Accountants for franchisees
Helping you to control the risks associated with being a franchisee, whilst maximising the opportunities.
Owning a franchise shares the same challenges and as much risk as starting up your own business. Although you should be supported by a proven concept, strong brand and solid systems, many franchisees fail each year. In fact, failure statistics for franchisees are similar to that of start-up businesses. There are lots of reasons why franchisees fail in the pursuit of business success. Typically these reasons are problems that most businesses face. It will often be consideration of the finer details that will separate the winners from the losers in business.
MNE has helped numerous franchisees in this hotly contested industry and have experienced at first hand the main risks and challenges you’ll face.
By choosing MNE as your finance team, you will be choosing an accountant with experience in:
Accountants to help your franchise flourish
Great franchisees accounting will help you overcome many of the pitfalls that franchisees encounter when starting up the business. Some of these challenges are unique to franchisees that you just wouldn’t encounter when setting up a business from scratch.
Our accountants for franchisees are made up of an expert team who are here to hold your hand throughout the whole process and help you control the risks associated with being a franchisee.
Some of these challenges our accountants will help you to stay on top of include:
1. Hiring staff and setting up payroll from day one
It’s pretty standard to hire staff as a business progresses, however most franchisors will expect you to have staff right from the start. Our strong knowledge of the payroll process and our use of industry best practices and technology makes managing payroll for your franchise a breeze.
2. Keeping a keen eye on cash flow
Cash is the proverbial king and with large start-up fees, monthly franchise fees and wages all to consider, staying on top of cash flow is integral.
3. Meeting demanding sales targets
Most franchises are built on low-margin, high volume business models relying on big sales figures to make money. You may inherit a lot of key performance indicators (KPIs) from your franchisor. However, our accountants will spot any business drivers that could be missing and will help you to make sense of this data to make informed business decisions.
Financial reporting makes an immeasurable difference to your franchise’s bottom line
Whether you’re completely new to the world of business or a seasoned pro, you need accurate management information that goes beyond sales and profit figures to fully understand the performance of your franchise.
A comprehensive balance sheet to help grow your franchise
Our financial reporting goes beyond a profit and loss statement, giving important consideration to a number of factors that can paint a more complete picture. Having a more complete balance sheet will help your franchise’s efficiency and profitability.
A strong position for dealing with debt
Upfront franchise fees for things like purchasing a prominent store location and fitting it out, as well as the cost of joining the franchise network and wages can weigh heavily. An accurate cash flow record and thorough bookkeeping will put you in an excellent position for borrowing and financing.
Accurate analysis to sustain growth
Of course businesses need to be profitable, however they also have to sustain growth. By conducting meticulous ratio analysis of things such as assets, fixed assets and stock, franchisees can benefit from spotting opportunities and potential threats early on. Franchisee owners can feel at times that they are doing everything possible to make the franchise successful. Our analysis helps to make the seemingly invisible visible by highlighting improvements to operations that increase efficiency and profitability.
Looking for a franchise accountant? Get in touch today
If you’ve recently joined a franchise network and you’re looking to get your finances in check, get in touch by calling 0116 255 2422. Our team are happy to answer any queries and recommend an accounting solution that’s right for you. Alternatively, fill out the form below and we’ll set up a friendly call with one of our accountants to discuss your franchise in more detail.