Bookkeeping for Franchises

Bookkeeping for Franchises 4 - The Bookkeeping Department

Are you in the early stages of developing your franchise and looking at how to put in place effective financial controls and systems with your franchisees?

Are you a well established franchisor looking to help your franchisees grow and to free up their time to focus on other key areas of their business?

Are you a franchisor looking to find a partner or preferred supplier who can help and support their franchisees to do their bookkeeping more effectively or even to do their bookkeeping for them?

Do you have franchisees who are not using a bookkeeping software for their bookkeeping and need to find a solution for when the Government’s ‘Making Tax Digital’ requirements come in for quarterly financial reporting?

Perhaps there is another reason for you having found this page that you want to chat to us about.

As a franchisor, what are the key financial challenges for you?

  • Getting timely financial information from your franchisees each month so that you have a clear picture of the financial performance of the franchise and collect the management fee (if this is a percentage)?
  • Being confident that all your franchisees are reporting a true and accurate information about their business finances?
  • Providing head office support to franchisees with bookkeeping and financial questions and issues to those who find it difficult or are not financially minded?
  • Encouraging franchisees to use their time wisely and outsource functions they shouldn’t be doing themselves so they can focus on growing their business?

So how can we help?

We are experienced in working with franchises and have even been a franchisee ourselves in the past so we know well how they usually operate and the challenges from both sides.

We are very experienced in working with cloud based bookkeeping softwares. For example, Xero software is a very easy to use bookkeeping software and it enables the franchisor, franchisee and their bookkeeping and accountant to view and work on the accounts from any location and at any time. As the franchisor, this gives you access to up to date information of your franchisees in a consistent format without needing to request it and it is also a very transparent way of working. You can then compile and compare the financial performance very easily of each of your franchisees.

Here are some of the ways in which we could work with you to support your franchise and that of your franchisees.

  1. Bookkeeping Training

We provide comprehensive individual or group training on how to do your bookkeeping effectively, training on how to carry out the bookkeeping processes from start to finish and check and submit VAT returns. This is ideal for franchisees who have never done this before and those who have never previously been trained. Group training can be done at one of your franchise training days or we can train individuals.

  1. Update Training

The financial environment in which we all operate is constantly changing and so we also provide update training which again can be delivered during one of your training events. A good example is the Government’s new ‘Making Tax Digital’ requirements which will affect some businesses from April 2018 onwards and your franchisees will need to be aware and prepared for this.

  1. System set ups

We help set up Xero bookkeeping software to meet the needs of the individual franchises or businesses that we work with so that you can get the best from it. We would set up a consistent structure and chart of accounts to apply across the franchise so that you get consistent information which you can compare by franchise. There is an individual set up for each franchisee.

  1. Outsourced Bookkeeping

For those franchisees who are ready to outsource their bookkeeping, we can provide a high quality and regular bookkeeping service to meet their needs. In providing our service, we free up the franchisees’ time and give them better financial control of their business. This service can be provided weekly, monthly or quarterly.

  1. Bookkeeping Rescue

Occasionally, a business owner will have got very behind with their bookkeeping or there are some problems with the bookkeeping they have done which they need help with. We can provide a bookkeeping rescue service where we help them catch up and rectify any issues and put them back on the right track.

If you think that any of these services could benefit your franchise or any of your franchisees, we would be pleased to arrange to come and meet you and explore how we could work together.  All you need to do is email lynne@thebookkeepingdepartment.co.uk or complete the contact form below and tell us when you can be available to meet.

Franchise Businesses Contact Form

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Bookkeeping for Franchises 1 - The Bookkeeping Department
Bookkeeping for Franchises 2 - The Bookkeeping Department
Bookkeeping for Franchises 3 - The Bookkeeping Department

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