Franchise accounting is different from other business accounting. Franchise accountants understand how to navigate and meet franchise obligations when setting business, tax and financial goals. They know the unique challenges and relevant benchmarks for different franchise models and can even help you cut through the legal red tape related to franchise agreements. At Sky Accountants & Bookkeepers Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at firstname.lastname@example.org or 1300 328 855
Franchisees have to pay fees to own the rights to a business’ brand, products and services so they may have more start-up expenses and extra overheads from the start. You need to stay on top of your finances despite franchise and staffing fees that can make it difficult to break even. You will likely be given a manual to guide you through set-up, training, planning and daily operations. Along with a system and process framework, the manual often includes key performance indicators that must be met to protect you from financial risk as well.
Your franchise accountant can explain to you the issues of franchise accounting and make sure you have the right processes, paperwork and systems in place to keep your business running profitably. They can assist you through paperwork, compliance, fees and reporting that come with owning a franchise to protect you from financial risks.
A good financial accountant will help you deal with start-up debt and lodge all compliance documents for you such as tax returns, financials, BAS, payment summaries and ASIC documentation. They will provide you with industry benchmark comparisons, help manage your staff, choose the best accounting software for your business and look at tax reduction strategies yearly. Your accountant should also manage all ATO payments around your cash flow, provide advice on how you can improve your gross profit and net profit margins and help you meet your sales targets. They should streamline your admin processes and forecast your cash flows to ensure your business continuously meets its obligations from staff, suppliers and the ATO.
As a franchisee, the profitability of your business remains your responsibility so it’s important to consult with your franchise accountant regularly about gross and net profit margins, tax minimization and even payroll issues. You can also ask them to set your KPIs and devise strategies to measure and achieve them. Your franchise accountant will let you know what reports your franchisor needs, how you should report it, what’s realistic and not, where franchisees usually go wrong and how to ensure compliance. They can efficiently assess and advise the steps you need to take to keep your franchise going strong.
Franchise accounting is important in running a successful franchise so it’s critical to build a good, long-term relationship with your franchise accountant. They will protect your business from a financial and legal perspective and anticipate where your business is heading instead of just reacting to its short-term issues.
Sky Accountants & Bookkeepers Ballarat
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Here are two other ways we help business owners grow their business:
- Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
- If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here
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Phone: 1300 328 855
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