As a franchise owner, you need accurate financial records to make intelligent business decisions. However, bookkeeping can be time-consuming. Franchise bookkeeping services allow you to outsource your financial management so you can focus on growth. However, not all services are created equal. Here are key features to look for when choosing franchise bookkeeping help.
Cloud-Based Software
Opt for a service that uses cloud-based software. This allows for easy collaboration and gives you 24/7 access to real-time reporting from any device. Cloud-based systems are also more secure and enable seamless software updates. You want your data safely stored in the cloud, not an outdated desktop program.
Industry-Specific Experience
See if the service specializes in bookkeeping for franchises in your industry, like restaurants, gyms, home services, etc. They will understand industry-specific accounting needs and can customize services accordingly. Industry experience leads to more accurate books.
Franchise Compliance Knowledge
Choose a service that is well-versed in franchise compliance requirements. They should understand the reporting standards set by your franchise corporation. This ensures your books satisfy all compliance needs so you avoid costly errors and penalties.
Option for Payroll Services
Look for payroll services tailored for franchisors. These services are designed to handle franchise needs like tip calculations, child labor laws, and multi-unit payrolls. A comprehensive payroll ensures employees are paid accurately and on time, avoiding compliance issues.
Integration with Your POS System
Look for a service that integrates the franchise’s POS system for automated data collection. Automatic syncing saves you time manually recording daily sales, invoices, inventory, etc. Data flows seamlessly into your books.
Bill Payment Services
Bill payment automation is a huge time saver. Opt for a service that can pay bills out of your account on your behalf. Then, you can review and approve payments online. Automated bill payment makes life easier.
Expense Tracking Features
Robust expense tracking features let you snap photos of receipts right from your phone, automatically logging expenses. Opt for OCR scanning to extract critical details. These features make expenses searchable and reportable, cutting down on headaches.
Easy Tax Prep
Choose a service that seamlessly preps your books for tax time. They should provide comprehensive reports that your tax professional can use to file quickly and accurately. Taking the tax prep burden off your plate is so valuable.
Custom Reporting
Look for custom reporting features that give you insights into franchise performance. You should be able to pull P&L statements, sales reports, budget-to-actuals, and more on-demand. Custom reporting makes financial data actionable.
Dedicated Accountant
Having an accountant dedicated to your franchise is vital for continuity. They will get to know your business inside and out. A dedicated contact person makes communication so much easier for you.
Finding the right franchise bookkeeping service takes effort, but it’s worth it. The key is choosing a provider with cloud-based, industry-specific software that integrates with your POS system and handles payroll. Ensure they handle compliance, bill pay, expense tracking, taxes, and custom reporting. It takes bookkeeping off your plate so you can focus on your franchise.
