To survive the current competitive landscape, franchising businesses need to continually evolve, as technology is revolutionising the way we interact and exchange information. To keep on top of performance and drive decision making, financial and business processing have to be fast, reliable and efficient.
Key benefits of outsourcing to franchise businesses
We can help franchising businesses (both franchisors and franchisees) ensure they have joined up systems across their franchisees and efficient methods for franchisee to franchisor reporting via the cloud. This includes accurate stock management systems, linking EPOS to cloud accounting and reporting KPIs promptly highlighting areas franchisees are performing better against their peers, and also areas franchisees require more support from their franchisor. This enables the franchise owners to make informed decisions about their businesses.
By using automated software we can remove human input error and ensure that processes cannot be overridden. By outsourcing services, you receive dedicated support, free from internal administration duties within your organisation, giving you confidence they are focused and efficient in delivery. Outsourcing also means you can be safe in the knowledge you will have continuity of service in case of illness, holiday or study leave.
With improved efficiencies from automation and ‘in sync’ products, outsourcing costs are very comparable to employee costs, without the obligations (payroll running, auto-enrolment costs and administrative responsibilities) that come with employee status. In addition, as software experts and with dedicated outsourcing teams, we can process and report your data – in your preferred format -efficiently and accurately, to your timescale. Standardisation of reporting across franchisees also assists the franchisor in efficiently reporting and comparing the performance of their franchisees with minimal additional input required from franchisees. They can upload required data from their current systems into the franchisor’s cloud-reporting platform.
Cloud software
A common way for franchisors and franchisees to achieve efficiency in their systems and processes is by moving to online cloud software, with key benefits:
- Visibility of live accounting data from anywhere in the world
- Cutting down on manual jobs, allowing more time to focus on other tasks
- The ability to be completely paperless
- Seemless linking of data between franchisee and franchisor
Cloud software has improved the ability to link with ancillary products, i.e. cash flow forecasting, bank account entries, EPOS systems (for retail & hospitality franchises), invoice scanning and expenses software to create a more integrated back office function.
How we can help
We assist franchisors and franchisees in systems set up and implementation, taking them through the process by reviewing current systems from the ground up to build the best solution tailored for each franchise client – ensuring it works for all parties involved. With a one-off implementation project we ensure that it is right first time, working as desired but get the required support from ongoing queries if required.
Our outsourcing team work with franchise businesses to take increase efficiency in their accounting function, freeing up the business owner’s time to focus on strategic matters and growing their franchise business.
If you would you like more details of the range of Menzies Outsourcing solutions and how this could give you more confidence in your accounting system and financial results, please contact:
