Specific franchise accountants for award winning kitchen manufacturers
We are proud to be recognised specialist accountants for the Dream Doors franchise; both for franchisees and franchisors. Today, we continue to work alongside household names in kitchen makeovers and manufacturing, helping business owners to develop the necessary skills and culture required to succeed. We’re confident that our specialist team can help you to overcome even the most niche pain-points and needs of your industry.
As a business owner, you’ll be no stranger to the unique obstacles of your sector, and therefore, the importance of implementing a robust and efficient management reporting system. Our full service franchise accounting solution aims to tackle the needs of your business head-on, by:
- Translating your financial transactions, bills and statements into real-time data, so that you can keep track of revenue and expenditure as it occurs, as well as generating regular reports to assess the financial health of your business.
- Ensuring that you act in compliance with your franchise agreement, as well as paying the associated fees and royalties correctly and on time.
- Implementing a rigorous inventory management function, so that you have access to accurate records of materials, tools and stock that align with financial data.
- Efficient budgeting to afford the resources you need to provide the service, such as products, labour and overheads, whilst establishing a growth plan that allows your business to succeed.
- Ensuring that your business operates in compliance with employment and labour law regulations and protecting you from mistakes, with our outsourced payroll, auto enrolment and HR solutions.
- Assessing risks associated with your industry, so that you are prepared to mitigate loss due to market shifts, shortage of materials or increased costs.
Our team uses high-performance cloud accounting software that integrates seamlessly with your unique operations. This enables us to provide real-time results so that you have the insight to make fast, informed decisions with your business’ best interests at heart. Working alongside you, we combine the applications most beneficial to the smooth operation of your franchise, facilitating collaboration between your team and ours 24/7. We’re always seeking new ways to develop our services to keep up with the latest advancements in the world of accounting.
As an Advisor Member of the British Franchise Association, we are committed to delivering practical and innovative accounting solutions to franchise opticians nationwide. Our membership allows us to stay informed on the issues that affect you the most, so that we can understand how our service offering can be adapted to tackle potential issues.
Why wait to begin transforming your business’ accounting system? Get in touch with a member of our QFP-status team today!
Why should I work with a specialist franchise accountant instead of a standard accountant?
Our experience with franchises spans over 80 years, so we understand just how different they are to other more typical business models. Each member of our team has a detailed understanding of the contracts and specifics for each franchise group that we work with, including add-ons such as niche services or products and royalty costs to the franchisor.
How will regularly completing management accounts benefit my business?
Regular management accounts will help you to identify specific profits and losses that could drive positive change within the wider franchise. For example, recent management accounts carried out by our team highlighted more losses than profits due to retail prices set by franchisors remaining at less than their purchase cost.
How often should I be completing my management accounts?
We would recommend that you carry out detailed management accounts at least monthly. Our team operates a strict turnaround on deadlines for you; often weekly, bi-weekly or monthly. The more often you complete management accounts, the easier it is to identify trends in your profits and losses!
What robust software should I use?
We are Xero Platinum Partners, which means we’re experts in using Xero’s cloud accounting technology to support your needs. Xero’s software is user friendly and compatible with a number of apps that can help to streamline operations across your business.