Due to the number of individual entities they operate, franchise companies have countless specialized reporting needs. Using an older accounting system compounds the challenges of this reporting. With Sage Intacct’s report writer, your franchise company can streamline its reporting process while focusing on and comparing the performance of each aspect of its business.
Unlike spreadsheet-focused reporting, Intacct’s report writer is very user-friendly. Intacct users can easily build and update needed reports without having to request help from an expert or access any backend databases. There’s no coding involved. All employees need is a little training on how to use Intacct’s report writer. When your company uses Intacct, you won’t need to have a person on staff that does full-time reporting.
How using Intacct’s Report Writer will improve your company’s reporting:
Cut down on the time and effort of comparing multiple entities. Franchise companies often need to evaluate results between stores over time. You might want to look at your two most successful stores for this year and last year to see how each store is doing and what may have changed. Intacct’s report writer offers the capability to do that analysis and really dive into the numbers.
Manually producing a report that measures the performance of each entity against one or more others takes a lot of time and effort. With Intacct, you don’t have to export any data to Excel. All the numbers you need are already in the system. When it’s time to report, you just need to decide which entities you want to see.
Help your accounting staff work much more efficiently. With Intacct’s group report feature, an entire financial package can be run with one click of a button. The package can include your company’s balance sheet, income statement, cash flow, maybe a general ledger or a trial balance. All of these can be run in a single report group that can then be exported as a PDF or Excel spreadsheet.
When you need to run a single report for each individual entity within the system, all of them can be processed as a group, whether you’re looking at 15 gyms or 100 restaurants or whatever your franchises happen to be. Though the reports will be printed individually, you only have to run the reporting once.
Allow franchise locations to produce reports on demand. Reports can be run at any time, for any time period. For instance, the general manager of each entity can go in and do any type of report on any day of the month. The GMs don’t have to sit and wait for end-of-month reporting. Giving the GMs access to Intacct for reporting can also reduce the amount of time your company’s accounting staff once spent compiling reports, sending them out and answering questions.
Save your company time on both reporting and month-end closes. When one franchise company switched to using Intacct’s report writer, monthly close time was reduced by 50 percent. Employees cut their reporting time from 10 hours to two hours.
Increase overall accuracy. When spreadsheets are used to produce reports, formulas can be changed accidentally, updates may not be made and rows can be moved by mistake. With Intacct, there is less room for human error. Reports are as accurate as the data in the system.
To find out more about how your franchise company can streamline its reporting with Sage Intacct, schedule a call with one of the experts at RSM today.