One of the biggest challenges facing the franchise industry right now is how to maintain margins in a sluggish economy. Throw rising commodity prices and increasing consumer demand for value into the mix and many franchises are now working harder than ever to turn a profit.
At times like these, it is critically important that everyone in a franchise system has the up-to-date numbers they need to eliminate guesswork and set themselves up for success. Franchisors need to know why their top performers are doing well while franchisees need best practice information to ensure they are doing everything they can to increase profitability.
Increasingly, franchises all over the country are turning to Qvinci® Software’s award winning financial reporting software for an edge. Based in Austin, Texas, Qvinci is a reporting partner for the Intuit® Franchise Program that offers web-based financial reporting to organizations with 1 – 10,000 locations.
Qvinci: A Global Leader
A global leader in the field of financial reporting technology, Qvinci’s highly secure software works with all versions of QuickBooks®, Xero®, MYOB® and Excel® meaning individual locations don’t need to stop using their preferred software to gain real-time access to game-changing reports and analysis.
Maintain Margins and Identify Best Practices With Qvinci Software
Qvinci’s patented software and wide array of features helps everyone in a franchise system by providing detailed financial reports on the entire organization. At the same time, it gives franchisees the ability run reports on their own business and benchmark their performance against those with the highest margins.
No More Guessing
With Qvinci, users can stop wondering if their labor costs are too high or if they are paying too much for rent. The software’s filters give them an accurate picture of each location’s performance and provide actionable information that increases profitability, reduces risk and promotes growth.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
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For QuickBooks users, Qvinci can sync by class (e.g. physical locations) and offer location-based benchmarking, ratios and ranking. Qvinci also offers the ability to create non-financial peer groups for reporting purposes (e.g. same region, similar number of employees) which is not easy to do through QuickBooks.
It is worth noting that benchmarking data is non-specific and presented in a way that ensures no-one is able to determine the owners of the information. It is not even possible to back into someone else’s data so other owners are not able to see your financials. For added privacy, companies can opt to turn off Balance Sheet Viewing for the entire system.
Qvinci also helps multi-location owners and corporate offices manage account name variations with ease by mapping everything to a Standard Chart of Accounts. This patented feature drastically reduces consolidation complexity while allowing everyone in the system to continue accounting the way they’ve always done it.
The application takes about 10 minutes to set up and Qvinci offers excellent support to help you link your accounting file and set up your users so you can begin viewing reports.
For more information, check out Qvinci’s two-minute introduction or go ahead and try the live app using sample data that has been uploaded for you. If you choose to skip these steps, you can Schedule a Demo with Qvinci’s support staff who will be happy to explain how the app works and walk you through the whole process.
Qvinci Software Overview
Qvinci lets you:
- Increase margins by giving you visibility beyond revenue
- Set goals and email alerts to manage your expenses more effectively
- Detect accounting errors, omissions and irregularities in real time
- Map to a Standard Chart of Accounts while still allowing individual owners to use their preferred naming conventions (e.g. lease vs. rent)
- Gather and send required financial information to corporate automatically
- Run benchmarking reports to see how you compare to top owners
- See how your locations stack up against others with ranking reports
- Access up to 36 months of data
- View reports from any device with a browser including mobile devices
- Give unlimited logins to your team and keep everyone on the same page
- See the P&L, Balance Sheet, Cash Balance, AR and AP Aging for each location
- Compare, rank and benchmark individual locations against the top 10%, top 20% and average performers
Qvinci is a global leader in financial reporting technology. Their patented software works with the tools you already use like QuickBooks®, Xero®, MYOB® and Excel® to provide you with insightful financial reporting and game-changing analysis. Qvinci software set-up is quick and easy, and it’s impact is immediate.