How Outsourced Bookkeeping Helps Franchisors Get Ahead

someone filling out a check

After working with Franchisors across the country for many years, we here at BookWerksTM have been able to show our clients that outsourced professional bookkeeping services are the most cost-efficient approach to financial recordkeeping.

BookWerksTM is an affordable bookkeeping firm that offers discounted, flat monthly fees – and it’s why we are the trusted option for Franchisors and their Franchisees.

Applying cloud-based SaaS technology, we electronically scan, digitally read and categorize vendor invoices, and link directly with Management or POS systems, payroll, credit card and bank accounts, eliminating hours of data entry (and errors) by the Franchisee.

Beyond Saving Money

There are a number of other advantages to outsourcing your bookkeeping, both for you and your Franchisees:

  • If each Franchisee uses the same bookkeeping service and follows the same procedures, the data you receive on each location is consistent and on-time, and you stay up-to-the minute on how each Franchisee is doing, so you can make changes before small worries become big problems.
  • You build trust with Franchisees through transparency. They know every owner is being treated the same, and can see exactly how they are doing against the goals you have set for them.
  • At the same time, you ensure their compliance with financial disclosure requirements.
  • If you share financial reporting between Franchisees, they can support each other, collaborate and learn from their peers for the good of their location(s) and the whole company.

Standardizing Each Location’s Bookkeeping

We work with the Franchisor to establish a “Chart of Accounts” so when we start working with a new Franchise, we have standard accounting practices across all locations. This ensures consistency in reporting, makes it easier to compare performance and cuts the risk of errors and discrepancies.

We help you structure your Franchisees’ books, making sure every Franchisee

  1. knows and follows your SOPs
  2. arranges their Chart of Accounts in your preferred format
  3. enables the automatic downloading of expenses and income from bank accounts, credit cards, loans, etc.
  4. reports royalties properly and truthfully
  5. meets regulatory requirements and Franchise agreements, which reduces the risk of legal issues.

Providing the Support Franchisees Need to Succeed

We assist our client’s Franchisees in understanding and managing their financial statements, budgets and cash flows. This support can enhance the overall financial health of your Franchisees business.

Every month, we provide a robust Income Statement and Balance Sheet within days that helps Franchisees see at a glance how well their location is doing. With accurate and up-to-date financial records, monitoring their performance is easy.

When they know the numbers, Franchisees can make informed business decisions to improve their profitability.

We answer any questions they have promptly, and our work frees up their time to focus on growth and customer service.

Support for Tax Time

BookWerksTM provides timely statements that help everyone be prepared.

Allowing us to keep the books in order when tax time comes around, reduces stress and helps accountants do their jobs efficiently.

Should they be audited, they can breathe easy, knowing their financial records are well-organized and comply with auditing standards.

Helping You Determine when to Expand

Our numbers don’t lie. They show you whether and where it makes sense to expand. When you decide the time is right, we can provide financial models for your growth strategy.

The Bottom Line

Franchise bookkeeping services help everyone involved. The whole system becomes more transparent, efficient, consistent and compliant. Looking to make your life easier? Contact us to discuss our franchise bookkeeping services.