Franchise Accounting

Introduction to Franchise Accounting

Owning a franchised business can offer significant advantages, such as a proven structure and existing clientele. But it’s not without challenges, particularly when navigating the administrative and financial complexities.

With our team of British Franchise Association affiliated accountants boasting over 60 years of combined experience, we provide comprehensive accounting solutions tailored for both franchisors and franchisees. Having served more than 70 different franchise brands, we’ve crafted our services to align perfectly with the needs of the franchise industry.

Accountants for Franchisors

• Financial Management Training & Set-Up for Franchisees: We offer a thorough training schedule covering all financial aspects. We teach franchisees the necessary skills to efficiently handle their business finances, allowing franchisors to gain a clearer view of the entire franchise network’s state.
• Consistent and Uniform Accounting Processes and Reports: Through state-of-the-art Management Accounts, we can accurately report any up-to-date information, completely customized to your franchise’s needs, and produce reports as frequently as you need.
• Benchmarking of Franchisees: This process helps measure your franchisors against each other, creates a high standard throughout the network, and enhances reports by allowing franchisees to compare their performance with colleagues.
• Independent Compliance Reviews: Our compliance review can assist in finding out whether your franchisees meet all standards and obey all the financial legislations.
• Help with Your Own Franchise Accounting Requirements: Are you managing an individual franchise on top of the entire network? Benefit from our accountants to focus on growing your business rather than getting bogged down with financial administration.

Accountants for Franchisees

• Handling Accounting, Bookkeeping, and More: We take care of everything from your receipts and bank reconciliation to Tax Compliance and Payroll. We ensure you’re correctly registered at the right organizations and only pay the correct amount of tax.
• Year-End Accounts and Taxation: The end of the year can bring immense pressure. Our experienced team helps sort out the end-of-year reports, ensuring you comply with all regulations.
• Benchmarking Your Results: Struggling to compare your business’s key performance indicators with others in the same industry? We provide benchmarking to help identify areas where improvement is needed.

Our Services and Benefits

• Directors’ Expertise: Our directors’ knowledge is enhanced by their affiliation with the British Franchise Association, ensuring a thorough understanding of franchising principles.
• Local and Personal Service: With a network of offices and cloud-based accounting systems, we offer local and personal service, whether entirely online or partially.
• Franchisor Collaboration: As a preferred provider, we work with the franchisor to gain a detailed understanding of the business. We can provide tailored solutions and enhance our reports by including benchmarking.
• Management and Benchmarking Reports: These reports can significantly benefit Franchisors by ensuring accurate, timely, and uniform information, allowing a straightforward review of franchisees’ performance.
• Mini Audits and Compliance Visits: We have experience conducting mini audits or compliance visits to ensure suitable records and correct reporting of information, ensuring the right amount of franchise fees.

Why Choose Us for Franchise Accounting?

From someone considering a franchise to an experienced franchisor, we offer specialized services that include:

• For Those Considering a Franchise: Advice on the contractual requirements, business structure, and financials.
• For New Franchisees: Complete assistance in company formation, VAT schemes, and HM Revenue & Customs registrations.
• For All Franchisees: Comprehensive services such as bookkeeping, management accounts, Payroll, VAT, Credit control, and year-end accounts.
• For Franchisors: Regular updates on performance, tailored solutions, and collaborative support to enhance the network’s success.

We let you focus on what you do best: growing your franchise. With a local service backed up by national support, we are well-placed to help you be successful.

For a no-obligation chat to discuss how our franchise accounting service can make a difference, please call 0800 470 4820 or email info@tfmcentre.co.uk.