Minimize Human Error with Franchise Accounting Software Systems

Minimize Human Error With Franchise Accounting Software Systems

May 31,2021 By

In any business, accurate financial records must be kept on a daily, monthly, and yearly basis. From making sure tax returns are done accurately to ensuring vendors get paid on time, having an accounting system that works well will make life much easier. Unfortunately, many businesses use accounting systems that allow for human error, creating situations that are difficult to sort out and remedy. If you want your franchise to avoid such problems, using a franchise accounting software system from FranchiseSoft can minimize human error and make your day-to-day operations run more smoothly.

No Need For Dual Entry

Once you begin using a franchise accounting software system from FranchiseSoft, you will immediately eliminate the need for dual entries regarding invoices. Without this franchise accounting software system, both you and your franchisees will need to make customer invoices on your own, which can set the stage for mistakes to be made by anyone. Yet once this franchise accounting software system becomes part of your business, users can create both royalty and customer invoices and push them to QuickBooks, doing away with that key step that often results in mistakes.

Payment Processing

While getting paid is always great, having errors occur in this area of your franchise’s accounting can be a nightmare. However, a franchise accounting software system from FranchiseSoft can change all that for the better. In fact, the franchise accounting software system will allow for much faster payment processing, since franchisors will have instant access to various accounts needed for royalty processing. Using the FranchiseSoft franchise accounting software system, franchisors can create NACHA files used for royalty processing. Once done, these files can then be uploaded to your bank, which will then debit the Franchisee account and debit the account of the franchisor.

More Time On Other Tasks

In a typical franchise, accounting tasks tend to take up many hours of office staff and management-level employees. Along with the possibility of errors being made, this also takes away time from other tasks that are equally or even more important. By deciding to make a franchise accounting software system from FranchiseSoft part of your business, this will no longer be the case. Due to its ease of use and ability to streamline many functions, fewer staff members will be needed for accounting tasks, freeing them up to concentrate on other related assignments.

Point Of Sale Integration

Finally, point of sale integration will be a crucial way human errors are reduced within your franchise’s accounting department. Making royalty calculation a snap while also doing away with manual sales entries, this allows franchisees to quickly enter sales data into the franchise accounting software system. In turn, this gives you as the franchisor peace of mind, knowing the sales data you are looking over is likely far more accurate than you’ve encountered in the past.

If you have experienced human errors with your franchise’s accounting, learn how to make life easier by speaking to us here at FranchiseSoft about a franchise accounting software system.