4 Ways Sage Intacct Streamlines the Accounting Process in the Fitness Industry

According to Frandata, 50% of all franchise businesses are now multi-unit in nature. As multi-unit franchise ownership continues to rise, the need for an adequate accounting system to manage multi-unit/multi-location operations becomes imperative. In particular, franchise owners who have multiple locations across state lines must have access to a robust accounting infrastructure that can perform financial analysis as well as guarantee regulatory compliance.

For multi-unit fitness franchises, Sage Intacct is the ultimate cloud solution: it automates inter-entity transactions and is designed to help you comply with local/intra-state and global regulations. If you're looking for a comprehensive accounting solution, here are 4 reasons Sage Intacct should be at the top of your list.

Financial Reporting And Dashboards

Sage Intacct lets you streamline reporting so that major stakeholders (C-suite executives, investors, and department heads) can access financial and operational data to evaluate real-time business performance. For example, the Sage Intacct dashboard lets you summarize billable hours and revenue per billable hour.

These business metrics can be segregated in terms of location/department, and you can highlight them by using a variety of visualization methods, such as multi-bar charts that let you compare revenue by location. To see how certain factors impact the business, Intacct's pie charts are a must.

One of Intacct's most defining features is the collaborative feed, which lets you keep track of comments that are tied to business decisions. This allows you to provide context as you discuss strategies during staff meetings. The feed also allows you to record the results of board meetings. Intacct's dashboards are customizable, allowing you to accurately report data as you scale.

Multi-Entity & Global Consolidations

With Sage Intacct, you can centralize payables and receivables for domestic and foreign locations, automate reporting in multiple currencies, and produce detailed reports for each financial consolidation, all through one accounting infrastructure.

Sage Intacct's multi-currency accounting software automates currency conversions so that you get the most up-to-date daily rates. It also closes daily with automatic adjustment entries that reflect changing currency rates. With Intacct, you can be sure that you'll be ASC 830/FAS52-compliant regarding multi-currency consolidation.

Essentially, Sage Intacct streamlines the management of global consolidations across a variety of entities and currencies. Your dashboards will account for local/global taxation regulations and tax reporting requirements. You can also compare consolidated and local views to better interpret the figures you're seeing. Through Intacct's multi-entity management system and custom dashboards, Massey Consulting has helped satisfied customers like Planet Fitness of Eastern NC avoid billing complications, freeing them to focus on scalability and agility with confidence.

Cash Flow Management

With Sage Intacct, you can monitor fiscal activities from all your financial institutions in one place. Track cash flows, spot discrepancies, transfer funds between branch accounts, and monitor accounts for fraud. Sage Intacct shows you how locations are performing across the board, giving you a clearer picture of profitability levels. With real-time visibility of cash flows, you'll know what you're spending with vendors and be able to renegotiate pricing levels accordingly.

With Sage Intacct, you'll be privy to key financial and operational metrics such as sales revenue, net profit margins, market-qualified leads, cost-of-customer acquisition (CAC), and customer-lifetime-value, allowing you to make informed decisions for either expansion or a reevaluation of business strategies.

Grow Without Adding Administrative Staff and Increasing IT Spending 

Sage Intacct's cloud-based financial management system allows you to automate manual or mundane administrative tasks, freeing up your senior accounting team to focus on crucial business analysis.

It's also secure, removing the need for you to hire extra IT staff or allocate funds towards expensive hardware purchases. Since data is secured in the cloud, physical storage needs and server maintenance costs are greatly reduced. With Intacct, you can control employee access levels to sensitive data and ensure that productivity is not held hostage by software updates.

For more on how Intacct can drive business profitability, scalability, and agility for your franchise organization, contact us. We're here to help you succeed.

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