By Jason Miller ACCA/QFP, Client Services Manager at EKW Group
I hope everyone has managed to keep themselves busy (and maintain sanity) during lockdown?
Apart from enjoying far too many beers in the early April sunshine, I’ve been spending a fair bit of time progressing with a number of important projects, one of which I’ve been asked about by a number of franchises over the past 12 months.
There are still many networks who include a requirement within their Franchise agreement to provide monthly financial information to the franchisor each month, and without clearly identifying what format this information is to be delivered in.
Even those who do, are often juggling with multiple sets of numbers and spending valuable time recording and analysing the information. Wouldn’t it be amazing to have it all to hand with a click of a button?
We currently use Xero across most of our business operations, and although it’s quite brilliant for Small/Medium sized businesses (and their accountants) we really wanted a solution that could give real insight into business performance and bring the consolidations to life.
Earlier this year, we began researching what options were available on the market and came across a company called DataDear. DataDear allows full integration from excel to Xero (and QuickBooks) and back again.
Not only can we upload and integrate detailed financial information into the accounting software, we can also produce reporting insights, analytics and performance data. It also allows for consolidations across multisite or multi-franchise operations, plus all the detailed information all in one place.
Having direct access into all of that data means we can also digitise these dashboards in the cloud. No more PDFs, no more straight Profit & Loss statements. No more black, white and grey coloured accounts.
Your business is exciting, so let’s allow the reporting to reflect that!
DataDear has been fantastic to work with, and within around a month of us using their tools and building our reporting templates, we’d already been invited to partner with them.
Now, 6 months on and with a lot of hard work, through our Business Intelligence company ‘Ikara Business Solutions’, we’re now a proud representative of the DataDear experts panel!
So, as you can see, it’s been a busy few months!
Now the Covid-19 restrictions are finally beginning to ease, the next few months could be the perfect opportunity to look at the limitations of your own financial reporting systems. If you’d like to discuss DataDear in more detail, please just give me a shout.
Take care, and stay safe!