About QuickBooks (QBO) Integration
You can integrate your current QuickBooks chart of accounts with financial information in your FranConnect implementation. With FranConnect Sky Finance plus QuickBooks, you can eliminate manual entry of franchisee data, multiple spreadsheets, and eliminate the need for manual reconciliation. Benefits of integration include:
Saving time by automating the collection of P&L and royalty data for all franchisees by creating a brand standard chart of accounts.
- Managing franchisee performance proactively by regularly pulling sales and P&L data from franchisee systems.
Gaining unprecedented knowledge of the entire franchise system through the consolidation of financial reporting.
Making quick decisions by correlating data across business functions – finance, marketing, sales, operations.
Customers who take advantage of this integration will benefit from creating a brand standard chart of accounts that will allow a true apples-to-apples comparison of all P&L-derived metrics across their entire franchise system. For unit owners, requests to provide financial data can be accomplished quickly and easily. Once financial information is submitted, FranConnect Sky automatically calculates royalties and makes the associated journal entries in both the brand’s and franchisee’s QuickBooks Online system, further simplifying the entire process.
To use integrated QuickBooks accounts with FranConnect financial reporting, you must perform the following steps:
QuickBooks online (QBO) is an online financial accounting solution for small to mid-sized businesses, which helps in invoicing, paying bills, managing payroll functions, and preparing reports. The dashboard displays all your financial information in a central location to take a quick glance at your franchise financial data.
Chart of Accounts (CoA) lists all accounts that are used in the general ledger of a business. It is used for categorizing franchise accounts and classifying each transaction.
Standard Chart of Accounts is a numbered list of accounts that comprise a franchise’s general ledger. It is organized according to a numerical system. Each major category begins with a certain number, and the sub-categories begin with the same number.
In QuickBooks, assigning classes allows you to classify your transactions. The concept of class is useful for MUID users, as it gives them the ability to manage all their units with single login credentials. You can use QuickBooks Classes to classify your income and expenses by franchise locations. At the end of an accounting period, you can create separate reports for each franchise.