You must be wondering how the Franchise software in the USA can help you manage royalties and other payments. There are some questions for you in this regard. Being a franchisor, what do you think is the heart of your Franchise business? What is the essential module that operates within your franchise business organization? What is the task that requires maximum accuracy?
Certainly, it is finance management. It acts as the gateway for the money to come into your business. Without proper finance management, the entire business organization can crash down. The process involved within the finance department is indeed a hectic job. It requires enormous time to bring about the utmost accuracy in calculation. But now, you can fetch the accuracy within some time and eliminate tiring paperwork. Franchise software is at your business door!
Do you want to see how the software acts as a financial remedy? Check out this article.
- Automatically calculate royalties using Franchise Software
Franchise management software can accurately calculate the royalties. The process is automated. You being a franchisor, can download a file based on the definite fee settings. This file is further uploaded to your banking institution. The money is debited automatically from the franchise’s account and subsequently credited to the franchisor account. This process reduces the extra time and effort. Now, you can evaluate the royalties with ease. Besides, the software gives standardized financial templates to all the franchises for easy comparison and calculation. The certified solution helps in all accounting processes. Not only royalties but an integrated platform of Franchise software also aid in calculating sales entry and other budgets. The software erases all manual work.
- Automated invoicing using Franchise Software
Franchise management software allows users to create invoices. It applies to both royalty invoices and customer invoices. After raising the invoice, the software further pushes the data to QuickBooks. Therefore, avoiding the need for dual entry. In the case of royalty invoices, both the franchisor and the respective franchises can check them frequently. The entire process takes place automatically. It is a centralized and semi-centralized system that operates simultaneously. The franchisor can fetch the royalty invoices, and the franchises can get the customer invoices by exempting any error. The software records all financial data. Thus, if any error is present, it will automatically pop up in the integrated platform.
- Tracking payments using Franchise Software
Tracking payment is a complex task for any business organization. Not anymore. Now, it is easy. The franchise software offers a module to track dues and all other kinds of financial data. The key performance metrics of finance, royalty agreements, and others serve as the basis of tracking. The software allows automated forecasting. Moreover, the provision of electronic payment transfer is significant in recording and registering cleared dues. It further assists you in reviewing audits online, scheduling them, and rating the Franchises performance accordingly. It is visible to both the specific franchises and the franchisor. The process takes place by the standardized deployment of finance. Furthermore, royalty reporting is customizable. You can set royalties based on location, service, or any product. The software supports a wide range of physical interfaces, thus making finance tracking much faster and easier.
- Faster payment processing
Sometimes, processing a payment involves too much time. Collecting payments tends to become difficult. You need to check if the payment has arrived or not. Checks and money orders are indeed time taking processes. It raises complexities, with minute mistakes. Well, the Franchise management software acknowledges the problem efficiently. It helps in making the payment process much faster. You have to click, and the payment is ready. Besides, there are direct payment options. These options are available to everyone, more or less. For instance, PayPal, FPN, Authorize.net, etc.
- Making projections of royalty payment
Royalty payments are used to strengthen the business mechanism. By making projections of royalty payment, franchise management software aid in strategic planning. Billing is vital to understand the current position of the business. It helps to identify how to improve from that particular situation shortly. Such an aspect can pave the way towards generating more revenue and ensuring business sustainability.
Billing and cash flow are an integral part of any Franchise business. For bringing the vast and complex process of finance into a platform from where diverse channels of payment can begin its action, few tools are needed. Here, the Franchise management software plays a key role. If you are willing to keep the heart of your business safe and secure, and continuously running, avail yourself of Franchise management software now.