What Should Franchise Accounting Software Manage?

Franchise accounting software should manage the accounting and financial information required by the franchisor. This can include franchise fees, sales, expenses, invoicing, cash flow and financial reporting.

For businesses with several franchise outlets, the accounting software may also need multi-company, multi-location or consolidation functions depending on the franchise structure.

Franchise Accounting Software for Multiple Outlets

A franchise business with several outlets may require accounting software that can record and consolidate financial information from different locations.

Franchise Fee Accounting

Record franchise fees and other charges relating to franchise outlets.

Sales and Revenue Tracking

Record sales and revenue information for different franchise outlets.

Costs and Expenses

Record operating costs, purchases and expenses relating to the franchise business.

Accounts Receivable and Invoicing

Create customer invoices and track outstanding payments and receipts where required.

Financial Reporting

Generate financial reports to review sales, expenses, cash flow and the financial performance of the franchise business.

Multi-Outlet Accounting

Record and review accounting information from different franchise outlets in the same accounting system where supported.

Financial Consolidation

Consolidate accounting information from multiple outlets or entities where consolidation functions are required.

POS Integration

Connect the accounting software with supported POS systems so sales transactions can be used in the accounting process.

Inventory Integration

Connect accounting and inventory information where the franchise business also needs stock management.

Payroll Integration

Connect payroll information with the accounting process where the franchise business uses a separate payroll or HR system.

Accounting Software for Franchisors

A franchisor may need accounting software to review financial information from the main business and different franchise outlets. The software required will depend on how franchise fees, sales, expenses and other financial transactions are recorded between the franchisor and franchisees.

Where several companies or outlets are involved, check whether the accounting software provides the required multi-company, multi-location and financial reporting functions.

How to Choose Franchise Accounting Software

The franchise accounting software suitable for your business depends on the number of franchise outlets, accounting transactions, reporting requirements and software integrations required.

Check whether the software needs to manage franchise fees, invoicing, accounts receivable, inventory, POS transactions, payroll or financial consolidation before selecting the system.

Speak to our accounting software consultant for a review of the accounting and software requirements of your franchise business.