20 Sep How Adaptable is Your Franchise Business?
We can all agree that times have changed. Change is inevitable. What differentiates a successful business from the rest is how well they adapt to the change. Top challenges such as hiring and retaining labour to meet dynamic needs, eliminating resource-intensive manual processes, and expanding the finance role inro strategy & operations are crucial characteristics of an adaptable business. How adaptable is your franchise business?
46 % of franchise businesses consider the expansion of locations to be one of the biggest opportunities for brand growth. The shift from on-premise to predominantly off-site sales has had a major impact on financial management processes. With essential capabilities in your financial software, adapting to the new normal is simplified. Market conditions will always change and your accounting and financial software should enable you to steer your business in these ever-changing market conditions.
Top 5 desired features in accounting and financial software
- Process and data automation
- Better integration between other systems to share data
- Real-time reporting
- Quicker, easier reporting
- Better multi-entity support
An adaptable business requires a system that automates and streamlines processes across entities to increase efficiency. Choose a solution that integrates with best-in-class systems suited for your ecosystem through its API. A system that analyzes real-time performance by drivers.
Many businesses avoid investing in modern solutions as they have a fear of having to learn something new. This is why you need a system with a shallow learning curve, with easy-to-use custom report writers and dashboards. But, most importantly, for franchise businesses, software that continuously consolidates multiple entities.
With that being said, How Adaptable is your franchise business? Need guidance or more information on a system with the flexibility to fit any business and provides automation that lets accounting departments thrive?