What is Revenue Accounting 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 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 […]
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 […]
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 […]
Learn the Benefits of a Consolidated Balance Sheet for Multiple Companies
Effectively owning and operating multiple companies requires having a team of knowledgeable individuals in place such as executives, managers, operations, and support staff. Owners should install the right team and instill proper task delegation. Yet, even with an effective strategy and a strong support system in place, owners with multiple businesses must continually balance both […]
Best Practices for Valuing and Selling Your Business
After careful consideration and several conversations with friends, family, and colleagues – you’ve finally come to the conclusion that it’s the right time to sell your company. Whether you’re moving into a different type of business, redistributing capital to another company, or retiring altogether, creating a proper valuation strategy is critical to understanding the value […]
Key Performance Indicators (KPIs) Tracking & Advanced Financial Reports
If you’re a business owner, you know how important it is to have an accurate view of your financial performance. Traditional bookkeeping services may offer basic financial statements, but these alone can’t provide you with the insights you need to make informed decisions about your business. To gain a fuller understanding of your financial performance, […]
How Shipping Companies Can Leverage Automation During the Holidays
The air is crisp, the leaves are turning and Amazon’s Prime Day is already in the books, which can mean only one thing: the holidays are nearly upon us. Between holiday gifts, greeting cards and Black Friday orders, an estimated 800 million packages are expected to be shipped during the upcoming season, marking one of the highest […]
