Cloud based accounting & information management

Cloud based accounting is by default the system requirement in order for BMO Consulting to be able to render its value proposition and employes a cloud based Management Information and Accounting platform referred to as Symphony.

Symphony was developed for specific application in the franchise environment where franchisors have reporting and benchmarking requirements spanning across multiple franchisees to a single dashboard. This method of third party accessing of information across multiple general ledgers requires specific consent from individual business owners which is accommodated in franchise, funding or incubator agreements.

The ability of the franchisor or incubator to calculate and measure industry benchmarks, and to perform calculations for purpose of royalties or commission payments, requires an database structure unique to Symphony.

Other cloud based accounting platforms do not allow for consolidation of information to the same extent Symphony does without significant development cost.

The real time nature of the accounting platform allows for the monitoring of compliance relating to certain scheduled procedures such as stock counting and cash reconciliation.

Some of Symphony’s clients includes Famous Brands, SPAR, Taste Holdings, Col’cacchio, HiQ Automotive, MSC Business College and Sparkling Auto Care Centres.

The platform allows for simultaneous processing of transactions and report enquiries by the business owner, the accounting officer and the franchisor or incubator at different locations through a web browser.