CPA’s here to help your franchise started on the right foot
The more accurate the data a Franchisor receives from its Franchisees, the faster and better they can evaluate issues and develop solutions. Owning a franchise requires budget planning, day-to-day responsibilities, and proper personal and customer management skills.
Franchises can’t be treated like other businesses, they often have special accounting needs. For example, franchises have revenue reporting requirements.
Owning and operating a franchise has a substantial number of built-in advantages, but as with all good things, there are often extra risks.
In order to own a franchise, the franchisee must pay the franchisor certain fees. The fees often include the rights to use the business’s brand, services, and products. The franchisee must pay an initial fee, like an entry fee, but then pay an ongoing royalty fee or other additional fees.
A franchisor sets guidelines for a franchisee that can include special assessments or discounts granted. These can add or subtract from top-line sales, and affect Gross Sales on the Profit and Loss Statement. All of these details and numbers need to be reported properly, and not just for franchise compliance reasons, but also IRS compliance.
A simple mistake in transaction records could result in the franchisor or franchisee being paid incorrectly.
Franchise accounting services we provide
Volpe’s CPAs, finance, and business management gurus use their combined expertise to form one of the most prominent franchise accounting firms in the United States. We offer full-service accounting services for franchises of all types and work with both franchisees and franchisors.
Not only do we provide franchise consulting services to help you fully understand the terms of your franchise contract, but we also help you understand your franchise fees, the payment structure, and how accounting works for your franchise.
Some additional franchise services we provide include:
- Franchise fee management
- Royalty fee calculation and verification
- Financial analysis reporting
- Expense analysis and performance metrics
- Bookkeeping for your franchise
- Payroll for your franchise
- Franchisor compliance
- Tax regulations compliance
How our accounting services help franchises around the United States
Our initial goal when working with franchises is to make sure they are set up for success from the beginning. We help you understand all of your financial obligations, estimate expenses and royalty fees, and even offer to assist with the initial franchise application.
Once all of that is out of the way, we create a custom plan specific to your business based on things like the types of services we provide (payroll, bookkeeping, etc.), the number of times we provide them (in a month, quarter, or year), the frequency in which we provide feedback (on things like expense reports, budget forecasting, royalty calculation, etc.).
Experts in Qvinci Franchise Accounting Software
Volpe is a Certified ProAdvisor for Quickbooks Online, Quickbooks Desktop, and Quickbooks Point of Sale. We offer setup and management of Quickbooks for Franchises that prefer to use it for their accounting.
Additionally, we are one Qvinci Certified and have been featured on their website as one of their most trusted accounting firms. Qvinci is a software built exclusively for franchises. To find out more about Qvinci Software and how we utilize it with our franchise accounting services, click the button below.