Franchise operations are primed for growth; however, no one said growth would be easy. Of the challenges that arise during periods of growth, the most notable and concerning is that entry-level accounting systems can’t keep up. Your accounting team will then turn to spreadsheets and manual processes to manage payables, inventory and other information. Not only are these processes time-consuming, they also put data at risk. Franchise CFOs are turning to centralized financial management systems to manage accounting and financial operations for each franchise location, as well as the organization as a whole. Here’s what you need to know as you evaluate new systems for your franchise.
5 Benefits of Replacing Entry-Level Accounting Software
with Modern Financial Management Solutions
As you may have noticed already, there is a point at which entry-level accounting software is simply unable to keep up with business growth. Before reaching these limitations, and putting profits and franchise operations at risk, it’s best to deploy a stronger business management solution. As discussed in “The Franchise CFO’s Guide to Centralized Financial Management,” modern financial management solutions provide the very support a growing franchise organization needs. A centralized financial management solution, such as Microsoft Dynamics GP, offers:
1. Improved visibility with financial management: Using different systems at each franchise location is not only time-consuming and redundant, it makes it difficult to maintain a real-time view of any aspect of the business. Centralizing data provides an accurate end-to-end view of your business from each individual franchise location to the entire organization.
2. Automated multi-company consolidations: Redundant data entry between multi-company entities is a recipe for disaster. Microsoft Dynamics GP offers automated multi-entity allocations and consolidations.
3. Integrated systems to improve data flow: Connecting business processes within a single, integrated solution provides leaders with a complete financial picture. Data flows seamlessly across the organization, providing district and regional managers and corporate executives with real-time data.
4. Workflows to streamline purchasing and invoice processing: With each new franchise addition, the volume of invoices from each location grows. More efficient workflows and other automations will reduce the time spent shuffling invoices back and forth between locations, as well as the time spent processing them, saving valuable time and money.
5. Quick access to strong financial reporting: A growing franchise organization will face more complex decisions, such as evaluating performance across locations or by region. Strong financial, operational and performance information from a centralized financial management solution will arm district, regional and corporate managers with the details needed to steer the business in the right direction.
Gain Control and Insight Across the Franchise With Microsoft Dynamics GP
Franchise organizations are a different breed of business and require a different breed of financial management. Get greater control and insight across your franchise with a centralized financial management solution. At Socius, we’ve worked closely with franchise organizations as they manage the challenges that often come with growth. Download the eBook and contact our team of experts to discuss how you can transform your business and boost profits.
GET YOUR GUIDE: “The Franchise CFO’s Guide to Centralized Financial Management”