Running a successful business can be a challenging undertaking for even the most experienced professionals. Managing revenues, recruiting talented staff, and creating sustainable growth are just a few of the common obstacles faced by business owners. Operating a business with multiple locations compounds each of these challenges.
Whether you’re a street vendor selling hot dogs or you’re operating a multi-million dollar hotel franchise – a multi-location company’s success is dependent on revenue. However, there are several challenges business owners face when it comes to managing revenue across locations. They must be able to track daily and monthly revenue transactions and view revenue reports across all locations. If the business has multiple revenue streams, they must also be able to oversee individual reports for each department.
Businesses must create sustainable techniques in order to grow to multiple locations. Having financial resources to support expansion while simultaneously growing revenue can be challenging for businesses without the right tools in place.
The Importance of Managing Multi-Location Revenue
Effectively managing revenue across multiple locations is critical to business success. Failure to do so can result in financial losses and mishaps. Let’s say you’re a hotel owner with locations across various regions in the United States. You begin reviewing revenue reports for each hotel and notice a vast disparity in revenue generation and sales. On the one hand you have a thriving hotel in Miami, Florida that’s selling out rooms daily and generating massive amounts of revenue. On the other hand, you notice your Little Rock, Arkansas location is struggling to generate sufficient revenue to make ends meet. So you decide to change your business model and reappropriate funds. Having this level of financial oversight across each of your locations can help to maximize resource allocation and business profitability.
Fraud detection is another potential area of concern for business owners. What if you begin to notice one hotel location losing money suddenly? After taking a closer look, you decide to cross-check cash earned against cash deposited in your bank account. The two numbers don’t seem to reconcile and upon further investigation, you discover one of your managers has been stealing cash. Having these revenue insights across locations can be a valuable tool for business owners to detect potential theft.
As a business owner, you can’t always oversee every aspect of your multi-location financials at the same time. That’s why Docyt can be your eyes and ears – giving you full visibility over your revenue accounting.
Docyt Manages Your Multi-Location Revenue Accounting
Docyt’s accounting automation software can help business owners track daily and monthly revenue. Docyt can pull in bank account transactions and produce revenue reports across all locations. If your business has multiple revenue streams, you can even view individual reports for each revenue-producing department.
Docyt allows business owners to have complete visibility across all locations so you can view what you’ve earned by payment processor, spend category, and by day. You can even break transactions down further to view customer purchases, payment type, and credit card used at each location.
Managing revenue across multi-locations can be a challenge for business owners. Docyt’s accounting automation platform can make your life easier.
Grow Your Revenue With Docyt
Revenue is the single most important factor for business growth and sustainability. If companies want to grow and succeed, managing revenue is critical. Docyt helps businesses manage their multi-location revenue with ease.
Get real-time financial insights, reconcile daily revenue, and view revenue reports and bank deposits across all locations. If you’re searching for the right tool to manage your multi-location revenue accounting, schedule a free consultation today.