Our franchise accountant offers value and advice for franchisers and franchisees. We’ll handle your expenses and payroll, calculate royalties, and make sure you pay any necessary fees on time. You don’t have to be a financial expert to run a successful franchise—you just need to hire one of our professionals.
Franchises are some of the smartest business models in Canada. Opening a franchise reduces the risk of starting a business idea from scratch while maintaining the rewards that come with owning a thriving company.
Whether you are a franchiser looking to expand your business to a new city, or a franchisee hoping to open up a new franchise location, there remains some financial risk associated with this business model. A franchise presents expenses, hidden fees, and royalties that many new owners overlook, and the success of your fledgling venture depends on clear information and sound financial management.
One of the most vital features of a successful business is organized financial records. Our financial experts provide complete financial business support, including:
- Bookkeeping: We track your daily operational expenses and organize the transactions. Give us a copy of your receipts and invoices each month, and we’ll send you a bank statement with a comprehensive list of all your transactions.
- Payroll: We handle every aspect of payment for you and your employees, including withholding federal and local taxes, sending paychecks electronically or through the mail, and providing payroll information.
- Turnover: We help you understand your monthly revenue and analyze sales and expense trends to determine whether your business model is sustainable.
Leave your finances to our professional accountant so that you can dedicate more of your time elsewhere.
Filing taxes accurately with the CRA each year is another crucial step in owning a profitable franchise. Our franchise accountant services make the tax return process quick and easy, especially if we already handle your bookkeeping operations.
When our financial experts file corporate income taxes on behalf of your business, we examine your financial statements, payroll information, business expenses, and any tax records from the previous year.
Our professionals use this information to determine:
- Corporate tax forms that your business needs to file
- Timelines for filing your taxes
- How much your company owes to the CRA
- Your business’ eligibility for any tax returns
We may also be able to help you enhance your returns by taking advantage of tax reductions.
Financial health is one of the most important indicators of business success, and it is the details that matter. Dozens of companies throughout Ontario go bankrupt each year because of mismanagement or misunderstanding of franchise finance. It is better to have an expert accountant on hand to ensure that you make wise financial decisions.
Whether your franchise maintains a high profit margin or not, you need a franchise accountant who can help you make the smartest decisions for your business. We examine your financial data and offer expert advice to help your company:
- increase profit margins,
- curb excess expenditure, and
- improve financial processes.
An experienced franchise accountant could make the difference between a thriving franchise business and another defunct operation.
Frequently Asked Questions
Here are some questions business owners frequently ask when they consider hiring franchise accountant services
Do all franchises need accountants?
Some franchises attempt to do all the accounting internally, but this often leads to administrative problems and financial blind spots. Without proper training in corporate finances, you could hurt your business by trying to keep track of financial records yourself.
Our franchise accountant provides your business with many benefits:
- Saves time: A franchise is time-consuming in itself without the added responsibility of keeping track of your finances. Hiring an external franchise accountant allows you to delegate time to more important matters, like training employees, improving customer service, and optimizing inventory.
- Reduces stress: Money is stressful, especially if you do not have a solid grasp of the daily financial operations. We’ll handle the financial burden for you with years of experience and reliability.
- Improves business: Trust our consulting services to provide intelligent insight into the success of your franchise, allowing you to feel confident at the helm of your business.
What are franchise royalties?
Franchisees often have to pay royalties or some portion of the franchise’s revenue to the franchise owner in exchange for using the business model. Our professionals will help you calculate your franchise’s royalties to maximize your profitability and benefit your business model, whether you are the franchisee or the franchise owner.
What is an audit?
An audit examines all your business’s financial records to ensure complete accuracy and compliance with the guidelines of the franchisor. Many franchisees fear audits, especially if the financial records are disorganized, but hiring our professional franchise accountant takes the guesswork out of the process.
Our experts will ensure your business complies with any necessary guidelines throughout the year, so you will not have to wonder about the results of any audit.