What are the Basics of Franchise Accounting?
As we previously discussed, franchising is a hybrid model that combines small business ownership with corporate oversight. The franchisor is an established entrepreneur with an established, licensed business model. The franchisee is a person or corporation that operates their individual business using the model obtained from the franchisor while having access to proprietary and trademark […]
What is Franchise Accounting?
Franchises exist all around us, but you might not be aware of it. Whether you’re grabbing a sandwich at Subway, dropping off a package at UPS, or staying at your neighborhood Best Western – each of these businesses are franchises. A franchise includes a legally binding agreement that allows business owners to gain access to […]
Accounting Trends to Look Out for in 2023
The world of accounting has changed dramatically over the last few years. From the COVID-19 pandemic to an increasing focus on digitalization – the way businesses utilize their accounting resources continues to evolve. Small business owners should focus on staying up-to-date with current trends to maximize accounting efficiencies and processes. In 2023, small business owners […]
How Can Accountants Automate Data Entry?
Accountants can spend over 10 hours a week performing manual data entry tasks – this adds up to more than 500 hours yearly. Whether they’re recording journal entries in accounting software, coding transactions, or performing multi-entity expense management duties – a large portion of their time is often spent on repetitive manual work. Using automation […]
Complex Multi-Location Expense Management Made Easy
Many people dream of building and scaling a successful company. However, expense management can be a challenge for owners with multiple locations. Organizations that fail to control expenses lose money or will eventually shut down. Managing expenses is simple in theory, yet complicated in practice. Effective expense management is a critical component for maintaining business […]
How Multi-Entity Financial Reporting Can Unlock Performance Insights
Managing multi-entity companies comes with inherent financial challenges. Each location, subsidiary, or operational entity has its own unique systems and processes with disparate data across multiple sources. Having consolidated financial reports is the key to effectively overseeing operations across entities. Consolidated reports give owners insight into the financial status of each entity. These reports allow […]
How Will ChatGPT Affect the Future of Accountants and Bookkeepers in 2024
If you’ve been online or active on social media in the past few years, chances are ChatGPT needs no introduction. As a mainstay of American culture, nearly everyone has encountered some form of ChatGPT at this point. But on the off chance you haven’t heard, ChatGPT is a natural language processing tool driven by AI […]
Continuous Reconciliation Makes Month-End Closing Faster & Easier
Accounting is the job that’s never finished. As a small business owner this means preparing tax returns, reporting financial data, and performing month-end closings. Most companies require month-end closings to ensure accurate financial records are kept throughout the year. Month-end closings finalize a business’ financials during a given month using accounting procedures to review, record, […]
Automated Financial Reporting and Statements for Your Tax Accountant
The tax season filing deadline of April 18, 2023 is right around the corner. If you’re a small business owner, that means it’s time to call your accountant. However, tax season can be stressful for accountants as they’re required to work long hours, meet tight deadlines, and maintain client confidentiality. Handling small business taxes requires […]
Multi-Location Accounting: Best Practices for Running Multiple Franchise Businesses
Successfully growing a franchise business is a team effort. Growth also leads to complexity, especially with your accounting. If you own multiple franchise locations, or want to grow from one location to many, this article is for you. We’ll discuss best practices for multi-entity accounting for franchise businesses. Start with a Centralized Database A centralized […]
Unlock Your Credit Potential: How Integrating Docyt and Corporate Cards with Up to 5% Cashback Can Help Your Credit Score!
Using credit cards offers a number of benefits over cash-based payments. Better cash flow management, increased spending ability, and credit establishment are the most common reasons for credit cards. Corporate cards provide employees with a means to pay for business expenses incurred such as airfare, hotel, and dining. Corporate credit cards also help streamline employee […]
The KPIs You Need to Be Tracking in Quick-Service Restaurants (QSRs)
Are you a quick-service restaurant (QSR) owner or operator? If so, understanding the financials of your business is essential to success, but it’s not the only metric you should be tracking. The KPIs you choose to measure can have a major impact on your ability to make informed decisions and adjust your strategies in order […]
