Why your franchise business needs the right accounting solution

Why your franchise business needs the right ERP solution

If you’re managing a large franchise with multiple locations, the right ERP – or enterprise resource planning – system is key to your success. Today’s cloud-based franchise management software allows you to automate your critical business and accounting processes. The right solution helps you meet one of the key challenges of a multi-unit franchisee – the need to manage the finances of your entire business, while at the same time allowing your individual locations to operate autonomously.

The benefits of ERP are endless, but here are a few of the key areas that can be improved by implementing the right solution.

Optimize your supply chain and inventory levels

Franchise management software such as Sage Intacct offers real-time visibility of your inventory at the corporate level. This means that you can place orders based on the needs for your entire organization and maximize your supply chain relationships. At the same time, your individual franchise managers can access inventory information for their specific locations, minimizing shortage and overstock problems. Every location has the inventory they need when they need it.

Improve oversight

With cloud-based ERP, you can monitor your individual units any time, from any location. Real-time access to sales and inventory information gives you a complete picture of how your outlets are performing, so you can quickly pinpoint any areas of concern and address them before they become bigger problems.

Boost marketing

A good platform can give your individual franchisees the freedom and flexibility to implement their own limited marketing initiatives. They can also share their marketing efforts with the corporate office and other franchisees, allowing good marketing ideas to be easily adopted and tailored.

Keep up with key metrics

A cloud-based financial management solution allows you to track key metrics such as cash flow, inventory levels, revenue, and expenses – both for your individual outlets and your entire organization. Get the visibility you need through customized dashboards rather than time-consuming and cumbersome traditional reporting. And you can give your location managers the ability to see key metrics specific to their locations, and to benchmark their performance against their goals and against other outlets.

With Sage Intacct, you gain the comprehensive view you need for your entire franchise business. You can provide the support your individual franchise locations need and still easily aggregate and analyze large quantities of data from multiple sources. Want to know more? Call MicroAccounting today at 855-876-3773.