Adding more locations and companies to your growing franchise enterprise is great for the bottom line. However, multi-company franchises also face unique challenges that can’t be solved with basic accounting software. Spreadsheets and redundant data entry from disparate systems is burdensome to your accounting team and puts business-critical data at risk. Before growth leads to costly problems, replace outdated systems with a centralized financial management system that will streamline consolidations and deliver real-time insight to stakeholders.
Multiple, Disparate Software Systems Introduce Problems
Growing franchise organizations are comprised of multiple locations that arise through mergers and acquisitions, expansions and organic growth. Making matters worse, each location may already have different software systems in place. Manually entering and compiling data from these disparate systems into a spreadsheet is time-consuming and risky. While disparate or specialty software systems may have served you well to date, they aren’t helping you keep track of each new franchise location or the franchise organization as a whole.
Simplify Franchise Operations with a Centralized Financial Management System
As suggested in “The Franchise CFO’s Guide to Centralized Financial Management,” a single, centralized financial management system will serve your franchise organization with much greater success. Centralizing data within a single solution, such as Microsoft Dynamics GP, will simplify financial management for each level of your franchise. Here’s how:
- Individual franchise location: Each individual franchise location can use Microsoft Dynamics GP to manage their own sales, inventory, budget and financial information. Workflows streamline data-entry, reduce redundant paperwork and manual processes, improving the productivity at the store level. Dashboards and robust reporting features make it easier for each store, district and regional manager to monitor key performance indicators and access data faster. Armed with real-time data, your team can make the day-to-day decisions that support store success.
- District or regional level: District managers can also dig deeper into store and regional data to uncover trends. Evaluating locations, concepts, sales and time, managers can use these insights to capitalize on new opportunities or find new ways to improve productivity and profitability.
- Central franchise office: Microsoft Dynamics GP also provides an added advantage by simplifying multi-company allocations and consolidations. These high level automations streamline financial management by simplifying common tasks revolving around charts of account, taxation rules and financial reporting. Leaders will be able to guide the franchise organization in the right direction, confident that they have real-time insight into operations at every level.
Disparate and specialty software programs aren’t able to provide a clear view of performance or financial operations for a growing franchise organization. A modern, centralized financial management system will provide the control and insight needed to nurture continued growth. Download the eBook and let us help you manage multi-company franchise operations with greater efficiency and success.