Does Online Accounting work For Franchises?

11th May 2015

Does Online Accounting work For Franchises?

At Plus Accounting we are big fans of online accounting products such as Xero and Sage One. Having your accounts data in the cloud gives you as a business owner, access to the most up to date information about your business which allows you to make informed decisions. It also lets us, as advisors, access your data to provide guidance in real-time not just at the end of the financial year. 

Amongst our clients are a number of franchise business owners covering a range of sectors including several McDonald’s franchisees. Having successfully migrated one such client onto an online accounting system this year we are already starting to see the benefits of online accounting compared to the previous desktop based system. 

One particular client owns several McDonald’s restaurants and with online accounting they are able to quickly and easily make comparisons of performance from month to month or between restaurants. This allows them to keep tight control over costs and identify problem areas as they arise. 

If, like many franchise owners, you have multiple locations, cloud accounting, allows you to access your data from anywhere (provided you have an internet connection) which means you can easily manage and use your financial data from each location. 

Cash flow management is an essential part of managing a successful business and this can be even more important for franchisees looking to expand their business. Online accounting provides a great platform not only to measure the cashflow of your business but also to plan ahead for future business acquisitions. 

Having an online accounting system also allows multiple users of the system with different levels of access. This means you can have staff at each location entering data onto the same system at the same time allowing you to streamline your accounting system. 

If you are a franchisee and are interested in moving to an online accounting system please contact us at Plus Accounting for a free consultation – 01273 701200 or info@plusaccounting.co.uk 

 

Written by Andy Blake, Senior Accountant

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