Our team supports business owners that own a franchise or are in a franchise partnership. While day-to-day operations of a franchise may be similar to a typical small business, there are some nuances in the setup and operations that we have experience and have a depth of expertise with. Here are a few areas:
Whether you are either a franchise owner or small business owner, you still have required state and federal filing requirements, such as business setup with the applicable department of revenue and unemployment compensation offices, obtaining your EIN, etc. However, franchise owners typically have a component of business setup with the franchisor. This setup could vary from financial statement and accounting reporting to overall business operation reporting. We can assist with this and have experience with specific company franchise reporting. Any Department of State registrations will be completed on your own or with your attorney.
Data Analysis and Transmission of Data
Most franchisors require monthly reporting of financial and operating results. This is usually done through a portal or link to a franchisors operating system. We can take the unknown out of this for any franchise owner and establish the correct reporting structure and communication for the franchisee and perform this uploaded information for them.
Usually each franchisor has a monthly fee that it charges to the franchisee. It is usually a percentage of revenue (could be as low as 3% or as high as 20%, we have seen this vary by franchise). The franchisor does this to cover cost and administration and obtain some profit for the use of the franchise name. We can again establish the correct and accurate calculation of these fees and communication of these fees for the franchise owner in order to stay within the terms of the franchise agreement.
Interface with Franchisor Operations
Most franchises have operating databases in which operating data is uploaded monthly. We can assist with this, as we have worked inside of numerous franchise databases and can ensure that all required information is provide to the franchisor.
Other Business and Accounting Support
Just as we support our individual small business owners, we can provide the same support for franchise owners with back-office accounting, bookkeeping, payroll assistance, and other accounting matters.