Accounting For A Franchise
We’ve found some really interesting things out over MNE’s history on how working for clients in similar industries or in similar geographic areas creates efficiency improvements for us, our clients’ accounting team, because of a better-expanded knowledge base.
One connection which is reasonably obvious is clients who operate under the same brand as franchisees. As it happens, the similarities are not necessarily as obvious as one might think – for example, their personal goals for being in business or the cash they’re able to inject into the business when considering accounting for a franchise.
The benefits for our franchisee clients tend to be less clear than us being able to replicate how we work with our clients – which is not as easy as it might sound! Things like the reporting requirements to be provided to franchisors become second nature to our team when handling accounting for a franchise – reducing the number of queries raised but also keeping both sides of the franchising deal happy.
Understanding Franchise Accounting Dynamics
One of the main benefits is that when we’re working with our franchisees on their results, having the knowledge of how other companies in the same region, industry and, importantly, brand are performing is priceless to us and our clients. Not that we’re able to discuss who we work for or specific figures, but knowing about the industry and geographical averages and benchmarks is really useful to all of our franchise clients when considering accounting for a franchise.
Our main area of franchising is in the property industry, where we look after four franchised brands. Our clients are able to use our knowledge, confirming that the ratio of their management income compared to their one-off introduction fees is about right, or that their staff costs aren’t creeping past the point their turnover can manage, compared with other companies similar to theirs when thinking about accounting for a franchise.
As an accountant, sharing details about clients is a no-go area. We are pretty passionate about this – which is why, as a client of MNE Accounting, you will benefit from our excellent – and improving everyday – experience in accounting for a franchise whilst maintaining some rock-solid secrets that your fellow franchises will never know!
We’re appearing at The Franchise Show UK on Friday and Saturday (19th & 20th Feb) at the ExCel London. Come and say hi and discuss how we can help your franchises grow.
Franchising is a unique business model with its own set of financial intricacies. At MNE Accounting, we pride ourselves on our deep understanding and expertise in accounting for a franchise. If you’re seeking clarity, efficiency, and a tailored approach to your franchise’s accounting needs, don’t hesitate. Reach out to us today and let our experienced team guide you towards financial success. Your franchise deserves the best, and with MNE Accounting, that’s precisely what you’ll get.