A business is never easy to run. However, maintaining many sites makes things considerably more difficult. Every site requires the same duties from you, and each one affects the operation’s overall financial health. Here are some more important things to consider with bookkeeping for multi-location businesses.
Simplify Cashflow
You still need to know when the money has been paid or received, even after transactions have been correctly documented. AMEX transactions can take up to five business days for the cash to appear in your bank, while VISA transactions might take up to two days to clear. The only method to accurately determine how much money you have in your business’s bank account is to reconcile regularly.
So that you always have a clear picture of your cash flow and know your money is safe and accounted for, bookkeeping for multi-location businesses will reconcile your sales data to your bank information weekly.
Payroll for Each Location
Payroll processing and recording, tax reporting, employee monitoring and reporting, new hire reporting, employee payments, and PTO calculations can all be handled by bookkeeping services. Payroll ledgers are unique to each site and must be carefully kept. Bookkeeping services ensure that employees working at many locations are reported under the appropriate cost center.
Reports for All Locations
You’ll need reports for each site when you run numerous units, especially if you have several EINs and classes, in addition to comprehensive reporting highlighting the success of your overall business. Reputable bookkeeping services will provide all the reports you need using your neatly structured accounting data. The data will be presented clearly and concisely so that you can see exactly how each unit stacks up against the others and impacts your company.
