Jim Connell of Wildfire Technology hosted a discussion to answer this question. Here he discusses the results.
“Recently I posed this question on Linkedin. As developers of franchise management software, it is important for us to know how franchises view data so that we can consider how we handle data in our own systems.
As with many franchising topics, this has caused a lively discussion, with participants from across the globe making interesting contributions. Most contributors believed that the data belongs to the franchisor, but this was not unanimous.”
Tags: business planning, finance, franchise business, franchise development, Franchise Finance, franchise growth, franchise information, Franchise Legal, franchise news, franchise suppliers, franchise tips, franchisees, franchising in the uk, Jim Connell
Richard Dorf of PXtech warns of ‘sweethearting’, where employees give free goods away to friends and family:
“Most of us will be familiar with spending money on our loved ones. But have you ever considered how much ‘sweethearts’ are costing your business on a daily basis?
Franchise owners are consistently focused on protecting their profit margins but it’s easy to overlook the impact that fraudulent staff activities, such as ‘sweethearting’, can have on revenue. Richard Dorf, MD at EPoS specialist PXtech, explains how the latest BI solutions can help to identify discrepancies and protect bottom line profit.
Sweethearting – a term coined to explain the process of staff members giving away free goods to friends and family at till points, is fast becoming a trend that franchisers could really do without. Employees may see the odd “freebie” for a friend or family member as a perk of the job, but the impact on revenue can be devastating. For example, imagine that an employee gives away goods to the value of £10 a week. That’s £520 a year. Now imagine that happens in each of your ten franchises – £5,200. Not to mention the chance that if one employee is doing it successfully, others will be too.”
Click here to read the full article.
Tags: business planning, economy, finance, franchise business, franchise development, Franchise Finance, franchise growth, franchise information, franchise research, franchise suppliers, franchise tips, franchising in the uk, franchisors, richard dorf
Rhea Samrai of Dennis & Turnbull talks about the upcoming changes to PAYE:
“From the 6th of April, changes to the PAYE process using Real Time Information (RTI) will take effect. A recent survey of 126 Small and Medium Enterprises by DTE Business Advisers, however, showed that 96% of these businesses were unaware of the changes to PAYE or had no knowledge of how to prepare. More than 50% of those surveyed thought it could create up to 50% more work for their business. For those employers who have staff brought in at the last minute, submitting a report to HMRC before or when an employee is paid could present a considerable challenge.
RTI does offer long term benefits to both HMRC and employers, however. Below is some key information about the changes.
What will RTI involve?
Every time an employer or pension provider makes a payment to an employee, they will have to inform HMRC of the detailed of earnings as well as any deductions such as tax or NI contributions. This means that from the 6th, businesses are not permitted to wait until the close of the tax year to report earnings and deductions.”
To read the full article, click here.
Tags: business planning, economy, finance, franchise business, Franchise Finance, franchise information, Franchise Legal, franchise news, franchise research, franchise success, franchise suppliers, franchise tips, franchising in the uk, Rhea Samrai