Despite the fact the economy appears to be on the mend and improving quarterly, franchisees and franchisors are still struggling to maintain margins.
Commodity prices are going up and so is customer demand for added value so it is clear why those in the franchise space need as much help with their financial reporting as possible.
The good news is that financial reporting and consolidation software can empower franchisees and franchisors. This software can help eliminate the guessing game most people play while trying to maintain franchise records. It also allows every department of a franchise to receive accurate numbers that are up to date and can help improve every aspect of the business.
Other Information
This type of software has the ability to change many different aspects of your business. Your expenses and labor costs are always accurate and available at a moment’s notice to compare with other companies. Having this type of software helps franchisors locate and provide accurate information that can help increase profits, decrease risk and grow their business on a long-term basis.
Charts and Reporting
When franchisors use financial reporting and consolidation software, financial reports from all aspects of their business will be available to them and each of their franchisees. This gives the franchisee the opportunity to run their own specific reports so that they can better analyze their business and market value. They can even benchmark their data against other franchisees in the industry. There are balance sheets where an entire organization can be benchmarked with 100 percent accuracy.
Accounting files update automatically and can be reported back to the franchisee on a regular basis. It only takes a few minutes to make sure the software successfully interacts with all of an organization’s other file types such as Excel and QuickBooks. Furthermore, it gives franchisors the ability to map out different accounts that can be set up by an administrator with different names for each account.
Franchisees will be able to easily set goals and manage expenses on a long-term basis by having access to data that is accurate and easy to interpret. It will also help the franchisors determine which franchisees are more successful and which ones may need some additional guidance. It makes managing finances much easier for each individual franchisee. Qvinci provides financial reporting and consolidation software for franchisees and other industries. Visit their website to learn more about the services and products that they offer.