MAKING LIFE EASIER
in this article:
How MYOB’s cloud-based accounting helps franchisors and franchisees
What do franchisees and franchisors love? Being their own boss, doing what they do and having control of their own destiny. There are plenty of reasons for loving your business, but it’s a sure bet that dealing with bookwork isn’t one them.
‘For most franchises, bookwork is a real hassle,’ says Scott Gardiner of MYOB. ‘Fortunately, they can now rely on our online accounting solutions to make their lives a whole lot easier. These solutions have freed franchises from tedious paperwork, financial headaches and worrying about IRD compliance. Franchisees can now spend less time on bookwork and more time doing what they love and building their businesses.’
According to Scott, many franchises are now choosing to go with an online solution that offers everything they need to take care of their business.
Mobile franchises, for example, are benefiting greatly from solutions that let franchisees issue invoices on job completion, see who owes them money and even take payment, all before they’ve left the job. By using online accounting software, it means their accounts are updated automatically, reducing the bookwork when they get home at the end of the day.
Franchises in the retail and hospitality sectors are moving away from the old cash register setup and integrating their point of sale (POS) system with their entire business in one powerful online platform. ‘This lets them do a whole lot more than just accept payments from customers,’ Scott explains. ‘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 this can be achieved with one convenient cloud-based POS system.
‘Such systems also offer a variety of add-ons which can be customised and seamlessly integrated to suit a specific franchise. 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.
‘And of course, accounting systems can be integrated to provide valuable benchmarking information to help franchisees improve profitability, and help franchisors spot areas for improvement.’
Online accounting also helps franchises meet regular compliance obligations, such as GST. The latest update to MYOB’s online accounting software even enables franchises to 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). ‘Best of all, franchises can quickly and easily share their accounts with their accountant or bookkeeper, so any problems can be spotted and fixed immediately,’ says Scott.
Record keeping is also made a whole lot easier. Bills and supplier invoices are saved directly into the franchise’s accounts, which makes working with accountants more efficient, reduces the amount of paper filing and simplifies document retention requirements.
And when it comes to managing money, MYOB makes life less stressful for franchises by letting them know how much they have to pay their suppliers and who still owes them money. Viewing their cash flow in real time gives them more control of their finances.
As Jim’s Mowing franchisee Bill Elliot says, ‘MYOB certainly saves me time in doing paperwork when I get home.’
Jim’s Mowing is one of many franchises which has found MYOB to be a valuable partner. Grant Anderson of Jim’s Group reports, ‘The support and training provided by MYOB for our franchisees has been excellent. In some cases, our franchisees have gone from manual handwritten accounting systems to MYOB’s Essentials online accounting system in one step. MYOB has been there every step of the way to ensure a smooth transition.’
‘As Jim’s has found, with the right solution in place franchisors and franchisees can work how they want, wherever they want and whenever they want,’ says Scott. ‘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.
‘If you’d also love to take your franchise to a new level, here’s a couple of options to check out.
MYOB Essentials is easy online accounting software that has everything you need to take care of business, including payroll. It makes staying on top of IRD requirements a breeze, and lets you send invoices and manage contacts on-the-go with a smartphone app.
With MYOB AccountRight, you have the power to manage your franchise the way you want. Enjoy the flexibility to work on- or off-line and save time with automatic bank reconciliation. Collaborating with your accountant and bookkeeper is easy as you can all share information and work together on accounts at the same time – even if you’re in different locations.
‘To learn more about the advantages MYOB can offer to franchises, go to the dedicated web page (right) then contact us for a chat. We’d love to help.’
This advertorial is taken from Franchise New Zealand magazine Year 25 Issue 2
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This material is copyright © Franchise NZ Marketing Limited, Franchise New Zealand ™ magazine and Franchise New Zealand On Line . While it may be downloaded for personal use, no part may be reproduced in any form whatsoever without the specific written permission of the publisher.