Could a franchise network accountant provide the cherr y on the cake?

By Jack Hayes, Franchisor Relationship Manager, d&t

Discovering the power of a franchise network accountant could be the cher r y on top of your franchise business success A franchise network accountant can unlock the full potential of your business and its franchisees, making it an absolute lifesaver for you, not to mention the peace of mind that comes with knowing your network is in safe hands

As a franchisor, you understand the impor tance of a strong business model, brand development, and providing suppor t and resources to franchisees However, keeping accurate f inancial records and ensuring compliance with tax laws can be daunting This is where a franchise network accountant can be immensely helpful and provide a huge weight off your shoulders.

These exper ts specialise in providing f inancial advice and ser vices to franchisors and franchisees. They offer valuable suppor t in developing a solid business model, creating accurate f inancial records, ensure compliance with tax laws and regulations, strategic f inancial advice and help franchisees with f inancial matters – meaning as a franchisor, you can have your cake and eat it too. Here’s how:

Developing a solid business model

Ever y cake needs a good base One of the f irst things a franchise accountant can help you with is developing a solid business model A franchise accountant has experience working with multiple franchises and can help you identify areas of your business that need improvement or ref inement

They can also help you create a budget and f inancial projections that will help you deter mine how much capital you need to star t and r un your franchise

Creating accurate financial records

A recipe for success: Keeping accurate f inancial records is essential for any business, but it’s especially impor tant for franchisors who need to monitor their f inancial perfor mance and track royalty payments from franchisees

A franchise accountant can help you set up a system for tracking income and expenses, and can also assist with preparing f inancial statements, such as income statements, balance sheets, and cash flow statements.

Ensuring compliance with tax laws and regulations

Tax laws and regulations can be complex and ever-changing, not to mention a million miles away from the ‘fun stuff ’ It can be diff icult to keep up with all the requirements and deadlines, especially if you’re r unning a franchise business so why not leave it to the exper ts?

A franchise network accountant can help you navigate tax laws and regulations, ensuring that you and your franchisees

About the author

comply with all the requirements, avoiding costly penalties and f ines no bur nt f ingers

Providing strategic financial advice

A franchise network accountant can provide valuable advice on f inancial matters, such as how to optimise your tax strategy, how to reduce expenses, and how to improve your cash flow

They can also help you identify oppor tunities for g rowth and expansion, such as opening new franchises or expanding into new markets When you put it that way, franchise network accountants are wor th their weight in salt

Helping franchisees with financial matters

No one needs to tell you that franchisees are the lifeblood of your franchise business, and that it’s essential that they receive the suppor t and resources they need to succeed, however, what some won’t realise is just how much suppor t a franchise network accountant can offer franchisees, such as preparing f inancial statements, developing a budget, and managing cash flow

Jack Hayes is Franchisor Relationship Manager at award-winning accountancy firm, d&t d&t has worked with over 100 franchise networks and over 2000 franchisees During his many years working within d&t, as a qualified accountant, he has worked with some ver y well-known household names within the franchise industr y

Paired with his current role, Hayes has the tools to help franchisors and franchisees alike Alongside the variety of services that d&t has to offer, he has helped franchise brands across the UK and their networks to increase franchise efficiency through exper t accountancy advice jack.hayes@team-dt.com www.team-dt.com

By providing this suppor t to franchisees, you can help ensure that they remain prof itable and successful, which in tur n benef its your franchise business as a whole It’s a win-win situation

Offering peace of mind

We all know that r unning a franchise business can be stressful at times, especially when it comes to f inancial matters By working alongside a franchise accountant, you can have peace of mind knowing that your f inancial records are accurate, your taxes are compliant, and your franchise business is on solid f inancial footing

This can help you focus on other aspects of your business, such as developing new products or ser vices or expanding your brand

The final flourish

In conclusion, working alongside a franchise accountant can be an incredibly powerful tool for franchisors.

By providing f inancial advice and ser vices, a franchise accountant can help you develop a solid business model, create accurate f inancial records, ensure compliance with tax laws and regulations, provide strategic f inancial advice, help franchisees with f inancial matters, and offer peace of mind

If you’re a franchisor looking to g row and succeed, consider par tnering with a franchise accountant like d&t to help you achieve your goals Never underestimate how much value a franchise network accountant like d&t can add. It could be the cher r y on your cake n