Online Accounting for Franchise Networks
Carl Reader, Dennis & Turnbull Ltd
As a Franchisee your might be offered an online accounting solution through your franchise network.
We have found that online accounting packages are extremely beneficial for both franchisor and franchisee, as it allows franchisor a simple way to access the financial information that they are entitled to through the franchise agreement, whilst giving franchisee a functional yet easy to use accounting package that can be accessed anywhere. Such packages are especially beneficial for franchisees who are mobile, or those who operate from home.
The technology behind online accounting has moved on quite significantly, and the packages are now comparable with traditional desktop software. Some software packages even allow you to access your financial information from your mobile phone!
If you are offered an online accounting tool you should ensure that you are utilising it to the full. Some packages will allow you to import bank transactions from your online banking, and this could save you a significant amount of processing time. You should also ensure that your accountant is fully conversant with the package to reduce your accountancy fees.
Carl Reader is the head of franchising at franchise accountants Dennis & Turnbull, a leading firm of accountants in the franchise industry.
The above information is provided as general advice and no liability is accepted by the author, Dennis & Turnbull or Select Your Franchise in respect of individuals or businesses acting on the above. Independent advice should be sought in all circumstances.
Tags: accounting, carl reader, franchise
