Choosing the Right Bookkeeper for Your Franchise
To succeed as a Franchisee, you need timely, accurate financial record-keeping. This will achieve three things:
- show where you stand at all times
- provide the information you need to grow
- make the data your Franchisor needs available quickly
Your Franchisor may want to review numbers based on each of your locations’ Chart of Accounts. Accurate, timely Sales, Cost of Goods Sold and Gross Margin numbers can also help you spot an issue before it becomes a serious problem.
Choose a Bookkeeping Service with Franchise Experience
Not every bookkeeping company understands the franchise equation, and what Franchisees need from their bookkeeper.
Here at BookWerksTM, one of the best franchise bookkeeping services in Cincinnati, franchises are a specialty. We can help you make sure you pay your Franchisor the Marketing Fees, Royalties and Management Fees you owe, on time, every time.
Choose a Bookkeeper that Understands What Franchisees Need
While a professional bookkeeping company like BookWerksTM may look like an unnecessary expense at first glance, we can actually save you time and money, freeing you up to run your business, and providing peace of mind.
If you have a choice of bookkeepers, shop around to make sure the one you select offers the following:
Proven track record paying attention to detail. Accuracy is everything in bookkeeping. You need a service that will meticulously record transactions and ensure all your financial data is precise and error-free.
Excellent organizational skills. We serve many clients across the country, each with their own unique needs when it comes to financial record-keeping and reporting. Our job is to make sure you know where you stand and have accurate records.
Familiarity with the franchise system. As stated above, things will go more smoothly if your bookkeeper understands the specific accounting procedures and reporting requirements of the franchise system. You have enough on your plate without having to educate your bookkeeper on how franchises work. At BookWerksTM, compliance with franchise standards is standard procedure.
Experience using cloud-based accounting software. We use Xero and QuickBooks software to help our clients. Our efficiency with these systems is part of how we can offer such friendly Midwest pricing, no matter where your business(es) is located.
Cloud-based software allows you to access your financial statements anytime, anywhere.
Superb communication skills. This is another area where we excel. We take the time to make sure each client understands the services we recommend for their situation, our fees, and how to use each report we generate. There is no such thing as a “dumb question!”
Clear communication is just one tool we use to make sure financial information is conveyed accurately and comprehensively.
Analytical skills. These skills help us interpret your financial data and identify trends or discrepancies. Always sharing what we see, we help our franchisee clients make informed business operation decisions.
Adaptability. You operate in a dynamic environment, and your bookkeeper needs to be ready to adjust to changing circumstances and requirements. If you add locations, for example, your bookkeeping needs will become more complex. No worries; we are used to pivoting for franchises!
Who you choose as your bookkeeper can make a big difference in your success. Ask questions before you make a decision.