What accounting software does Deka Lash currently require franchisees to use?
Deka_Lash Franchise · 2024 FDDAnswer from 2024 FDD Document
- 9.1 Gross Receipt Report. You must send us a Gross Receipt Report ("GRR") in the manner, form, and at the times we specify in the Operations Manual. We can require that you use a specific accounting software, as selected by us (currently Intuit Quickbooks Online), and we have visibility into that software. Additionally, all books, records, bank accounts, etc., must be segregated from your personal use and the use of any other business.
Source: Item 23 — RECEIPT (FDD pages 63–234)
What This Means (2024 FDD)
According to Deka Lash's 2024 Franchise Disclosure Document, franchisees are required to use specific accounting software selected by Deka Lash. Currently, the mandated software is Intuit QuickBooks Online. Deka Lash also requires visibility into this software, allowing them to monitor the franchisee's financial data.
This requirement ensures that Deka Lash can maintain a standardized financial reporting system across all franchise locations. It allows for easier comparison of financial performance between different franchises and helps Deka Lash monitor the overall financial health of its franchise network. Franchisees must ensure they are proficient in using Intuit QuickBooks Online or invest in training to become so.
In addition to using the specified accounting software, Deka Lash mandates that all financial records, bank accounts, and other financial documents be kept separate from the franchisee's personal finances and any other business ventures. This segregation of funds is a common practice in franchising to maintain clear financial accountability and prevent commingling of funds, which could lead to disputes or financial mismanagement. Franchisees must also submit a Gross Receipt Report (GRR) in the format and at the times specified in the Operations Manual.