Everyone starts their franchise with a goal of reaching the top position in the market. As a franchise owner, you will always want you to grow your income exponentially though franchise royalty payments. However, checking on and collecting your franchise royalty fees is not as easy as it seems. There are several hurdles and problems that franchise owners have to face in their franchising journey while collecting payments. These problems include spending exponentially more time tracking and collecting the franchise royalty payments. There can come several times when it becomes very difficult to keep a track and collect the royalty fees for your franchise. This is where, the BrandWide franchise software comes in. It brings to you, different types of features along with several necessary tips and steps so that you can collect royalty fees of your franchise properly and easily. Let us take a look at some of the tips to collect royalty fees using BrandWide franchise software.
Get real-time sales data
You won’t get the real-time sales details you need to build a realistic image of your royalty income if you track royalties using a static spreadsheet. Your royalties are dependent on the sales the franchises submit as they submit them, not on real-time sales results. You’ll need a way to see real-time sales statistics so you can keep track of your franchise royalties at all times. The BrandWide franchise software provides you with the dashboard to view the real-time sales data. With such an interactive feature in place, it becomes easy for the franchisor to collect the royalty fees properly.
Always go for central source of truth
Version control problems may occur in a core spreadsheet with several editors. You must ensure that everybody is reviewing the most current details in order to correctly submit and document royalty changes. You’ll also need a way to handle collaborative editing so you can keep track of improvements and retain a central basis of reality. The franchise software provides you with the interface where you can make and update the changes accordingly. As such, it becomes easy to track the documents for royalty changes. The franchise software also allows for the necessary editing to take place properly to track the desired changes.
Do not make the payment process complicated
Where it comes to royalty payments, it’s normal for several conflicting schemes to coexist within a single corporation. And these systems are often redundant. Have you found that accounting departments seem to rely heavily on fax machines? To earn royalties effectively, you’ll need to streamline the process by reducing the number of steps needed to obtain payment. The franchise software from BrandWide helps to allow for a smooth payment process so that the royalty fees can be paid seamlessly. Every individual franchisee unit will have their own payment section inside the franchise software which they can utilize accordingly for the payment of the royalty fees. This will aid to collect royalty fees easily with the franchise software.
Use automation services and do not wait for cheques to arrive
Royalty fees aren’t just “another bill to pay,” they’re important to the viability of the franchise. The time you waste waiting for the check to come might be best spent putting the money back into your business. So, don’t put it off any longer; automate. Using automation to credit funds owed from franchisees into your account after they’ve been checked and uploaded. The BrandWide franchise software provides for seamless automation of the credit of funds and helps to take care of the accounts properly. In this way, it helps to reduce significant amount of time that can be used for other franchise operations.
Use the software to check accuracy
Will you have time to reconcile your records? How would you know if anything wasn’t quite right? Loss avoidance and any irregularities can be flagged in the royalty’s collection method. You can already have a checking scheme in place to verify the messages were submitted and accepted, so you can demonstrate the evidence if a franchisee says, “I didn’t get the statement.” The franchise software helps to keep a check on all the records along with any sort of irregularities. It helps to maintain these evidences properly and you can easily use them whenever necessary.
The BrandWide franchise software also allows for easy and seamless integration for the users to create royalty invoices and customer invoices using the software. After this, they can send these invoices to the QuickBooks which helps to eliminate the requirements for dual entry for both franchisor and franchisees.
BrandWide franchise software is a go to if you want to maintain the royalty fees of your franchise properly. Thousands of franchise owners are already using it for their own advantages and what are you waiting for? If you are interested, go ahead and order a demo today.