What accounting software is Deka Lash required to use?
Deka_Lash Franchise · 2024 FDDAnswer from 2024 FDD Document
We have, and you are required to provide, independent access to the information that will be generated or stored in your computer systems, which includes, but not limited to, customer, transaction, and operational information. You must, at all times, give us unrestricted and independent electronic access to your studio information including, but not limited to, your studio software, appointment software and point-of-sale system, for the purposes of obtaining information about the studio. We have the right to review your business operations in person, by mail, or electronically, and to inspect your operations and obtain your paper and electronic business records, including review of your accounting data (we require you use Intuit Quickbooks Online), related to the Franchised Business and any other operations taking place through your Franchised Business. We reserve the right to require you to provide automated electronic access of your accounting data to a business intelligence software application we designate. If, as part of a review of your business, we request a copy of any business records, you must send us at your expense these records within three business days of receiving our request.
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS AND TRAINING (FDD pages 32–40)
What This Means (2024 FDD)
According to Deka Lash's 2024 Franchise Disclosure Document, franchisees are required to use Intuit QuickBooks Online for their financial record keeping. Deka Lash also reserves the right to require franchisees to provide automated electronic access of their accounting data to a business intelligence software application that Deka Lash designates.
This requirement ensures that Deka Lash franchisees maintain a standardized accounting system, which likely facilitates the collection and analysis of financial data across the franchise network. This allows Deka Lash to monitor the financial performance of individual studios and the franchise system as a whole.
For a prospective franchisee, this means they will need to budget for the cost of QuickBooks Online and ensure they are proficient in its use or hire someone who is. Additionally, franchisees must be prepared to grant Deka Lash unrestricted electronic access to their studio's financial data. This level of access allows Deka Lash to review business operations, inspect records, and obtain accounting data related to the franchised business.