:00

Searchfunder MeetUp: Global Intern Happy Hour

2021-07-29T20:00:00+00:00

Toronto Search Fund Happy Hour

2021-07-29T22:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-07-30T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-07-30T16:00:00+00:00

Buy a Business. Become a CEO - Exclusive Event for MLT Alumni & Fellows

2021-08-03T21:00:00+00:00

Self-Funded Searchers MeetUp

2021-08-04T16:00:00+00:00

1Y Entrepreneurship through Acquisition (ETA) Kickoff

2021-08-05T00:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-08-06T14:30:00+00:00

Searchfunder MeetUp: UK Searcher Bi-Weekly Brainstorm

2021-08-06T15:00:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-08-06T16:00:00+00:00

Bay Area Search Fund Gathering

2021-08-11T00:00:00+00:00

S.O.S. - Searchfunder Ops Session: It’s All About People Lessons Learned from the Trenches on How to Hire, Inspire and Develop Talen

2021-08-11T18:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-08-13T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-08-13T16:00:00+00:00

Get to Know Searchfunder

2021-08-17T16:00:00+00:00

Searchfunder Session: Cybersecurity & Due Diligence 101

2021-08-17T18:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-08-20T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-08-20T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-08-27T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-08-27T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-09-03T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-09-03T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-09-10T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-09-10T16:00:00+00:00

Tepper School of Business - Entrepreneurship Through Acquisition Speaker Series: Tim Bovard, CEO of Search Fund Accelerator (for CMU students only)

2021-09-13T21:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-09-17T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-09-17T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-09-24T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-09-24T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-10-01T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-10-01T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-10-08T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-10-08T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-10-15T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-10-15T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-10-22T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-10-22T16:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-10-29T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-10-29T16:00:00+00:00

Veteran Entrepreneur Training Symposium 2021 (VETS’21)

2021-11-02T13:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-11-05T14:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-11-05T16:00:00+00:00

8th Annual Booth Kellogg ETA conference

2021-11-11T15:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-11-12T15:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-11-12T17:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-11-19T15:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-11-19T17:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-11-26T15:30:00+00:00

Military Veteran EtA Mastermind (Military Veterans Only)

2021-11-26T17:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-12-03T15:30:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-12-10T15:30:00+00:00

Search Fund CEO Conference

2021-12-14T17:00:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-12-17T15:30:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-12-24T15:30:00+00:00

Searchers Mastermind Group - Multiple Dates

2021-12-31T15:30:00+00:00

SMBash - annual meetup of SMB buyers, operators and investors

2022-02-03T13:00:00+00:00

SMBash - SMB/Micro-PE investors, operators and buyers

2022-02-03T14:00:00+00:00

5th International Search Fund Conference - IESE Business School

2022-10-13T07:00:00+00:00