Best CRM Solutions for Franchises Accounting errors are detrimental to any business. They can put your business prospects in jeopardy. Not only this is true for the smallest of businesses concentrated at single locations but also holds good for large companies having a comprehensive franchise software system. One accounting error has the potential to spell havoc on the entire operation of your system.
Accounting errors primarily include the following:
Individuals with no proper software knowledge committing mistakes
They give rise to data inaccuracies, wrong computation of tax returns, and many more.
To prevent the occurrence of such mistakes, it’s imperative you take the sundry benefits of an accounting franchise software system into consideration. It can help reduce or fully eliminate human errors in the following ways.
You can resort to a centralized system with absolute security
In the first place, the main function of a franchise accounting software system is the storage of all relevant financial information in the single place which is in actuality a centralized, highly secure digital library. You can significantly benefit from the library as all data can be easily searched and accessed.
Besides, the feature permits you in copying, transferring, and sharing data to not just computers stationed at your office premises but mobile devices as well. It thus helps share a general understanding among everyone whether data is or isn’t entered within the franchise software system.
You can say goodbye to double entries
When you incorporate a franchise accounting software system into your business operations you need not be weighed down by the dreadful thoughts of double entries. The software can also be merged with a leading accounting software package such as QuickBooks.
By doing so, it will immediately come to the knowledge of your staff whether the data was entered and by when. Consequently, you and your team members will be spared the precious time to go back and check entries to find out where precisely the mistake was made. Rather, you can devote time attending to more crucial matters to make sure your revenue earnings continue to grow.
You can create auto-generated reports
Manual report generation will always lead to errors. Furthermore, you need up-to-date information related to the following.
Any delay caused in producing the reports because of human intervention and subsequent errors will compel you to make decisions on the basis of obsolete, useless data. You need to steer clear of this scenario. Here, a franchise software system can lend you the hand.
Because of the inherent flexibility of the software, with simple effortless customization, you can generate reports concerning every domain of your franchise. The software ensures you get the latest, reliable accounting information during urgent requirements.
You can no more fail to make payments in time
Ensure the accounting system of your franchise integrates easily with QuickBooks. It’s a sure-shot way to make certain you don’t go through the hassle of several missed payments. Being forgetful of paying your vendors in time can worsen long-cherished trustworthy relationships.
In some cases, incorrect data is manually entered into the system showing that a certain vendor has already received the payment. In other cases, people simply assume the payments are being made without even crosschecking the database information.
However, when a franchise software system is consolidated with your accounting framework, you can finally break off with these problems. You can promptly pay your bills. It helps develop and sustain a good reputation among your vendors and customers. With cutting-edge accounting software in place, such unnecessary headaches can be avoided.
You can pay heed to verification’s and reminders
In a franchise management system, you either pay your vendor or receive payments from your franchisees. Both these requirements are met when you put a franchise accounting software system in place. It allows being notified about pending payments with the help of triggered reminders. It also ensures payments are delivered to vendors automatically.
The software system helps in:
Reminding you to make payments
Sending you details after verifying successful payments
Verifying invoices and several other relevant documents
With time, operating a franchise becomes increasingly complex. So, a franchise software system for accounting can achieve doing these tasks to make the functioning of your department more streamlined and efficient.
You can execute on-site billing
In a franchise, on-site billing is a highly preferred feature for field representatives and customers alike. So, when you opt for a franchise accounting software system, you are able to eliminate the need to spend considerable time inputting invoice data within the accounting system. The feature makes sure your money won’t be miscalculated, misplaced, or stolen.
You can keep lost receipts in safe custody
This is especially relevant for service-based franchises. You are bound to have employees spread across different parts of the city or town where your operations take place.
The responsibility of your employees is to collect payments. Furthermore, they’re accountable to provide receipts to your customers. Of course, they must keep a copy of the receipts with themselves at the same time.
But losing even one receipt can end you up in accounting chaos. If your franchise software system offers on-site billing and straightforward use of debit or credit cards to do instant payments of the services extended, you need to have to worry at all about balancing your books or computing your taxes in the event of numerous missing receipts. The franchise account software system will help remove the discrepancies and take care of these problems.
In case you have occasionally run into problems in connection with human errors in the accounting department of your franchise, avoid losing your valuable time and money finding out what exactly went awry.
Rather, get in touch with us at BrandWide and gain an understanding of how our distinctive franchise software system for accounting helps accept payments, tracks invoices and receipts, and generate reports in a simple, plain-sailing fashion. You can pay a visit to our website at meetbrandwide.com or give us a call at 1-800-763-3766/(510) 413-9000 to ask for more information.