Franchising
At Consolid8, we have developed systems specifically to assist franchisors and their franchisees provide the required financial information with a minimum of fuss and stress. Our streamlined approach ensures a system that is simple to use, easy to implement and requires a minimum of time spent by the franchisor and franchisee. For the franchisor, this means more time for benchmarking and analysis of the franchisee numbers and for the franchisee this means more time to grow the business.
Our service offerings are tailored to the individual needs of the franchise system with which we work and also with the individual franchisee. One area of particular interest for franchisors is the development, in consultation with them, of a standardised chart of accounts by which all franchisees can report and be measured.
Bookkeeping and Accounting Solutions
We offer two distinct service options for franchisees in the provision of their financial information through our bookkeeping and accounting solutions. The selection of the most suitable solution will depend on the level of computer and accounting knowledge and time available of the franchisee.
Listed below is an outline of the inclusions of each of the service options as well as the tasks that would be completed by Consolid8 or the franchisee for each option.
In addition to the regular tasks listed below, we provide the required level of initial setup for each service option.
Business Acceler8
A full service option suitable for franchisees wanting to outsource their data entry (bookkeeping) and financial reporting function.
Features of our Business Acceler8 service include:
Complete data entry service on monthly or quarterly basis Monthly reconciliation of bank accounts Monthly reconciliation of POS sales reports Monthly calculation and entry of payroll and superannuation accruals End of month accounting journals (e.g. Depreciation, Finance contracts, GST) Provision of a simple electronic payments system (if required) Provision of a simple electronic invoicing system (if required) Set up of standardised reporting to Head Office specifications Preparation of Monthly/Quarterly standardised reports Preparation of Monthly/Quarterly Business Activity Statement (BAS)The level of commitment required by the Franchisee includes:
Monthly completion of bank transaction query request form Entry and tracking of supplier payments (if required) Entry and tracking of customer payments (if required)Books Autom8
This service option is suitable for franchisees wanting to maintain their own data entry and reconciliation of accounts using a simple cashbook system but would like to reduce the time taken to manage this process.
Features of our Books Autom8 service include:
Provision of a simple but controlled electronic cashbook system Provision of a simple electronic payments system (if required) Provision of a simple electronic invoicing system (if required) Individual training sessions on the use of the cashbook Set up of standardised reporting to Head Office specifications Delivery of monthly bank transactionsThe level of commitment required by the Franchisee includes:
Loading of software and attendance at relevant training sessions Coding of bank transactions using the quick coding tools of the cashbook Monthly reconciliation of bank accounts (for unpresented items) Preparation of monthly/quarterly standardised reports Preparation of monthly/quarterly Business Activity Statement (BAS) Entry and tracking of supplier payments (if required) Entry and tracking of customer payments (if required)Our Process
Once the service options have been determined, we can then begin to implement our streamlined processes to ensure the timely delivery of financial information. We work on a monthly process with minimal disruption to you or your business. The diagram below shows the flow of information throughout the 14 day process.
Consolid8 Monthly Bookkeeping Process for Franchises
If you would like to find out more about our franchise solutions please email us your details and we will provide you with further information and a fixed pricing solution.
