Explore this guide on payroll expenses for small businesses to understand these questions better, learn how to determine your overall payroll costs, and get to know how to record them as journal entries.
In the dynamic world of business, staying ahead of the game requires efficient financial management tools that can adapt to evolving industry demands. For small and medium-sized enterprises (SMEs), QuickBooks Online has been a go-to solution, empowering entrepreneurs and finance professionals to streamline their accounting processes and gain valuable insights into their financial health. As we move through 2023, Intuit, the creator of QuickBooks, has unveiled a range of exciting updates and features designed to enhance user experience, boost productivity, and provide even greater control over finances. In this article, we will explore the latest enhancements in QuickBooks Online, showcasing how these advancements are revolutionizing the way businesses manage their financial operations and make informed decisions. Whether you’re a seasoned QuickBooks user or new to the platform, prepare to discover the innovative tools that are transforming the landscape of online accounting.
Read on as we will discuss the notable disadvantages of transitioning to an ERP system and share some tips on how to prolong the usefulness of your QuickBooks solution. Although upgrading to a more advanced software package may seem like a sign that your business has achieved greater success, it does not necessarily equate to increased value. Here are a five reasons why sticking with QuickBooks is beneficial to your business.
The CEO and President of the IFA, Matt Haller, expressed optimism about the industry’s resilience and potential for growth in the face of economic headwinds. “Even with today’s economic headwinds, franchised businesses continue to grow, providing more good-paying jobs for their employees and serving their local communities,” he said. “After an historic year of growth during the post-pandemic recovery, the size of the franchise economy in 2023 will exceed pre-pandemic levels – demonstrating the power of the business model for prospective business owners when franchisors and franchisees work together.” Let’s take a closer look at the key highlights of the report:
Whether you are an existing franchise owner seeking to grow your business or a prospective franchisee interested in starting with multiple units, this article will explore the advantages of multi-unit franchising and why it might be the right choice for you. However, before delving into the benefits, let’s first define what multi-unit franchising is and examine its prevalence in the US.
As the name implies, multi-unit franchising refers to a franchisee who has invested in multiple franchise units, typically within an authorized geographic area or territory. The primary distinction between a single-unit franchisee and a multi-unit franchisee, aside from the number of locations, is the level of involvement. Single-unit franchisees tend to be more hands-on with their location and may need to invest more time in running it, particularly in the early stages.
Conversely, a multi-unit franchisee cannot be as extensively involved in each location due to time constraints and the inability to be in multiple places simultaneously. Nevertheless, owning multiple franchise units doesn’t absolve one of responsibilities, but it does require franchise owners to rely more on management teams to oversee each location. As a result, multi-unit franchising may be more appealing to those seeking semi-absentee ownership.
When a franchisee decides to invest in multiple franchise units, they will typically be granted an Area Developer Agreement, also known as a Multi-Unit Development Agreement. This agreement specifies the number of units the franchisee is required to establish within a particular territory and within a specified time frame. By signing this agreement, the franchisee is ensured exclusive rights to that specific territory, which means that no other franchise owners can open a location within that area. Essentially, the Area Developer Agreement establishes how many franchise locations a franchisee will establish over a set period of time and within a particular area. Failure to comply with this agreement may result in the franchisee being prohibited from opening additional locations.
According to FRANdata, more than 43,212 multi-unit franchisees control over 223,213 franchised units in the US, representing 54% of all franchised units. The US has witnessed a significant increase in multi-unit franchising, with approximately 23% growth from 2010 to 2018 in franchisees owning two to five units. Additionally, multi-unit franchisees owning six to ten units experienced nearly 34% growth during the same period, with the percentage increasing as the number of units owned goes up.
It is clear that multi-unit franchising has become increasingly popular, and here are some reasons why.
Small business accounting is full of challenges. From invoices to payroll to end-of-year taxes, figuring everything out without accounting software can be difficult. That’s where QuickBooks Online comes in. Quickbooks Online is accounting software mainly for small businesses that is used to manage their accounting needs. You can use Quickbooks Online...
Outsourcing has become a popular business strategy for many companies looking to reduce costs and improve efficiency. One area where outsourcing can be particularly beneficial is accounting services. In this essay, we will explore seven benefits of outsourcing your accounting services. Cost Savings One of the most significant benefits of outsourcing your...