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...
Growing businesses have a lot of questions when it comes to investing in financial management software. What are the benefits? What are the risks? What will be my return on investment (ROI)? As more mid-market business owners outgrow desktop tools, sour on slapdash solutions, and move on from manual accounting methods, they require answers and insights to make smart, informed decisions on their next big technology purchase.
As a franchisor, it is your responsibility to provide your franchise owners with the resources and tools they need to succeed. One of the most important resources you can offer is franchise performance data. This data can help franchise owners identify areas where they are excelling and areas where they...
Needs change over time as businesses grow and scale. Therefore, solutions must adapt and/or change to continue to support expanding essential business functions. One of the hardest decisions you will need to continually reassess and make is which accounting system is best for your operation. There are many considerations involved, and one of the most important considerations is if you are ready to upgrade or switch. Another important consideration is which accounting solution configuration will be the best fit for your industry.
We recommend QuickBooks because we:
This allows us to design a custom-tailored solution configuration to meet and exceed your business needs. But, which solution will ultimately be best for your business; QuickBooks Desktop Enterprise or QuickBooks Online Advanced? This brings us to why we wrote this article. Our intent behind the article was to answer the two-part “Big Kahuna” of client questions we receive.
In this article, a dive into the complexities of the QuickBooks Desktop to QuickBooks Online migration will be explained in plain language, along with what can happen when you venture out alone into the QuickBooks unknown, and how our QuickBooks migration services differ from all of the rest – how we move your data and empower your business for optimal success!
And, if you are still trying to determine which solution would be best for your business, there is help available for you. Check out the blog resources below, and Contact Us if you still need more help or have any questions:
Read on to learn more about QuickBooks Desktop to QuickBooks Online migrations!
The truth is, many business owners do not truly understand the difference between a bookkeeper and a CPA, so we have decided to help!
We have noticed that there seems to be a fair amount of misinformation online about this subject. Because these dissimilar occupations, with different technical skillsets (hired at much different price points), are often misunderstood to be the same occupation, we feel it is our duty to inform our clients.
We also arrived at this decision with the help of small business owners who contacted us looking into outsourcing some (or all) of their accounting needs. Enough of them have asked why we do not offer a “one-stop-shop” service, that includes Certified Public Accountant (CPA) work.
While a “one-stop-shop” service may be convenient for the client, it typically falls short in the areas of economic efficiency and performance optimization. For those reasons, we recommend the separation of Bookkeeping and CPA work between different organizations and/or contractors, and we’re going to share our reasoning with you in this article.
Don’t wait until tax season to clean up your books. The purpose of keeping clean books isn’t to just do your taxes. Your books need to be done — but more importantly, they need to be done right. That means your balances need to tie out, your loan principal and interest...