Greenhorn’s Guide to Financial Reporting Software for Franchises
Looking for financial reporting software for franchises, but not quite sure where to start?
Today’s post is for you. Read on for a beginner-friendly overview of what to look for when shopping for financial reporting solutions for your enterprise. After a layman-level definition, we explain exactly what your software should be capable of, and what features are non-negotiable in 2019.
Financial Reporting Software for Franchises: Basics Goals and Objectives
Financial reporting can be defined as the communication of published financial statements and related information from a franchise to third parties, which can include shareholders, creditors, customers, government authorities, prospective franchisees, and members of the public.
As such, the best financial reporting software for franchises puts a primacy on clear communication. Your chosen software should provide a complete solution in this regard, which means streamlining communications between the issuer; the investors and creditors as primary users; other external users; the accounting profession as measurers and auditors; and the company law or administrative authorities.
FranchiseSoft is peerless in this regard. In addition to an intuitive internal messaging system that allows SMS, email, sharing of reports and invoices, phone calls, and more from a single UI, our solution integrates seamlessly with third party financial software, including PayPal, Authorize.Net, DocuSign and QuickBooks.
But obviously communication is not the sole objective of financial reporting software for franchises. As such, it should not be the sole criteria.
As you evaluate different options on the market, make sure your chosen financial reporting software for franchises also:
- Improves investment decision-making. The basic goal of financial reporting software for franchises is to give investors, franchisors, creditors, and other users the information they need to make sound investment decisions regarding the allocation of funds and the selection of investment opportunities.
Our solution is designed with informed decision-making in mind. As part of our Franchise Management module, you can track all active franchisees, generate key summary reports, and review real-time system summary charts at-a-glance. Our Franchise Performance module gives you anytime, anywhere access to all financial information regarding royalties, ACH integration, collection of P&L data, and more. Altogether, our financial reporting software for franchises makes it easy to pinpoint threats and opportunities, maintain uniform standards of measurement, and monitor marketing campaign budgets, whether you’re operating from the single-unit owner or executive level.
- Increases management accountability. The second basic objective of financial reporting software for franchises is to keep managers accountable and provide information that optimizes the use of resources.
Franchisees need to be held accountable, not only for the safekeeping of enterprise resources and brand reputation, but also for their compliance with franchise standards and performance goals. Our franchise and fee tracking tools are totally customizable and easily parsed, and our Franchise Performance module makes it easy to keep your team accountable at all times.
Other Essential Features For Financial Reporting Software For Franchises
- Complete reporting–stop relying solely on Balance Sheets when they cannot tell the whole story
- Cash flow reports–give the “zor” and “zee” access to powerful cash flow reports that keeps both parties informed and proactive
- Cloud-based software–Cloud software is safer, easier to share, and more efficient than the offline alternatives
- Custom benchmark capabilities–every business is different, so benchmarks need to be 100% customizable