Revenue Accounting – How to Understand your POS Revenue Report
All companies have to generate revenue in order to be successful. Whether you’re a hotel, a restaurant, or a clothing store – revenue is the fuel that keeps a business moving forward. However, tracking revenue isn’t as simple as it used to be. Once upon a time, companies could simply make a sale, collect cash, […]
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 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 […]
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 […]
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 […]
Employee Cards: The Simple Way To Manage and Collect Receipts
Many businesses require employees to incur various expenses such as hotel costs, airfare, and dining. However, managing these costs can be a time consuming task due to expense reports, reimbursement forms, and other administrative paperwork. Using corporate cards can help companies streamline and manage their employee expenses. Corporate credit cards can be useful for helping […]
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 […]
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 […]