Your franchise is set up, you have a team of franchisees and now you need to focus on financial control and visibility so what can you do? Take a read of our latest blog for advice on how you can overcome your financial challenges and gain control.
Here at The Bookkeeping Department we speak to many franchisors looking for help gaining financial control of their business; they have set up their franchise, have franchisees working with them but are faced with a number of financial challenges.
These financial challenges vary by franchisor but typically include:
- Getting timely financial information from franchisees each month so that you have a clear picture of their financial performance and your management fee (when it is a %)
- Being confident that all your franchisees are reporting true and accurate information about their business finances?
- Providing head office support to franchisees with their bookkeeping, financial questions and any issues they may have especially for those who 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 have experience 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. This, coupled with our extensive experience using cloud-based bookkeeping software. particularly Xero which is great for franchisors/franchisees, means that we understand the unique situations you may find yourself in and have tailored our support around these.
Here are some of the ways in which we could work with you to support your franchise and that of your franchisees:
- Software setup
Our experienced team of bookkeepers can help set up Xero bookkeeping software to meet the needs of your franchise so that you can get all the information you need in a timely manner utilising all that the software can offer you. This would include setting 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 also an individual set up for each franchisee.
- Bookkeeping Training
Solid bookkeeping practices are crucial and we can provide comprehensive individual or group training on how to do 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.
- Update Training
The financial environment in which we all operate is constantly changing and so is the software so we can also provide regular updating training which again can be delivered during one of your training events.
- Bookkeeping Rescue
Life is busy and sometimes your franchisees may get behind with their bookkeeping or perhaps something has gone wrong and now things aren’t adding up properly. If this happens we can provide a bookkeeping rescue service where we help them catch up and rectify any issues, putting them back on the right track.
- Outsourced Bookkeeping
If your franchisees are looking to outsource their bookkeeping, to allow them more time running their business, we can provide a high quality and regular bookkeeping service to meet their needs. This service can be provided weekly, monthly or quarterly.
If you’d like to talk through how we can support you and your franchisees gain greater financial control and visibility, get in touch.