Accounting processes become more challenging with each additional franchise location or entity. The amount of time spent on invoices, purchasing and other accounting processes increases, which wastes valuable time and money. Redundant data entry also puts data at risk for mistakes, which can lead to poor decision-making and halt growth in its tracks. How do you maintain oversight of each franchise location and streamline purchasing, invoice and other accounting processes?
The amount of time spent handling invoices is staggering when employees at each franchise location have to scan invoices, for example, and send them to the central office for processing. Upon receipt, your financial team must then match documentation, enter data into an accounting system, then finish processing payments. Multiply this by multiple franchise locations and you can imagine the amount of wasted time and money.
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Franchise Organizations Improve Productivity and Profitability with Microsoft Dynamics GP
A centralized financial management system, such as
Here are a few immediate benefits franchises can realize with Dynamics GP:
- Take advantage of the economy of scale: A growing franchise organization will have a growing list of purchasing requirements and inventory needs. Take advantage of this new buying power by centralizing the purchasing process. This purchasing power gives you an edge when negotiating better prices and terms with vendors and simplifying the purchasing process.
- Gain control and visibility with requisitions: Centralizing requisitions provides leaders with a better view of expenses and spending. The financial team can consolidate orders, monitor expenses and look for ways to cut wasteful spending. Workflows will simplify the requisition process, eliminating bottlenecks and expediting the approval process.
- Document control: Depending on the size of your organization, the number of documents being generated each day could number in the thousands or tens of thousands. Invoices, requisitions, approvals, payments and so many more business-critical documents need to be tracked, filed and ready for financial reporting and auditing in the future. Electronically managing these documents and time-saving workflows keeps all of these important processes and information flowing seamlessly across the organization. Electronic signatures, audit trails and other security processes protect the integrity of data and documents and streamline the auditing and reporting process.
Franchise organizations have complicated processes that quickly outgrow entry-level accounting and specialty software. Ask us how you can manage complex franchise operations with the support of a centralized financial management system.