Revenue Accounting – What is it and Why is it Important?
Earning cash and generating revenue is a fundamental aspect of doing business. Regardless of whether you’re selling hot dogs, clothing, or running a large hotel franchise – every company’s success depends on revenue. However, in the accounting world recognizing revenue can be a bit more complicated. You would think that a business simply has to […]
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 […]
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 […]
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 […]
How Non-financial Metrics Help in Understanding the Overall Health of a Hotel Business
As a hotel owner or manager, it’s important to keep track of both financial and non-financial metrics in order to get a complete picture of the health and success of your business. While financial metrics like revenue and profit margins give you a sense of how well your hotel is performing financially, non-financial metrics can […]
Gain Control with Strategic Department Budgeting with Live Financial Reporting
Large corporations are highly distributed. Profit incentives, shareholding structures, and financial success metrics are jointly owned by key executives of each department. Over centuries, corporations have evolved departmental budgeting and P&L management into a science. This process makes sure that there is no single point of financial failure and all departments have responsibility towards the […]
How to Empower Your Business Controllers and Operators to Grow Your Gross Profits
The relationship between franchise owner and general manager can make or break an organization’s success. A foundation of mutual trust, respect, and communication must be established in order to facilitate an effective partnership. Both the owner and manager want to ensure the hotel is profitable, and they must work together in order to accomplish this […]
Intercompany Transfer Reconciliation: Are Your Inter-entity Transfers All Tied Up and Reconciled?
Companies often have multiple subsidiaries or entities – and it’s probably more common than you think. Did you know Super 8 hotels are owned by Wyndham Hotel & Resorts? Perhaps you’re aware that Hilton is the parent company of hotels such as Waldorf Astoria and DoubleTree? Although these businesses function independently, they are owned by […]
How to Protect Your Blank Check Stock Paper and Prevent Fraud
Picture this… You’re the owner of a successful deli that’s been in business for over 15 years. Every day you wake up, put on your apron, and get to work. You arrive early in the morning before dusk to make sure the kitchen is cleaned and prepped. Then you fill the registers with cash, check […]
Are You in Control of All the Credit Cards that were Created in the Name of Your Business?
Trust But Verify All Spending As a business owner, it’s crucial to strike the right balance between trust and oversight. On the one hand, it’s essential to trust your team and give them the autonomy they need to do their jobs effectively. On the other hand, it’s equally important to keep a close eye on […]