3 Ways Field Service Management Software Increases Your Company’s Cash Flow

It goes without saying that maintaining a robust cash flow is critical for the ongoing success and profitability of your service-based franchise. Working capital allows your company to respond to business opportunities and client emergencies quickly and efficiently. Furthermore, a higher cash-to-receivables ratio gives you much stronger negotiating positions when borrowing funds to replace equipment or expand your franchise.

With this in mind, the FranchiseSoft team has outlined 3 ways that field service management software allows you to collect as quickly as possible, stretch your payables to the limit, and increase your agility without having to alter your balance sheet.

Optimize The Customer Payment Cycle

One way to improve your service-based franchise’s cash flow is to prioritize converting invoices to cash as soon as possible. While traditionally this involved a lot of frantic trips to the bank, FranchiseSoft field service management software allows franchise owners to streamline the conversion process – in fact, you will often get it done before your service trucks return at the end of the day!

Single-visit work orders should be handled using on-site payment options. Ideally, you want to make sure that you are able to process both debit and credit card payments, as some people prefer one over the other. Our field service management software allows employees to invoice at the customer site and collect payment on the spot. Furthermore, our software seamlessly integrates on-site payments with your Quickbooks so that balancing the books is made simple.

For jobs where on-site payment is not the answers, you can still streamline the payment cycle with job-site invoicing. Use our software to upload pictures of the job, get sign-off from the client, and email itemized invoices to the customers before you leave the job-site. The payment can then be handled through the office at a later date. When it’s time to invoice, field service management software can help you create compelling emails in a fraction of the time with our beautiful templates.

Identify Payment Procrastinators At A Glance And Adjust Accordingly

Though invoicing clients is made easy with field service management software, we still rely on our clients actually confirming their payments on-time; as the old saying goes, you can lead a horse to water, but you can’t make them drink.

A number of service-based franchises are forced to deal with habitual problem payers, though they often aren’t even aware of the problematic trend. This is where field service management software truly shines. FranchiseSoft provides a comprehensive dashboard to analyze leads and referral sources, detailed reports to track and analyze sales cycles, and easy-to-access documentation of all communication shared with leads and current clients.

Service-based franchise owners can use these metrics to identify which clients need relentless but gentle reminders, and to track progress to monitor whether accounts improve month-by-month. If not, it is up to the individual franchise owner to determine whether they would like to continue working with this client, or redirect their effort on securing new business that would improve cashflow.

Pounce On High-Performance Promotions

FranchiseSoft’s comprehensive reporting metrics allow franchise owners to pinpoint high-performance services and promotions at a glance. This means you can direct more energy into meeting demand with supply, and generate higher cashflow as a result!

Schedule Your Free Demo With Franchisesoft

You can learn more about how our field service management software can improve your franchise systems by visiting http://franchisesoft.com/franchise-solutions/field-service-management/ and requesting a demo to discuss how this software can help your franchise increase cashflow.

Managing the Digital Transition with your Service Based Franchise

We live in an era of rapid technological innovation. The rise of mobile and internet technologies changed the way we socialize, shop, and even find true love. Of course, these technologies irrevocably changed the business world, too; outsourcing, easy access to global markets, and unprecedented levels of client communications have turned many business models on their heads and made systems virtualization a basic business requirement.

Back in 2016, Kevin Crowley, vice president of digital aviation for Boeing, told The Wall Street Journal that the contemporary business climate makes mobile and cloud technology a must: “It just became apparent that we needed to centralize around one technology.” While the words of an aviation expert may seem to have little relevance to the way a service-based franchise does business, the truth is that any company that neglects the digital transition will struggle to stay competitive in 2017.

With this in mind, today’s post explains why you should take advantage of cloud and mobile technology, then shares some strategies for streamlining your service-based franchise’s digital transition using FranchiseSoft’s tools.

Streamlining Systems’ Virtualization With Franchisesoft Technology:

FranchiseSoft makes the digital transition easy because our entire system was designed for simplicity. In the same way that FranchiseSoft makes scheduling, billing, reporting, analysis, and communications easy, we’ve built our system with rapid integration in mind. Our management team has actually owned and operated franchises, so we know what it means to manage the digital transition within the context of different service industries. Furthermore, our franchise support service is comprehensive, combining simple self-service, detailed FAQs, step-by-step instructional videos, and a secure help desk to reduce franchisee training and retraining.

Streamlined software aside, we can also recommend some general best practices during your company’s digital transition:

Try to approach your move to mobile field management software as a team-building exercise. Your staff will have very different levels of experience and familiarity with smartphones, tablets, and business software. Identify which of your staff are comfortable with these devices and technologies and capitalize on their knowledge, positioning them as leaders or helpers to build the confidence of their teammates.

It is quite common for the service-based employees with the strongest tradecraft to be the most reluctant to make the change. These veterans are used to being the experts, and may be uncomfortable learning new skills. Since these people will be some of your greatest assets, it is recommended that you manage their training carefully. As you continue to incorporate cloud and mobile technologies into your daily duties, make sure to stress how you value tradecraft skills over technological fluency, and make it clear that you will continue to support their learning and mastery of these new processes over time.

Meanwhile, be careful about making too many assumptions about what your staff’s age says about their technological fluency; that 60-year old pest control experts may code websites in his spare time, while a fresh-faced landscaping hiree might have never logged into Facebook!

Where Can I Learn More About Franchisesoft Field Service Management Software?

FranchiseSoft offers a zero-commitment, 100% free demonstrations of our product. Contact us for a demonstration, and one of our representatives will be in touch within 24 hours – visit http://franchisesoft.com/franchise-solutions/field-service-management/ or call 888-302-3676 to speak with one of our knowledgeable representatives today.

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