Using a firm with franchise accounting experience allows you to focus on building and growing your business. Accounting & Business Partners LLC maintains the financial records, manages payroll and optimizes your tax strategy while meeting compliance requirements of the Franchisor.

Franchise Financial Success Basics:

• Know your franchisee requirements for reporting and paying royalties
• Contract with a bookkeeping, payroll and tax service provider
• Set up financial software and connect to the POS system
• Set up time keeping for your employees
• Keep receipts for all expenses and submit to your accounting team
• Properly onboard your new employees for payroll
• Calculate your overhead and breakeven
• Create daily and monthly sales goals
• Calculate and manage cost of sales of goods
• Audit for loss of goods regularly
• Know your state and federal compliance requirements
• Know your license requirements for permits
• Review your financial statements every month with your accounting team