A web-based accounting program from FranchiseIQ
franchiseIQ addresses the specific needs of a multi-entity environment of a franchise operation. It provides full accounting and business software for both franchisor and franchisees. Online and accessible anytime-anywhere without the capital cost of IT infrastructure or software.
franchiseIQ can be fully white-labelled as part of the franchise offering to franchisees. This is not just about branding but also being able to tailor the online help, how to guides & videos, dashboards etc to create an accounting software solution specifically for your franchise.
franchiseIQ automates the transactions flow between a franchisor and franchisees. This ranges from Purchase Orders raised by a franchisee becoming Sales Orders for fulfillment by the franchisor all the way through to the generation of franchise fee invoices.
The Consolidation function enables a multi-unit franchise to produce consolidated results, allowing for benchmarking, KPIs and Business Intelligence on all owned units at the touch of a button. For franchisors this also allows the production of franchise-wide results and analysis of KPIs to help all franchisees become more profitable.
FranchiseIQ has a full set of APIs to allow easy integration with any EPOS or other front end systems. This allows transactions created in another system to be automatically posted to the franchiseIQ accounting system in realtime.
Built on a Microsoft platform using MS SQL Server back-end database technology. Handles large volumes of transactions and concurrent users without difficulty. The consolidation function is unrestricted in terms of number of entities and can even handle sub-groups within the full franchise, allowing different States or Countries to be consolidated first, if desired.
franchiseIQ has extensive budgeting capability to allow actual results to be measured against your budget.
Budgets are held throughout the system in the same structure as the actual data so that comparisons and variances can be easily produced.
You can extract an Excel file directly from the system pre-populated with your listing of GL Accounts (and departments) along with existing budget or actual values.
You can then update the extracted values as you wish in Excel for later upload back into franchiseIQ. They will then be visible in reports and within the GL Explorer screen.
As an example, you could choose to download all actual values from last year and then apply a simple formula in Excel to adjust these by a certain %.
These values could be then imported and used as the basis for your current year budgets.
Similarly, you could take last year’s budget values and then adjust them by a certain % and re-import those as this year’s budgets.
The following features are available:
Budgeted User Defined Statistics can be maintained for reporting non-financial measures and can be combined with financial results to produce meaningful budgeted KPIs for comparison against actual KPIs.
Budgets in individual entities own base currency are translated to common base currency within the consolidation routine for detailed comparison against overall group wide actual results.
Easy to use Excel template can be used to update budgets from an existing financial projections or budget model to franchiseIQ original or revised budget values.
GL Explorer function allows budgets and variances against actual to be interrogated by GL Code, GL Category or via the analysis code and group structure.
Not all business processes can be measured in pure financial terms. Some important business drivers which have measurable impacts on key business objectives and overall business performance, cannot be measured in $s or ¬s.
Likewise some business drivers which can be measured in $s, need to be related to other measures to make them more meaningful (e.g. Increasing Support costs per call serviced tell a different story than reducing Total Support costs).
Measures such as these are often called Key Performance Indicators (KPIs) and give management real Business Intelligence “BI” that helps them make better informed decisions on how to improve performance.
To compete effectively, a business needs an edge to keep it sharp and focussed.
franchiseiQ gives this edge through its BI features. In addition to a full suite of accounting and commercial modules, franchiseiQ incorporates an extensive business analytics capability including:
This enables franchiseiQ to be a full repository for all Business Intelligence including:
All this can be accessible in real time on a user definable Dashboard or extracted to Excel for further analysis.
Good cashflow forecasting is of key importance when raising investment, obtaining working capital finance, looking for overdraft facilities and in determining the business’ ability to invest further in assets. Poor cashflow forecasting is one of the core reason businesses get into difficulty and eventually fail.
Many businesses maintain an ongoing, monthly cashflow forecast for the current year, and even an annual forecast for the next 3-5 years based on an overall plan or budget for the business.
More accurate forecasts should be possible on a weekly basis for the next month or two as most of the transactions that will result in cash flow are already known at that stage.
To accurately assess the cash position and requirements for the next few months your business must have up to date information on what monies are due to be received by the business and when and what needs to be paid out by the business.
The franchiseIQ Cashflow Forecasting module is designed to give you access to that information from the best source available – your accounts.
It provides a tool with which you can manage the expected payment or receipt dates for outstanding amounts.
The system enables more accurate prediction of your short-term cashflow, based on existing transactions held in the system, historic payment patterns and credit terms actually taken for each customer or vendor.
The Cashflow forecast is prepared from the following:
Balances in selected or all bank accounts
Less all expected and forecasted payments for Vendor invoices, Purchase Orders, Purchases, Overheads and Capital Expenditure held in template journals specifically affecting Bank accounts (e.g. Payroll journal templates) and Budgeted Purchases, Overheads and Capital expenditure held against any GL accounts budgets
Plus all expected and forecasted receipts from outstanding Debtor invoices, Sales orders and quotes, journal templates affecting Bank accounts (e.g. maintenance contract income), Other budgeted receipts from GL accounts e.g. proceeds from the sale of assets of the business or cash sales)
All these elements are extracted and brought into a cashflow model to arrive at a net balance position for each Bank account for the selected date range.
The cashflow for each account is shown on a graph for the period specified.
You can manage this forecast by manipulating the above details to remove/add items and amend the projected payment or receipt date for any of the items listed.
This means the business is on top of the cashflow implications of the business it has done rather than pulling together spreadsheets to try and predict the situation from estimated figures, giving an accurate forecast of cashflow on a day-to-day basis.
franchiseiQ Data Consolidation makes carrying out time consuming & complicated monthly consolidations fast and easy.
You will benefit from real-time access to consolidated results across the franchise and related franchisees from one single system.
Once set up, the process is simple and you will be able to consolidate multiple franchisees with one click. This helps eliminate costly and error prone work flow practices resulting from trying to consolidate data from different systems and spreadsheets.
You can consolidate your data when ready, and as many times as required, in order to obtain the latest results from across the franchise.
franchiseiQ is packed with lots of great features for data consolidation. For example, our system can:
The dashboard provides a set interactive charts, graphs and tables which display relevant and timely information about the health of your business.
These can be refreshed at any time to show the latest information and you can choose from a variety of selection criteria to focus on specific timelines and datasets.
You can personalise the dashboard to suit your business and the needs of particular users.
This short video provides an introduction to this function.
Dashboard pages simply group similar reports together.
For example, you may wish to create separate pages for ‘Cash and Bank’, ‘Profit and Loss’, ‘Accounts Payable’ and ‘Accounts Receivable’.
You can then select the reports you wish to see by selecting them from a catalog of available dashboard ‘widgets’.
For example you can view:
After you have added dashboard reports to your page you can then make some further changes to the layout by re-positioning objects.
You can re-position objects by dragging and dropping them to the required position. You can therefore choose to display your dashboard objects in whatever position or sequence you wish.
A useful feature is the facility to import or export an existing dashboard set up. You can access these options from the drop down beside the ‘Dashboard’ tab at the top.
For example, if you have created a dashboard for a specific user (eg Company Owner), you can export these settings to a file and then import these settings for another user. This saves time and eliminates the need to set up the same dashboard configuration for each user.
Clicking ‘Export’ will allow you to download a (xml) file containing these settings.
You can save this to your hard-drive and then import this file into another company or for another user log in to retain those dashboard settings.
Electronic Banking is now well established with almost all banks offering customers access via the Internet in one form or another.
Indeed banks have been encouraging its adoption to move people off labour intensive processes by charging significantly lower fees for electronic transactions.
Yet many SME’s have been slow to adopt it fully, making individual payments or collected bank Statements online, but few have fully automated the process to take full advantage.
franchiseIQ has embraced what eBanking has to offer by integrating with the standard offerings of many banks. The main eBanking functions facilitated by franchiseIQ are:
There are substantial savings for an SME in both actual transaction costs and productivity gains from moving to process all payments electronically.
Check Payments - The cost via traditional means includes stamp duty, bank charges, check printing, envelopes, postal charges etc totalling ¬170 or ¬1.70 per payment. When the labor cost of selecting and deciding what vendors to pay, authorization, enveloping/posting, manually reconciling to Bank statements etc (estimated at 6 hours) is added this conservatively increases to about ¬350 or ¬3.50 per payment.
Electronic Payment – involves considerably less processing and cost. franchiseIQ suggests what is due for payment, which can be modified and authorised online (including viewing original invoices online), an electronic payments file is generated and uploaded to your Bank via the Internet, remittances are emailed and statement auto reconciled via franchiseIQ. 100 payment can be processed at a cost of about ¬6, adding the labor cost (estimated at 1 hour) the cost would be about ¬35 or 35 cents per payment – roughly 10% of the cost of a check.
An SME making approximately 100 payments per month would save around ¬4,000 per annum by moving to electronic payments alone!
franchiseIQ has fully integrated these processes for many banks, particularly those that follow EMTS, BACS, ABA or AFI standards. However we are happy to integrate to any bank’s eBanking solution which is in a different format – so if your bank isn’t covered just ask!
Unlike most other Cloud Accounting systems, franchiseIQ provides fully integrated Inventory Management in the EnterpriseIQ edition for managing your company’s products and services.
It allows you to categorise products into groups and sub-groups for analysis and reporting purposes.
Specify the areas (e.g. warehouses, stockrooms, bins, etc.) in which products are stored by setting up inventory locations and sub-locations. These locations/sub-locations could also be used for ‘put away’ and ‘picking’. Inventory levels and reserved quantities can then be tracked at these locations.
franchiseIQ provides comprehensive price list facilities which enable you to set up a range of prices per product (price categories) and a range of customer-specific pricing based on sales quantities and applicable price dates (price lists).
You can also update your prices of selected items using our powerful Bulk Price Update feature which is handy if you need to quickly implement price changes across selected lines.
Of course, you can also set prices when you are inputting a sales or purchase transaction.
If your company is purely service-based and does not track inventory levels, you can ignore it altogether and simply use the ‘batch invoice’ options in both Sales and Purchases to record transactions (these do no require any product details).
However, even if your company is service-based, the following are some of the reasons why you might want to use the inventory system:
When you sell something in the system by posting a Sales Product Invoice, it posts Cost of Sales and Inventory Control transactions with the sales transaction so that the GL is always up-to-date.
These postings are generated based on the calculated average cost of the items sold and posted to the GL along with the normal sales postings.
This means that you do not need to worry about period end inventory postings and your sales margin reporting figures are always up to date.
In summary, the following features are available:
franchiseIQ provides a number of system features to enable it to become a truly virtual paperless office environment no longer tied to a physical office with physical filing cabinets.
The Paperless Office functionality includes:
Electronic storage of documents and moving to paperless or less-paper office is particularly relevant to the multiple-entity environments (accountants and clients, franchises and franchisees etc) that franchiseIQ is designed for, where a physical filing cabinet in one location is not practical. That is why we added paperless office functionality to franchiseIQ.
Unlike most other Cloud Accounting systems, franchiseiQ provides fully integrated Sales and Purchase Order management in our EnterpriseIQ edition.
franchiseiQ provides the full Quote to Invoice workflow so that you can start by entering a Sales Quotation and eventually convert it to a Sales Invoice with very little additional keying except where amendments are required to the original details.
The Sales Cycle is very flexible so that if you don’t wish to use the Quotation module you can bypass it and enter your Sales Orders directly. If you don’t want to use the Sales Ordering module you can bypass that too and simply enter your Sales Invoices. Inventory Movements for invoices entered directly are tracked even if you don’t create an order first.
Because of the unique ‘default’ facility in franchiseIQ, you will find that the data entry options can be very quick and easy to use with minimum mouse clicks or keystrokes required to get the data into the system.
The system enables you to part deliver/receive orders and create invoices on partially delivered/received orders. This helps reduce order lead times and enables you to invoice your customers faster.
Orders, Invoices and Statements can be sent in bulk from the system by email saving you time and improving turnaround.
If you need to link franchiseIQ to your own order fulfilment, EPOS or e-commerce site, we have a full Web services API that makes integration a cinch.
Once integrated, order and inventory transactions can be sent between franchiseIQ and third party systems eliminating any need for rekeying or data importing.
Our API methods support the transmission of transactions in bulk enabling large transfer of data.
franchiseiQ has an internal datawarehouse that summarizes all sales (and purchases) data by reporting period.
This is really useful for producing reports that track sales results by product, group, area, region etc. In terms of metrics, sales quantities, volume and costs (with gross margins calculated) are tracked. A selection of system reports are provided to display these results.
The system has the capability to calculate commissions earned by your sales rep employees as part of the sales process and can then be reported on afterwards.
Commissions are calculated based on a set of rules that can be set up beforehand and can be:
We’ve worked with our partners and client companies in the US and Australia to handle US Sales Tax and Australian GST and other tax rates including consolidated tax rates.
Reports are also available upon which you can base your Australian BAS Returns.
We now have a facility to enable our US based customers to check local State and Federal taxes via an US-based portal that’s integrated with franchiseIQ via their API (Avalara.com).
When inputting a sales invoice, franchiseIQ sends the customer’s address and the item product code to this API and it returns the correct sales tax rate based on the type of item being sold and the location of the customer in the US.
There are several hundred tax rates used in the US and traditionally this can be a major headache when inputting sales transactions. This information often needs to be maintained offline in spreadsheets etc. Now it’s automated and the tax rate look up takes less than a second! With our software, tax returns needn’t cost you any more valuable time.
For those companies/sole traders resident in Europe, the VAT return is an essential part of the financial calendar which must, in general, be returned by a specific date on a bi-monthly basis if heavy penalties and interest are to be avoided.
In other countries similar rules apply but the returns may have slightly different time frames or return rules.
In a number of accounting packages the VAT return is simply produced by the system, without any intervention, based on a number of pre-defined rules based on transactions dates, whether or not the company makes its returns on a ‘cash’ or invoice’ basis, etc.
However, franchiseIQ provides a fully interactive VAT return function which allows you a much larger degree of flexibility while still maintaining the integrity of the return itself.
franchiseIQ also lets you ‘save’ the VAT Return at any stage without actually completing it. This allows you to re-open it at any stage and make amendments without losing any of your previous work. This is especially useful if you are dealing with a large number of taxable transactions in any one return.
You can select transactions for inclusion on a return and view full details of the transaction from the screen.
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