How Docyt’s Real-Time Revenue Intelligence is Changing the Game for Hospitality Businesses
Revenue reconciliation is a constant battle in the hospitality industry. Payments arrive from diverse sources and do not always reach the bank as they should. Revenue streams get misposted, someone forgets to update the spreadsheet. Additionally, there are POS reports, cash collections, OTA settlements, credit card batches, and refunds that arrive at varying times and […]
Why Multi-Location SMB Owners Need Daily Revenue Insights
In today’s competitive landscape, small and medium business (SMB) owners managing multiple properties face unique challenges in tracking revenue across their portfolio. Whether you’re overseeing several rental properties, a chain of retail locations, or multiple hospitality venues, waiting for month-end financial reports is simply too slow for effective decision-making. Docyt’s Daily Flash Revenue Report has […]
Five Common Accounting Challenges for Multi-Location Businesses
No business operating across multiple locations escapes the complexities of multi-location accounting. Whether it’s a hotel business expanding from one location to a few, a mid-sized company managing regional branches, or an enterprise dealing with nationwide or global operations, accounting challenges follow at every stage. Multi-Location Accounting – A Challenge for Everyone A business that […]
The Future of Franchise Accounting: AI-powered Bookkeeping and Accounting Solutions
Franchise Accounting – Hard to Manage & Harder to Optimize Diverse revenue streams, shared financial obligations, stringent regulations & compliance, multi-location operation & more – the franchise accounting landscape is rife with many complexities that make it harder to navigate for franchisees and franchisors. In addition, the need for fast, precise, and standardized reporting and […]
6 Ways Artificial Intelligence Can Enhance Franchise Operations
While the franchise model offers a blueprint for success, constant adaptation is key to staying ahead. Embracing artificial intelligence (AI) will allow franchise owners to streamline their business operations and become more competitive and profitable. Here are 7 reasons for franchise owners to embrace AI. 1. Effortless Revenue Reconciliation and Accounting Imagine never having to […]
How to Properly Analyze and Improve Unit Economics, Part 3
Accurately analyzing and enhancing unit economics is non-negotiable for businesses aiming to achieve long-term sustainable growth and success. This process entails taking a deep dive into calculated metrics for two main reasons: (1) to determine the efficiency and profitability of each unit sold by getting down to the root causes of any positive or negative […]
Unit Economics: What’s a Good Ratio, and Why?
Unit economics is the one must-know concept for any business eyeing sustainability and progress. This article is the second in an informative three-part series about unit economics and adeptly answers the question: “What is a good unit economics ratio?” The first article provides a step-by-step guide on how to calculate unit economics, and the third […]
How to Calculate Unit Economics – Part 1 in 3 Part Series
The business world is dynamic, and navigating that terrain as a financial leader or business owner requires a firm grasp of your financial well-being – it is paramount to success. Out of all the factors to consider, and there are many, unit economics reign supreme as a pivotal measure that unlocks valuable perspectives on the […]
Traits to Consider When Choosing Accounting Software for Multiple Businesses
Taking on the responsibility of owning and operating numerous businesses is no easy feat, yet it can yield great satisfaction. As a proprietor of a small or medium-sized enterprise, you are constantly searching for ways to streamline various aspects of your operations, particularly when it comes to managing finances. Choosing the optimal accounting software for […]
Top 5 KPIs for Multi-Entity Hospitality Businesses
In the hospitality industry, triumph hinges on a strategic approach, especially when managing multiple properties. Vital to this strategy are Key Performance Indicators (KPIs), which offer invaluable insights into business performance and allow hospitality leaders to fine-tune a hotel’s operational performance and guest satisfaction. In this blog, we’ll explore 5 essential KPIs that can significantly […]
5 Ways to Navigate the Top Tax Pitfalls for Multi-Entity Businesses
Running a multi-entity business is rewarding, but navigating the tax maze can feel like a challenging puzzle with ever-shifting pieces. These complexities can lead to considerable financial headaches and legal trouble down the road. It is crucial to grasp and pre-emptively tackle these hurdles to safeguard your business from making costly errors while filing taxes. […]
Avoiding Tax Traps: A Guide for U.S. Multi-Entity Businesses
Starting or operating a multi-entity business is a blend of rewarding endeavors and pressing challenges. Multi-entity businesses face a myriad of challenges while filing their taxes. In this blog, we will delve into the most prevalent tax pitfalls that U.S. multi-entity businesses face and discuss strategies for both avoidance and correction. 1. Lack of Record-Keeping […]
