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Bookkeeping Services For Franchisees

Whether you own a Chick Fil A or Pillar To Post franchise, an insurance practice, or a different business that follows the franchise model, send Lowden Financial a note. We have significant experience helping franchisees with complicated and basic bookkeeping services alike, and whether you own several locations or a single storefront, we are available to make your life easier. Focus on tasks that will grow your business, and let us keep the books on your behalf.

You will enjoy unprecedented insights into your business performance, insights regarding profitability and cash flow, and a newly-found peace of mind. We look forward to hearing from you.

We Understand the Unique Challenges in Franchise Bookkeeping

Franchisees face several distinct challenges in bookkeeping. They must adhere to the franchisor's specific financial reporting and compliance standards, which can be detailed and vary significantly from typical small business requirements. Additionally, franchisees often deal with complex royalty payment structures, including regular fees based on revenue percentages or flat rates, and marketing fund contributions, all of which require meticulous accounting.

Another significant challenge lies in the allocation of expenses. Franchisees need to distinguish between operational expenses and franchisor-related expenses accurately. This distinction is vital for correct financial reporting and for understanding the true profitability of the franchise. As a franchise owner, you may even have specific requirements for software and financial management tools, which necessitates customized bookkeeping solutions.

Managing cash flow is also more complex in a franchise system. You must balance the operational costs of your business, while meeting the financial obligations to the franchisor. This balancing act requires careful planning and precise financial tracking.

The challenges go on and on, but Lowden Financial is here to help you navigate each step of the financial journey. Whether you are thinking about purchasing a franchise, or you already made that jump and need help maintaining the books, send us an email. We'lll respond right away, and we would love to speak with you about how we can make your life easier.

You Deserve Better Than DIY Bookkeeping Software Platforms

Choosing a real bookkeeping expert over a cheap DIY bookkeeping platform (like Bookkeep or Docyt) offers distinct advantages for franchisees, especially when you consider the technical complexities and real-life scenarios unique to franchising. A DIY platform, while initially cost-effective, often lacks the depth and flexibility needed to navigate the specific financial intricacies of a franchise operation.

We Can Handle Real-World Fee Complexities

For instance, a bookkeeping expert brings technical proficiency in handling complex royalty fee structures that are common in franchising. At Lowden Financial, we are adept at accurately calculating and reporting these fees -- all of which vary based on revenue or other factors -- ensuring compliance with franchisor agreements. Software platforms do not offer the same level of precision, and you stand the risk of errors in your financial reporting.

If you own multiple franchises, you may deal with varied transaction types across different locations. An expert bookkeeper can categorize these transactions, providing clear insights into each location's financial performance. This helps with resource allocation and operational adjustments, something that a generic software program might overlook.

A Real-Word Example of Bookkeeping Support For Franchisees

Consider a franchisee who plans to expand by opening new locations. An experienced bookkeeper can offer strategic advice on managing cash flow for expansion, assess the financial health of different branches, and provide guidance on potential tax implications.

Here's another example: consider a franchisee facing cash flow challenges during an off-peak season. An expert bookkeeper, unlike basic bookkeeping software, can offer nuanced insights into managing these fluctuations. Our experts at Lowden Financial would analyze historical financial data to identify seasonal trends and advise on strategies like adjusting inventory levels, renegotiating supplier terms, or optimizing staffing schedules.

We can also assist in developing a forecast model to better prepare for future seasonal variations. This proactive approach not only addresses immediate cash flow concerns, but also aids in long-term financial stability. 

Greater Peace of Mind For Franchise Owners

The peace of mind that comes with knowing a professional is managing your books cannot be underestimated. Our CPAs keep up with the latest financial regulations and tax laws to make sure that your franchise remains compliant, and we are always on-call if you have questions.

Yes, the upfront cost of a DIY platform is lower, but the long-term financial benefits, technical expertise, and personalized advisory services provided by a bookkeeping and accounting expert translate into a more profitable and stable financial foundation for your franchise. We can tailor services to your specific needs, offer strategic financial guidance, and guide you to cost savings and enhanced additional opportunities.

Comprehensive Bookkeeping Services for Franchisees

To effectively address these challenges, our bookkeeping services include a comprehensive suite tailored to franchisees' needs. This list is not exhaustive, and we can add additional support as need be. For more information, please get in touch.

Streamlined QuickBooks Set-Up and 3rd Party App Integration

We can either set your QuickBooks account up from scratch, or take over your existing account and optimize it for you. Our experts can also integrate QuickBooks with 3rd party apps, and we'll set you up with dashboards and reports that offer incredible insight into your financial performance.

Tailored Chart of Accounts

In bookkeeping, a customized chart of accounts tailors financial categories to the specific needs of a business, enabling more precise tracking of income and expenses. It enhances the accuracy of financial reports, facilitates tax preparation by aligning categories with tax return lines, and aids in strategic decision-making.

Regular Monthly Book Closures

Let Lowden Financial make sure that all your monthly financial activities are accurately captured and reported. As a franchisee, you have to deal with marketing, hiring, HR concerns, customer support, and more - let us handle this ongoing task for you.

Precise Adjustments and Reclassifications

Financial transactions in the franchise world can often be complex, requiring specific adjustments and reclassifications. Our team expertly handles these nuances, ensuring that your financial statements reflect the true nature of your business activities.

Thorough Bank and Credit Card Reconciliations

We help prevent fraud and cash flow discrepancies by reconciling your credit card and bank statements each month. This also comes in handy if you are thinking about acquiring another franchise or applying for a loan.

Additional Ongoing Bookkeeping Services For Franchisees

While some of these services are add-ons for certain businesses, we have the expertise to help with all of the following and more:

  • Financial Statements and Reports

  • Unlimited Support and Expert Q&A

  • Regular Financial Reviews

  • One-Time and Recurring Customer Invoicing

  • Bill Payment

  • Analysis of Accounts Receivable

  • Analysis of Accounts Payable

  • Payroll Processing and Filing of Forms 941 and 940

  • Creation and Delivery of Form 1099 and 1096

  • Sales Tax Form Preparation

  • Employee Expense Tracking & Reimbursement

For a no-obligation consultation, send us an email today. We would love to hear about your franchise business, provide some initial insight regarding how we can help, and start a long-term relationship that will help your profitability and quality of life grow.

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