Franchise Accounting
Franchise Accounting
A franchise can only flourish if the franchisees are doing well financially. Bk For Business is here to provide franchise accounting services by evaluating the finances of the franchisees and providing a game plan to efficiently help them manage funds, which will in turn maximize profits in the long run.
Here is how to franchise accounting works to benefit the franchisor as well as the franchisees:
- It doesn’t only provide accurate data related to incomes and expenditures but also makes it easier for the franchisor to monitor opportunities or problems by keeping an eye on things like sales growth, margin trends and return on investments in general.
- It gives the franchisor a clear picture of how much it will cost to open a franchise from start to finish.
- Building a database will in turn help new franchisees to devise a strategic business plan that is more likely to increase their profits.
Recording all financial successes will give you a better chance of obtaining bank loans for expansion. - It allows franchisors to step in and take charge when franchisees seem to be going off the rails so to speak. For instance, if they are behind on payments to vendors or not paying taxes the franchisor can see the signs and rectify them before any real damage is done.
In order for us to be able to be the most efficient in our accounting strategies, it helps if franchisors can:
- Insist on a uniform accounts chart for all franchisees to make comparisons and analysis easier for the accounting department.
- Mandate a standard financial statement that is uniform to all franchisees.
- Set a pre-decided and non-negotiable date for turning in reports on a weekly, monthly and annual basis.
- Establish universal software used by all franchisees to record financial activities.
- Maintain a shared database of financial recordings for all franchisors and franchisees who have access to information across the chain.
- Insist that franchisees can only obtain raw materials and avail services from authorized vendors.
- Decide on some indicators or financial performance so that the franchisor and franchisees can both recognize when there is chance to improve.
Bk For Business can provide a new design for a comprehensive accounting chart made especially for the needs of a franchisor. We pride ourselves on being able to customize and adapt our strategies to each client depending on their needs and financial objectives.
Other Industries
Triumph your Business Aspirations
Timely, reliable, and accurate financial reports result in various strategic decisions to achieve your business goals.
Focus on Core Business
Let Confiance take care of your back office so that you can focus more on your core business.
Cost Savings
Guaranteed savings of 40% on your current in-house accounting cost.
Qualified and Professional Staff
Experienced, qualified, and professional staff are accessible instantly and regularly through various modes of communication.
Free up yourself from Employee Management
You don't need to worry about employee turnover, recruitment, training, infrastructure cost, leaves, benefits, vacation pay, insurance, etc
Scalable Operations
A reliable and scalable accounting team provides various key performance indicators that help to achieve your business goals whether you are looking to grow your cut business down on spending.