Franchise businesses operating large organizations and many legal entities such as retail shops, restaurants, B-2-B product or services experience many manual workflows, error prone procedures and recurring accounting tasks. The Franchise Accounting Automation solution is designed to help franchise accounting teams managing 25, 100 or 1000+ legal entities with their day-to-day and month end processing of all their accounting tasks, including AP, GL, FA and reporting/inquiries across all companies within Dynamics 365 Finance. Franchise accounting teams face manual processing challenges in ERP Financial solutions that the Avantiico Franchise Accounting cloud solution automates and scales.
Time consumption and accounting labor costs can be reduced considerably by using the franchise journal upload function for Microsoft Dynamics 365 Finance to create, validate, and post financials for any number of legal entities at one time. Additionally, multi-company reports and inquiries remove the need to navigate to each company and then process each journal, report, or inquiry individually. These mass processes are not available within the standard Dynamics 365 Finance application.
Dynamics 365 Finance offers a comprehensive suite of best in class accounting tools that can be tailored to meet franchise management needs. Microsoft’s ERP software supports standard operations that meet the financial processing needs of enterprises including journals, reports and enquiries, and Excel uploads. For large scale franchise organizations centralized franchise accounting software is essential for growth, and efficient planning to support your business ambitions.
While standard Dynamics 365 Finance meets the needs of most enterprises, franchise accounting can be difficult in the out-of-box software. Over the last decade, Avantiico experts have developed a proven solution for our franchise management clients. Starting in Dynamics AX and now available in Dynamics 365, the solution allows for additional functions that create an optimally efficient, centralized franchise management software.
A key benefit of the Avantiico Franchise Management Solution is the ability to validate and post journals for multiple companies from within a single journal. A limitation of Dynamics 365 Finance is that standard Global journals only allow the user to process one legal entity’s journal at a time.
The centralized nature of the Avantiico Franchise Management Solution drastically minimizes the number of operational steps the user executes to carry out their duties. Therefore, delivering considerable time and cost savings while reducing the risk of human error associated with posting data in the incorrect company when navigating between numerous companies.
Multi-company journals are available for:
Reporting and inquiring can be done simultaneously for any number of your legal entities from within any company using the Avantiico Franchise Management solution for Dynamics 365 Finance. A limitation of the standard Dynamics 365 Finance application is that all financial reports and inquiries must be run individually from each relevant company. The Avantiico solution allows for one “master” activity that creates reports and inquiries for all selected legal entities together, while still delivering output at a company level.
For example, if your business has 300 legal entities that you are responsible for, currently without our franchise solution, you will have to change your current legal entity 300 times and from each legal entity you would have to run individual reports or inquiries for that current legal entity. The Avantiico tool still outputs 300 reports or inquiries, but in one consolidated operation instead of 300. This is the case for any report, including 1099 tax reports.
Operational hierarchies are easily defined using the solution between bookkeepers, accountants, and legal entities. Additionally, company type and reporting segregation can be determined.
The Franchise Management Accounting solution allows for the bulk, expedited and automated creation of basic Dynamics 365 Finance legal entities through an Excel import. This works for any legal entity where company information, chart of accounts, calendars and currency are already defined in a spreadsheet. A disadvantage of standard Dynamics 365 is that every legal entity set up in Dynamics 365 Finance has a requirement that a legal entity record and ledger setup must be created manually for each legal entity. For companies that need to create numerous legal entities, the Avantiico solution can save countless hours of work.
Book a free consultation with one of Avantiico’s Dynamics 365 for franchise management experts and find out how your business can save money and improve operations.
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