If you are involved in franchise businesses, whether as an advisor, franchisor or franchisee, then you’ll know about the need to efficiently communicate accurate financial and operational data.
The ability of the Cloud to provide more connected operations and a common understanding of the business was highlighted in a panel discussion facilitated by Xero’s Australian MD Chris Ridd last week. The panel was held at the Franchise Council of Australia VIC/TAS State Conference and included (pictured L-R) Daniel Wall from Fathom, Craig Pisani from BDO Private Client, Chris Ridd from Xero, and Tony Melhem from franchise Coco Cubano.
Chris began the discussion by looking at how Cloud applications help drive efficiency and performance of real time management. He noted franchises are built on replicating a standard model through the franchisees, however often financial systems get left out of the equation. Cloud applications can provide that standardization.
Craig agreed, saying that as an accountant who specializes in franchises, he was well aware of a lack of uniformity around financial systems among his clients. Craig recommends Xero to his franchisors as it enables them to easily compare monthly reports among franchisees. They get clear visibility on sales and can spot any issues before they become problematic.
Fathom is an add-on partner for Xero and has functionality that is particularly suited for franchises. Daniel talked about how their reporting tools assist franchisees and provide head office with key KPIs and benchmarks they can review on each franchisee’s file.
Tony rounded out the discussion describing how his accountant Craig recommended Xero to him as it would work for his business model. For Tony, Xero’s accessibility is one of the most valued features as it enables him to view his finances when he’s on-the-go, often visiting his franchises around Australia.
The panel got the crowd of franchisors from Victoria and Tasmania thinking deeply about whether they are a connected franchise and what, or what more, they could do with the Cloud.