Specialist franchise accountants for the third largest chain of opticians in Europe
As recognised accountants for Boots Opticians, we have built valued partnerships within the optometry sector for generations. Today, we continue to work with franchisees and franchisors across the country to develop the necessary skills and culture required for their practice to thrive.
As an optometrist, you’ll be no stranger to the unique needs 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 practice head-on, by:
- Tracking your business’ financial transactions, and transforming them into digestible data reports, to better understand your performance across various revenue streams and overheads.
- Regularly analysing your financial statements, to highlight key information about your business’ financial health, to support more informed decisions.
- Developing rigorous budgets, for effective expense management and forecasting, enabling you to develop stronger profitability for your business, whilst complying with franchise regulations.
- Ensuring your compliance with both UK and industry-specific tax obligations, helping you to minimise liabilities, meet obligations and prepare efficiently for year-end and other deadlines.
- Carrying out regular stock audits to track trends across product sales as well as confident inventory management of the products that are fundamental to delivering your services.
- Ensuring that your business operates in compliance with employment law regulations and protecting you from mistakes, with our outsourced payroll, auto enrolment and HR solutions.
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 opticians 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!
FAQs
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.