Managing a franchise business is no small task. It requires keeping track of multiple locations, managing finances across each location, and dealing with different tax regulations.
That’s why having the right accounting software for your franchise can make all the difference in how you manage your business.
An accounting software solution can help you streamline and automate the many processes of managing a franchise business.
From tracking sales across locations to keeping track of payable and receivable accounts, the right franchise accounting software can be your saving grace when it comes to efficiently run a franchise.
With so many options on the market, it can be difficult to know what software is best for your franchise.
To help narrow your search, we’ve compiled a list of the 10 best franchise accounting software available today.
Read on to find out what each software offers and how it can help you efficiently manage your franchise.
What Is Franchise Accounting Software?
Franchise accounting software is a type of software that helps franchise owners manage their finances across multiple locations.
It typically includes features such as tracking sales, managing accounts receivable and payable, and automating many accounting processes.
The main benefit of using franchise accounting software is that it allows you to efficiently manage your finances across multiple locations by streamlining the accounting process.
With it, you can easily track sales, manage payable and receivable accounts, and generate accurate financial reports for your business’s various locations.
Franchise accounting systems also provide tax regulation support specific to franchising, so you don’t have to worry about navigating complex rules or regulations.
Plus, you can control access to sensitive information from any location with security measures such as password protection and user permissions.
By using an advanced franchise accounting system like those listed below, you can ensure your business runs smoothly and efficiently no matter how many locations you have.
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Types Of Franchise Accounting Software
Franchise accounting software typically falls into three categories: cloud-based, desktop-based, and point-of-sale.
Cloud-Based Software
Cloud-based franchise accounting software is a type of software that allows users to access their financial data and manage their finances online.
With cloud-based systems, all franchise data is stored remotely in the cloud – which means it’s accessible from any device with an internet connection.
The main advantage of using cloud-based franchise accounting software is its convenience.
You can easily access your data from anywhere in the world and make changes as needed without worrying about installation or setup.
It also offers enhanced security features like user access control and password protection to keep your data safe and secure.
Plus, cloud-based solutions offer flexibility for businesses with multiple locations.
You can track sales, manage accounts receivable and payable, generate financial reports, and more from one centralized platform – allowing you to quickly and easily make changes across your locations.
Desktop-Based Software
Desktop-based franchise accounting software is a type of software that is installed locally on a user’s computer or network.
It allows businesses to securely store and manage their financial data from a single location.
Unlike cloud-based franchise accounting software, desktop-based solutions give users complete control over their data without worrying about third-party access.
It also allows businesses to customize their system to meet the specific needs of their franchise, such as adding new features or reports.
Desktop-based franchise accounting software is an ideal solution for those who are looking for more control over their data and want the flexibility to customize their system to fit the unique needs of their business.
It’s also great for those who don’t have an internet connection or are worried about storing confidential data in the cloud.
Point-of-Sale (POS) Software
Point-of-Sale (POS) franchise accounting software is specifically designed for franchises that utilize a POS system.
This type of software integrates with the POS system to allow franchise owners to track sales, manage stock, and track customer information.
It can also help to streamline accounting tasks by automating the bookkeeping process.
POS franchise accounting software allows businesses to quickly and efficiently track revenue generated by each location as well as costs associated with running the business, such as payroll and inventory.
It also provides quick access to crucial insights such as customer buying trends and data analytics so you can make informed decisions about your business.
Additionally, POS franchise accounting software offers enhanced security features such as two-factor authentication so you can protect sensitive financial data from unauthorized access.
With it, you can create user permissions that limit which employees have access to certain information or features, ensuring your data stays secure no matter how many locations you have.
10 Best Franchise Accounting Software
Now that you know more about franchise accounting software and the main types of solutions available, let’s look at the 10 best accounting software for franchise.
1. Sage Intacct
Sage Intacct is one of the most popular accounting software for franchise solutions on the market today.
This cloud-based system allows businesses to manage and track their financial data in real-time from anywhere with an internet connection.
With Sage Intacct, you can automate tedious tasks and streamline processes so you can focus on growing your business instead of spending countless hours on manual bookkeeping.
The software offers comprehensive features that allow you to effectively manage complex financial structures across multiple franchise locations.
It also makes it easy to integrate with other applications so you can access all of your data in one place.
Additionally, it supports multi-currency transactions and automated workflows so you can create, approve, and post transactions quickly and easily.
With Sage Intacct, you’ll have access to advanced reporting capabilities that are designed to give franchise owners the insights they need to make informed decisions about their business.
Features:
- Invoicing
- Purchasing
- Order management
- Automated workflow
- Advanced reporting capabilities
- Customization options
Pricing:
- $15,000 per year (depending on the number of users)
2. Quickbooks
You’re probably familiar with Quickbooks – Intuit’s award-winning accounting software solution. Quickbooks is an excellent choice for franchises that need to manage their finances efficiently and accurately.
With its years of financial experience, Quickbooks can help franchise owners streamline their operations and increase profits.
This cloud-based system offers comprehensive features that allow you to easily keep track of invoicing, expenses, inventory, and other financial tasks.
It also makes it easy to manage GST & VAT and keep track of bank feeds without hassle.
The software also allows users to customize reports as needed for a more accurate view of their finances.
In addition, Quickbooks provides up-to-date financial reports on demand so you can monitor performance in real time from any device with an internet connection.
Plus, its advanced reporting capabilities give franchise owners the insights they need to make informed decisions about their business.
Overall, Quickbooks is an excellent choice for franchises looking for a reliable and efficient accounting solution.
Quickbooks can help franchise owners save time and money thanks to its intuitive user interface and comprehensive features.
Features:
- Invoicing & expenses
- Inventory management
- GST & VAT tracking
- Bank feeds & reconciliation
- Advanced reporting capabilities
- Customization options
Pricing:
- Simple Start: $17/month
- Essentials: $26/month
- Plus: $36/month
3. Xero
Xero is a cloud-based accounting software solution designed to help franchisees streamline their financial operations.
Xero’s simple yet powerful features make managing invoices, expenses, payroll, and other financial tasks easy.
The software allows you to store all of your data in the cloud so you can access it from anywhere with an internet connection.
Plus, Xero’s integration capabilities make it easy to integrate with other applications, such as TaxJar and PayrollHero, for a more comprehensive view of your finances.
Xero also offers advanced reporting tools that allow you to keep track of your finances in real-time.
Its customizable dashboards give you a more accurate view of your financial performance, so you can make more informed decisions about your franchise.
Xero is an excellent choice for franchises looking for a powerful, easy-to-use accounting solution.
Thanks to its intuitive user interface and comprehensive features, Xero can help franchise owners save time and money while optimizing their financial operations.
Features:
- Invoicing & expenses
- Bank feeds & reconciliation
- Payroll processing
- Integration capabilities
- Customizable dashboards
Pricing:
- Early: $13/month
- Growing: $37/month
- Established: $70/month
4. Freshbooks
Freshbooks is an easy-to-use and powerful accounting software solution designed to help franchises manage their finances in no time.
This cloud-based system is packed with comprehensive features that can help you keep track of expenses, invoice customers, and manage payroll.
Freshbooks is highly secure, so you can be sure that all your data will remain safe.
Plus, its user-friendly interface is designed to make navigating the software a breeze – even if you’re not an accounting expert.
With Freshbooks’ intuitive dashboard and real-time updates on financial activity, franchise owners can easily stay on top of their finances from any device with an internet connection.
For instance, the system allows you to generate accurate and up-to-date reports with just a few clicks.
Freshbooks also has integrated payment gateways so you can accept payments from customers quickly and securely.
Plus, its invoicing feature allows you to bill customers on the spot and keep track of payments in real-time.
Features:
- Customizable and recurring invoices
- Inventory management
- Bank feeds & reconciliation
- Real-time updates on financial activity
- Integrated payment gateways
- Generate reports with just a few clicks
Pricing:
- Lite: $17/month
- Plus: $30/month
- Premium: $55/month
5. Zoho Books
Zoho Books is another great franchise accounting software solution that helps business owners streamline their financial operations and make better decisions.
Specifically designed for small businesses, Zoho Books offers an all-in-one system that simplifies bookkeeping.
This cloud-based system provides comprehensive features such as invoice management, accounts receivable tracking, bank reconciliation, payment processing, expense tracking, and reporting capabilities.
The software also makes it easy to keep track of multiple companies accounts in different currencies with its multi-currency support feature.
With automated workflows, users can quickly create and approve transactions while ensuring accuracy and consistency.
Plus, you’ll be able to keep a closer eye on your business performance with real-time reports and insights from the software’s advanced analytics capabilities.
The software also integrates with other tools like QuickBooks and Stripe so you can access all your data in one place and manage your entire workflow from one platform.
Additionally, Zoho Books allows you to connect with over 30 apps that are compatible with its platform for a more efficient bookkeeping experience.
Features:
- Multi-currency support
- Invoice management
- Bank reconciliation
- Payment processing
- Expense tracking
Pricing:
- Free: $0
- Standard: $10/month
- Professional: $20/month
- Premium: $30/month
- Elite: $100/month
- Ultimate: $200/month
6. Lightspeed Retail
Lightspeed Retail is an excellent solution for franchise accounting as it offers a comprehensive Point-of-System (POS) platform to help businesses manage their finances.
This cloud-based software provides end-to-end visibility into all elements of your operations, from tracking inventory and sales to managing cash flow and customer relations.
The integrated suite of tools makes it easy to manage multiple stores from one central platform.
It also supports multi-currency transactions, so you can track and monitor real-time transactions across different locations.
Lightspeed Retail’s advanced reporting capabilities provide detailed insights into store performance, helping you make better decisions.
The built-in data security also ensures your financial data is secure and protected from any unauthorized access or manipulation.
Plus, the automated workflows simplify tedious bookkeeping tasks so you can save time and money while reducing human error.
The software also integrates with other apps such as QuickBooks, Shopify, Salesforce, PayPal, and more, so you can access all your financial information in one place.
Additionally, the customizable dashboard allows users to track the metrics that matter most to them in real time.
Features:
- Integrated POS platform
- Multi-currency support
- Advanced reporting capabilities
- Built-in data security
- Automated workflows
Pricing:
- Basic: $69/month
- Starter: $99/month
- Standard: $119/month
- Advanced: $169/month
7. Gusto
Gusto is a payroll, tax filing, and employee management software that is one of the best accounting solutions for franchises.
It makes it easy to process payroll for multi-location franchises quickly and efficiently.
Gusto also allows you to easily file taxes for all locations at once, so you don’t have to worry about missing or late filings.
When managing employees across different locations, Gusto makes it easy to track hours worked, vacation time taken, and other details from any device with an internet connection.
This helps franchise owners stay organized and on top of things without taking up too much time or effort.
The software offers additional features like automated deductions and reimbursements so you can ensure accurate employee payments every time.
Plus, its integrated time tracking feature allows you to record when employees clock in and out so you can easily keep track of hours worked.
Gusto is an excellent choice for franchises looking for a reliable and efficient payroll solution.
Thanks to its intuitive user interface and comprehensive features, Gusto can help franchise owners save time and money on their payroll needs.
Features:
- Payroll processing
- Tax filing & management
- Employee management
- Integrated time tracking
- Automated deductions & reimbursements
- Customization options
Pricing:
- Simple: $40/month
- Plus: $60/month
- Premium: Exclusive pricing
8. Wave
Wave is a great franchise accounting software solution for those on a budget. It has all the features to keep track of finances and manage payroll, invoicing, banking, payments, and more.
Plus, Wave offers bookkeeping coaching to help franchise owners get up to speed quickly and efficiently.
This cloud-based platform offers comprehensive features that allow franchise owners to easily manage their finances.
With its intuitive user interface, Wave makes it easy to create customized invoices, track expenses, and sync with other financial accounts like bank accounts or credit cards.
It also comes with advanced reporting capabilities so you can get an accurate view of your financial performance.
This includes detailed graphs and charts that make it easy to spot potential issues and immediately take corrective action.
Wave is mainly free to use and is a great option for franchises looking for an affordable accounting solution.
It has all the features you need to stay on top of your finances without breaking the bank.
Features:
- Invoicing & expense tracking
- Bank syncing & reconciliation
- Payroll processing
- Advanced reporting capabilities
- Bookkeeping coaching
Pricing:
- Invoicing, accounting, and banking: $0
- Payroll: $40/month (tax service states), $20/month (self-service states)
- Bookkeeping support: $149/month
- Accounting & payroll coaching: $379 (one-time fee)
9. Netsuite
When it comes to automation, Netsuite is one of the best franchise accounting software solutions available.
This cloud-based system has all the features you need to run your franchise efficiently and accurately.
It offers powerful analytics tools so you can get an in-depth view of your finances and make informed decisions quickly.
Netsuite offers an integrated suite of business management tools, including accounting, inventory management, customer relationship management (CRM), e-commerce, order management, and more.
It also provides real-time visibility into all aspects of your financial performance, allowing you to make better decisions faster.
For franchise owners, Netsuite’s automation features are handy for saving time on tedious tasks such as data entry and bookkeeping.
You can quickly and easily create a general ledger or cash flow statement with just a few clicks.
Additionally, you can take advantage of various automated tools such as accounts payable reconciliation or budgeting for better tracking and greater accuracy in financial reporting.
Finally, Netsuite also offers specialized functionality for franchises, including multi-entity support for managing multiple stores or locations from one platform.
With its comprehensive features and intuitive user interface, it’s no wonder why many franchises choose Netsuite as their go-to accounting software solution.
Features:
- Multi-entity support
- Accounting & finance automation tools
- Real-time visibility into financial performance
- Inventory & order management
- Accounts payable reconciliation & budgeting tools
Pricing:
- Custom
10. MarginEdge
MarginEdge is our final pick for the best franchise accounting software, and it’s perfect for restaurants and other food service businesses.
This comprehensive platform offers advanced features specifically designed for franchise owners in the food industry.
The software integrates with point-of-sale systems so you can quickly and easily track sales, manage inventory, and keep track of invoices.
MarginEdge also has automated tools to help you efficiently manage labor costs, minimize waste, and identify issues or trends in your financial performance.
And with its real-time reporting capabilities, you can get a better view of your profitability at any given time.
Other features include cost tracking per menu item so you can accurately measure the profitability of specific dishes; expense tracking to monitor supplier costs; online ordering via a custom website; dining room management tools including waitlist management; customer feedback surveys; and more.
For those looking for an all-in-one accounting solution that provides everything they need to run their restaurant or food service business smoothly and efficiently, MarginEdge is our top pick.
Its comprehensive set of features makes it easy to optimize operations while identifying problems before they become bigger issues.
Features:
- Integrates with point-of-sale systems
- Cost tracking per menu item
- Expense tracking & supplier cost monitoring
- Real-time reporting & analytics
- Dining room management tools
Pricing:
- $300 per month per location
Top 5 Account Software For Franchise Comparison
| Software | Features | Pricing |
|---|---|---|
| Sage Intacct | Invoicing, purchasing, order management, workflow, advanced reporting, customization options | $15,000 per year (depending on users) |
| Quickbooks | Invoicing, expenses, inventory management, GST & VAT tracking, bank feeds, advanced reporting, customization options | Simple Start: $17/month |
| Xero | Invoicing, expenses, bank feeds, payroll, integration capabilities, customizable dashboards, advanced reporting tools | Early: $13/month |
| Freshbooks | Invoicing, expenses, inventory management, bank feeds, real-time updates, integrated payment gateways, generate reports with just a few clicks | Lite: $17/month |
| Zoho Books | Invoicing, accounts receivable tracking, bank reconciliation, payment processing, expense tracking, reporting capabilities, multi-currency support | Basic: $9/month |
Wrapping Up
Whether you’re looking for a comprehensive solution that includes payroll and inventory management or just want basic accounting services, the 10 software solutions featured in this article are sure to have something that meets your needs.
Regardless of which software you choose, make sure it fits your franchise’s size and budget as well as provides the features you need to run your business successfully.
FAQ
What are the benefits of using accounting software specifically designed for franchises?
Franchise accounting software is designed to handle the unique financial management needs of franchise businesses.
It can help franchisees and franchisors track revenue, expenses, and profits for each location, consolidate financial data for the entire franchise network, and ensure compliance with franchise agreements and regulations.
How does franchise accounting software differ from traditional accounting software?
Franchise accounting software has features specifically designed for franchise businesses, such as tracking royalties and franchise fees, generating reports and dashboards for multi-unit operations, and handling inter-company transactions between franchisees and the franchisor.
As a franchisor, what features should I look for in accounting software to manage my franchise network?
As a franchisor, you should look for accounting software that can handle multiple franchise locations, automate financial reporting, and ensure compliance with franchise agreements and regulations.
Look for software that can integrate with other systems such as CRM and POS, and has customizable features to meet your franchise business needs.
Can franchise accounting software help me with royalty and franchise fee calculations and payments?
Yes, franchise accounting software can help you calculate and track royalties and franchise fees for each location and automate franchise payments.
This can help streamline financial management and ensure accurate and timely payments.
How does franchise accounting software handle inter-company transactions and financial reporting between franchisees and the franchisor?
Franchise accounting software can handle inter-company transactions by tracking payments and expenses between franchisees and franchisors.
It can also generate financial reports showing each location’s financial performance and the entire franchise network, helping franchisees and the franchisor make informed business decisions.
Amit Gupta is the founder of DrFranchises – a digital marketing agency that helps brands rank better on Google Maps through local SEO strategies. Amit has over 11 years of experience in digital marketing, SEO, email marketing, and social media marketing. He’s also the owner of multiple franchises and has helped countless brands achieve success online. When he’s not working, Amit can be found playing with his dog.