Software designed for multiple locations can take the pain out of franchise financials
When you’re in tune with the financial performance of all your franchisees you can act on opportunities as they arise and stop small problems from becoming big ones. Sage Intacct’s franchise-ready cloud software puts all the information you need on an easy-to-navigate dashboard.
“Sage Intacct’s cloud financial platform fit for both franchisors and their franchisee network can automatically collect, analyse, consolidate, report on and audit financial data from multiple locations, which makes it ideal for franchise networks.” says Bruce Minty, product marketing manager, Sage Business Solutions.
“The dashboard instantly captures all of this financial and operational information for you to examine at any level, from the details of individual franchisees to an overview of the business as a whole.”
Running a franchised business brings specific challenges in terms of financial management.
“Today’s financial managers require greater business context within their reporting,” says Minty. “They want to check summary roll-up figures across their franchisee network – even if it’s only mid-month. When spotting exceptions or anomalies they then need the ability to drill down to source transactions and gain a more granular view of entity performance.”
The problem for many is that the most useful data is scattered across different business units. Sage Intacct’s franchise-ready cloud platform provides transparency across every aspect of the franchise.
“By relieving pain points such as reporting, franchise fees, billing and payments, the software gives finance managers full control,” says Minty. “The ability to put permissions in place also gives them control over who has access to various levels of information, and who can perform certain roles. Meanwhile, franchisees can continue operating as independent units.”
Sage Intacct’s financial reports provide clear and accurate statistics in real time.
“You can have instant access to all the facts you need to make confident decisions and quick judgement calls across the business,” says Minty. “On a more granular level you could, for example, quickly spot if a particular franchisees would benefit from extra training, mentoring or support to improve their profitability.”
The reports also make it easy to slice and dice information suit the needs of various stakeholders.
“Your presentations to all of your stakeholders can always be relevant, succinct and complete,” says Minty.
Good times and bad
Real time reports on inflows, outflows and revenue streams can improve cash flow management and revenue forecasting.
“Most businesses will experience times when margins are particularly tight, such as during the pandemic” says Minty. “In this situation, real-time financial information enables the franchisor to monitor profits closely and take precise control of costs. When times are good, increased efficiency and more streamlined management of the complex business structure also opens the door to further growth.”
A scalable solution
Sage Intacct’s franchise-ready cloud platform is designed to support businesses as they grow.
“Some franchisors start out with us, others switch when they outgrow their first solution,” says Minty. “The software will then continue to support them, however large and complex their business becomes.”
If you’re serious about easing your franchise pain points and giving your business the best chance to thrive, you can find more information about Sage Intacct franchise-ready cloud software.