Are Your Franchise Bookkeeping Services Working for You?
As a franchisee, your success depends on more than just great customer service and quality products. It also depends on smart business operations, including financial management. Many franchisees partner with an outside bookkeeper so that they can easily review accurate, timely and insightful financial records.
But how do you know if your franchise bookkeeper is truly delivering value? Here are five clear signs your bookkeeping service is doing its job—and doing it well.
1. You Never Have to Chase Down Financial Reports
One of the first signs your bookkeeping services are on point? You’re always equipped with the financial information you need, when you need it.
Whether it’s sales summaries, profit and loss statements, or cash flow reports, your bookkeeper should be providing timely, accurate data without you having to ask. That way, you’ll never be caught off guard when your franchisor asks for a financial update. They’ll ensure that you always have access to the top line data that matters most for monthly reporting.
2. You’re Confident About Royalties and Franchise Fees
Tracking and paying your franchisor’s fees—royalties, marketing contributions, and management fees—isn’t something you want to leave to chance. Mistakes can lead to penalties or disputes that damage your relationship with your franchisor.
If your outsourced bookkeeping firm understands the franchise model, those calculations are handled accurately and automatically. You don’t have to wonder if the correct percentage is being applied or if deadlines are being missed. Peace of mind is priceless, and it should be a standard part of what bookkeeping companies provide their clients.
3. Your Cash Flow Is Predictable (And Stable)
If your business used to run into cash flow surprises—like being short during a slow month, or not knowing when bills are due—and that’s no longer happening, thank your bookkeeper.
A strong bookkeeping partner will help you track expenses, monitor income trends, and prepare for seasonal dips or growth spurts. They don’t just log numbers; they provide insight. With accurate bookkeeping, you’re empowered to plan and grow.
4. Tax Time Isn’t a Scramble
The best bookkeeping companies will work behind the scenes all year long to prepare your business for tax season.
That means:
- Sales tax is collected and remitted properly.
- Records are kept clean and organized.
- Your CPA has everything they need to file on time—without a flurry of last-minute document requests.
If tax season has gone from being your most stressful quarter to just another item on the calendar, your bookkeeping service is doing its job.
5. Your Data is Easy to Read, Understand and Access
One of the benefits of working with a cloud-based bookkeeping firm is the use of modern technology. If you’re working with a virtual bookkeeping partner, they will most likely be using a software platform like Xero or QuickBooks to store, track and analyze your data.
Cloud-based platforms are user-friendly and designed for easy sharing and collaboration. You won’t have to worry about missing files or confusing, hard-to-read reports. Instead, everything will be neatly saved in a central, easy-to-use digital space.
Are Your Bookkeeping Services Working for You?
If you’re already experiencing these benefits, great! You’ve found a solid partner. If not, it might be time to evaluate your current setup.
At BookWerks™, we specialize in franchise bookkeeping services designed to take the pressure off owners and operators. We understand the unique financial demands of franchising, and we help franchisees across a wide range of industries stay compliant, organized, and profitable. Reach out to us to learn more about how we help small business owners.