Fast-growing franchise businesses need a flexible and full-featured financial management system to support ongoing expansion – streamlining accounting for all entities through automated processes. Looking for rich, multi-dimensional reporting to gain greater financial insights, franchise leaders are tasked with integrating financial management into existing business applications – improving financial controls throughout the organization to scale for growth. The fact is, if a franchise organization’s financial infrastructure is not set up to scale as the franchise grows, the franchise is constrained – limited by an under-performing financial management process that drains the organization of resources, time and even future opportunities.
- How can a franchise deliver faster closes, cleaner audits, deeper analyses and still maintain regulatory compliance?
- How can a franchise best manage multi-unit consolidations?
- What’s the best way for franchises to break the cycle of spreadsheet dependency?
- How can franchise operations break the habit of daily data extractions from multiple sources, in multiple formats – with multiple data definitions?
- How can franchises improve financial processes to streamline management of procurement, fixed assets and inter-company transactions – minus spreadsheets?
- How can a franchise scale for growth, leveraging accurate, timely and detailed financial data that reflects real-time business performance?
Taking franchise financial management to the cloud can change everything. A cloud-based franchise management solution delivers a full view of an entire franchise operation, as well as individual franchises and locations. The beauty of leveraging the cloud for financial management is the analytics!
Real-Time Visibility. Franchise management can easily analyze and evaluate operational and financial information, as well as view consolidated and local key performance metrics. Real-time visibility into current inflows, outflows, and revenue streams allows a franchise to more efficiently manage routine and complex financial structures, including fractional ownership.
Elimination of duplicate data entry! With cloud-based financial management software, a franchise can leverage the power of the cloud anywhere, anytime. This means a big boost for efficiency and collaboration throughout franchise teams – with 24/7 access for all. General ledgers, reporting and dashboard targeting cash flow management and multi-entity and global consolidations – all in the cloud, all available throughout the franchise operation.
Web-based collaboration fuels franchise growth. With cloud financial management, real-time consolidations are quick and easy, automating inter-entity consolidations and eliminations. Drilling down from a roll-up view to entity source transactions, receivables, and payables becomes standard, allowing for improved cash flow management and revenue forecasting.
For franchises looking to build and grow, cloud financial management is the way to go. More and more franchises are turning to cloud accounting best practices and cloud ERP solutions designed to provide financial depth and automation suitable for maintaining, and growing, operations.