What do New Zealand franchisees and franchisors love? They love being their own boss. They love doing what they do. And they love having control of their own financial destiny. There are probably many more reasons, but it’s a sure bet dealing with bookwork isn’t one them.
Bookwork is a real hassle. That’s why franchises are relying on time-saving online accounting solutions to help make their lives a whole lot easier. These solutions have freed franchises from tedious
paperwork, financial headaches and worrying about IRD compliance. They now spend less time on bookwork and more time doing what they love.
Many franchises choose to go with an online solution that off ers everything they need to take care of their business – a solution that covers point of sale, payroll, the ability to work on the go, and offers add-ons tailored to their business. Mobile franchises, for example, are benefiting greatly from solutions that let them manage their contacts, send invoices, and take payment on the go. When out and about, they can issue invoices on job completion, see who owes them money and even take payment, all before they’ve left the job. It integrates with their online accounting software and automatically updates their accounts.
Franchises in the retail and hospitality sector are moving away from the standard cash register setup. They’re integrating their point of sale (POS) system with their entire business in one powerful online platform. This solution lets them do a whole lot more than just accept payments from customers. It enables franchises to easily manage sales and inventory. They can track prices and stock levels.
Maximise profits by minimising wastage and human errors. And gain insightful customer data to build loyalty and provide a richer shopping experience. All of this from one convenient cloud-based POS system. Cloud-based POS systems offer franchises the ability to access a variety of add-ons. These can be customised and seamlessly integrated to suit their specific business. Add-ons are available for everything from accounting, payments and CRM to marketing, mobile ordering and advanced stock control. Extending a POS system with add-ons helps franchises save time, grow profit and reduce costs.
Online accounting software also helps franchises meet regular compliance obligations, such as GST. Best of all, franchises can file their GST returns online directly with the IRD, saving time and increasing accuracy. Non-compliance risks are reduced with in-depth reports, and automatic updates keep the franchises up-to- date with any changes to Government legislation (including KiwiSaver requirements).
Franchisees can also quickly and easily share their accounts with their accountant or bookkeeper online, so any problems can be spotted and fixed immediately. Record keeping is also made a whole lot
easier. Bills and supplier invoices are saved directly into the franchisee's accounts. This makes working with accountants more efficient, reduces the amount of paper filing and simplifies document retention requirements.
A good payroll system will take care of all elements of paying your employees and automate the compliance changes for you. An online payroll system such as MYOB Essentials
lets you process payroll in three easy steps, it automates your wage and PAYE payments as well as your monthly IR filing. Specialist payroll functions can also be tailored to work across an entire franchise system, making it easier for franchisees to access the support they need from their franchisor.
When it comes to managing money, an online accounting solution makes life less stressful for franchises. It lets them know how much they have to pay their suppliers and who still owes them money. They can view their cash flow in real time, giving them more control of their finances. The amount of flexibility an online accounting solution off ers a franchise is
impressive. With the right solution in place, they can work wherever they want, how they want and anytime they want. The ability to work securely on the road and still be able to collaborate with a bookkeeper or accountant who is located miles away is priceless – and a real time saver.
As you can see, franchises are flourishing thanks to online accounting software. If you’d also love to take your franchise to a new level with an innovative solution, contact MYOB today for a chat and find out how they can help your business succeed.
Visit myob.co.nz/franchise to find out more.
0800 39 66 38