When it comes to any franchisor-franchisee relationship, there’s a whole host of roles and responsibilities assumed by each side. Among them, the franchisor is responsible for providing the brand license and system of operations, while the franchisee provides the capital and hard work. But it doesn’t end there. In fact, for any successful franchisor-franchisee relationship, both parties have to be successful, and it all starts with the franchisor.
Franchisor Sets the Table
That’s right, while the franchisee out in Pasco, WA is expected to work hard, maintain the place and work with a smile, the franchisor is responsible for examining and improving the system of operations so each location can function at its most efficient level possible. Improving the operational efficiency of every location is more than just sharing the secret sauce recipe, giving an inspiring quarterly speech and ensuring marketing support. It’s just as much about helping each Franchisee record and track revenue and expenses, down to the penny, so that everyone’s on the same page. Oh yeah, and doing it without taking 2 weeks to complete that weekly report. But every location has been using that entry level accounting software since forever. Time for a change.
A Database for Each Location? Not Quite
But how? Our guys are already swamped, knee deep in walk-in inventory and long checklists. It’s taking forever to get those reports A week for that weekly summary. Nearly two weeks for the month-end financials. Let’s not talk about quarterly updates. Still, let’s put away the want ads for the extra interns you have to hire. While we’re at it, let’s also dismiss the thought of approved massive overtime for your GMs so they can try and catch up on their reports.
Your team knows how to create the reports and they know what information is needed. So, where’s the disconnect? If the team is on point, then the problem lies in accessing and retrieving that critical data. Your people need information and answers to important questions, and they shouldn’t have to go in and out of databases just to get them.
Set Up Your Franchisees for Success
Great news: It doesn’t have to be that way. No bulk order of elbow grease needed. With the right accounting solution, your franchisees can routinely expect optimum performance from each entity. Maintaining a high level of operational efficiency can be the standard and the norm, not just a hopeful exception. With the right accounting solution, your franchisee can easily view consolidated financials and drill-down to analyze each entity’s or franchise location’s financial performance. In short, you can find and maintain a balance between overseeing without micromanaging. But how? Hint: Just one database, on one platform. Well, let me introduce you to Gravity Software™ (Gravity). Gravity’s robust cloud-based accounting solution is written on the Microsoft Dynamics 365 (aka Microsoft CRM) platform. A solid platform that hosts over 4 million users worldwide.
Increase Productivity & Move to the Cloud
While you’re looking for the best ways to improve the overall business model, manage and oversee the financial performance of each location, you’re also (read: always) looking for better, more efficient ways to operate and reduce (or eliminate) unnecessary costs. By implementing Gravity’s business financials, every franchise location will enjoy all the benefits and efficiencies that Gravity has to offer, while reducing overhead and expenditures almost immediately. With Gravity, your franchisees and their locations, will benefit from…
- easy integration and implementation: That’s right: set-up and implementation is completed in a matter of hours, not days. One immediate result: From Pasco, WA to Royal Oak, MI, no more lost down-time due to tedious upgrades.
- fast and easy navigation and drill-down capabilities: allowing your franchisee to view the individual performance of each location easily and quickly. If a franchisee has locations straddling both side of the Mississippi from Memphis to the Delta, they can compare performance by individual location, by region, or even one side of the river versus the other. No more time-consuming phone calls and follow-up emails requesting information that should be at your fingertips. Instead, enjoy intuitive navigation from front office and sales to core financial data and back again.
- customized security measures and role-based parameters: to facilitate execution of specific operations by various staff at each location. Grant access to those who need it and restrict access when and where necessary. Your franchisee is in control! For instance, a staff accountant may have access to putting invoices in a system, but may not have access to printing checks. Gravity’s Full Role Based Security provides security down to the user and field level.
- timely and accurate reporting: faster and easier access to important data translates into timely and more accurate reports. Gravity’s Advanced Financial Reporting tools allow you to easily analyze, consolidate and present your company’s financial statements without using Excel. Weekly summaries done in minutes. Quarterly updates done in a few clicks. Say goodbye to managing a separate database for each location. Instead, smile and think about all the time you’ll save by having all pertinent data consolidated in one, single (and secure) database. Here’s a great article about Gravity’s Multi-Entity capabilities, “5 Multi-Company Features You Didn’t Know Gravity Has”.
- Easy and remote accessibility: get those answers from wherever you are. Whether you’re at HQ, one of your locations, or on the road, you’ll be able to get and provide answers, make adjustments and decisions from anywhere.
So, if your franchise is on an entry level accounting software like QuickBooks, I encourage you to look at Gravity Software. With Gravity, your growing franchisee can consolidate all entities in one secure database.
Gravity is structured to help manage your franchise and help grow your franchise business. Yes, there are a lot of well-known financial applications and most are expensive to own, with many of them charging for each legal entity. Gravity can happily state that the first five entities are on the house. Move your franchise operations onto new technology and schedule your online demo today! My business is connected. Is yours?