The Biggest Benefit of Franchise Accounting
The biggest benefit of hiring our accounting services is that it can help your franchise to make smart business decisions based on actual data. We offer a seamless financial solution so you can continue to focus on the issues that matter most such as offering adequate support to your franchise.
And because GTA Accounting Professional Corporation has massive experience partnering with multinationals and franchises. we bring our best foot forward in accounting and taxation matters. You can trust us to offer you any additional guidance or strategic planning expertise that you may need to run a successful franchise.
Expanding your Business outside Canada?
As a franchiser, you give another party a license to use your trademark, brand and operating methods. This license is bound by a contract and is usually fixed-term in nature. You then get profit by taking a franchise fee from the business and also royalties. The franchisee on the other hand, also benefits by using a brand that has a proven business model as well as a support system unlike startups which have no structures and need to work their way up.
In Order To Set Up a Franchise, You Should:
Run a successful brand with a concept that can be replicated
Be able to identify franchisees who are willing to sell your goods and services and follow your business model
Provide a list of procedures that are consistent across different franchises
Show strong leadership skills
Provide a suitable corporate culture that can be replicated elsewhere
There are different fees that are paid to franchises depending on their contractual agreement. In most cases, the franchise is required to pay royalties which are based on their revenues. To calculate the revenue, the franchise will consider all their gross sales and a percentage of this will be the royalty.
The royalty will be determined by the business model. This is where our accounting professional comes in. We’ll help ensure that you get the most of your franchise by making sure royalty payments are properly calculated and all expenses are taken into account. We’ll help you provide consistent and reliable financial reports to your franchiser.
GTA Accounting Professional Corporation can provide your franchise with the following services:
Inventory & Labour Costs
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Discover how we can help you be more organized and use real data to move your business to the next level.
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