UK -- At a glance: Xero, online accounting, web tools, SME, finance, bookkeeping, start up, small business, MAC and PC, accounting made easy, online software, franchise
Increasingly, small businesses who are concerned about their future during the global economic downturn are looking at franchising as an option. This is also the case with start up companies. The advantages of becoming a franchisee are fairly clear: the additional marketing and exposure, and the element of protection afforded by being aligned with a large organisation.
However, businesses and entrepreneurs which do their homework will soon discover that the complexities of the relationship between franchisee and franchisor can make it difficult to trace and project your income. While this is not a reason to avoid signing up to a franchise, it is a reason to look carefully at how the franchisor manages the relationship. Financial information should be managed in a transparent way, ideally using web-based accounting software to link data from the different franchises.
Hamish Edwards, co-founder and UK MD of top online accounting software provider Xero, says his company has great success with franchises. “As a franchisee, it can sometimes be difficult to trace your profits, because your business is so interconnected with others. We have a number of clients who use our online accounting system in a franchise environment, and they’ve found it to be excellent at giving them visibility of the their complete financial situation,” says Edwards.
Online accounting software is ideally suited to businesses which are spread across multiple locations which is why it works so well for franchises. This means that everyone who needs it can be given access to the online accounting system, and can view the data as and when they need to. A robust web-based accounting system like Xero gives everyone a clear picture of their business’ financial situation every time they log on. “For both franchisees and franchisors, one of the best things they can do is move to an online bookkeeping system,” says Edwards.
What makes Xero different to many other web-based accounting systems, according to Edwards, is that it has been designed to be easily understood by non-specialists. Says Edwards: “Our view is that it is crucial for the entrepreneur, as well as the accountant, to access and understand online accounting data.”
Further links / information:
Learn more about how Xero online accounting software can help you http://www.xero.com/
Test drive Xero web-based accounting software https://www.xero.com/
Contact Xero’s online accounting media and marketing team ukpress@xero.com
Contact:
Lucy Whittington
Xero.com
UK
0800-085-3719
ukpress@xero.com
http://www.xero.com/
