Ensure uniformity among all of the franchisees within the network. With our partners we be able to assist franchisor management with accurate franchisee data, compare franchisees revenue and expense reporting data and assist with results that will show top performers and why they are preforming at the top of the class.
In addition, the same data will show franchisors revenue information and expenses data for the under performers. Of course, this will be useful data to assist the franchisee implement strategies to become a top performer. The franchise data is collected within QuickBooks accounting software and used in the Qvinci software to produce the corporate reports.
Whether you are a franchisee or franchisor, keeping track of your organization’s financial situation is critically important. Here is how RMH Business Solutions can help!
1. Use today’s technologies. With so many financial management tools to help you keep your accounts in the best condition and with multiple franchise software solutions for your business, you can easily explore tools and systems to help make financial reporting easier and simpler.
2. Be financially organized. This helps you keep an eye on your financial position, so you always know what’s going on with your business, money-wise. If your financial organizational skills are less than stellar, you could look into hiring someone to do this for you.
3. Investing in the right tools. If you’re just starting a business with partners, and you end up taking care of the financial side of the business, then you need to acquire the right tools before you get started. The right tools and systems can slash down hours from your bookkeeping and accounting processes. It can also help you streamline those processes, so you have more time for core functions of the business.
4. Keep records up to date. One of the main advantages of financial software is that updating the information you have is easy. You won’t have to enter the data manually from one program to another. You can export the data easily enough. That’s not just convenient; it also helps reduce the risk of errors that naturally come with manual data entry tasks.
5. Never miss a tax deadline. By using financial management tools, keeping track of your tax and payment deadlines is easy. Late tax payments mean you need to spend more on fines and interest. That’s money that could’ve been better spent elsewhere. So stop wasting your financial resources. With the right software, you’ll only need to pay what you owe and not a cent more.
It’s important to not let a lack of financial know-how hurt your business. Know how to streamline your financial reporting by with the right knowledge and the right tools.