Anjali Purkayastha Director of Sales & Marketing
What Should You Know Before Opening A Franchise? An Accounting Perspective
Cash vs. Accrual Basis • Decide on an accounting method before you open your store!
Opening Costs • Track, track, track!
Tax Strategy • Talk to your CPA about: • Your state’s tax laws • Depreciation strategy for items such as ovens • Writing off store opening expenses • Good bookkeeping habits
Benchmarking • Improve profitability of franchisees and franchisor
Key Takeaways • Track all opening costs • Put bookkeeping procedures in place before your store opens • Plan a tax strategy with your CPA before your store opens • Gather data for benchmarking “Spectacular achievement is always preceded by unspectacular preparation.” -‐ Robert H. Schuller
Anjali Purkayastha Director of Sales & Marketing 714.409.3239 anjalip@Indevia.com www.indevia.com