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So you own and operate a franchised business. Franchises report a success rate of 75% in contrast to the 50% failure rates of other businesses. The system runs the business and your people run the system. It works smoothly and profitably each and every day. Right? Even owners of franchises have challenges in running their businesses. We understand your business and have people with significant experience working with franchisees, even those who have worked as controllers in franchised restaurant businesses.
Focus on what you do well and let Allen & Company record your income and expenses, reconcile your bank statements, prepare journal entries, and prepare financial statements. Not only will we prepare financial statements, we'll help you understand them, analyze the financial health of your franchise, and help you understand how your business compares to your competitors. After reviewing your financial statements, you can determine if your marketing methods are working or not. If not, you can react quickly and choose other methods that do work. You can also determine if you’re spending too much money and, if so, begin controlling your spending.
Franchisees with multiple locations often have significant loans with financial institutions and are required to provide them with financial statements audited or reviewed by CPA firms each year. Allen & Company can help you satisfy these requirements as well as review your internal controls to ensure peace of mind.
Maybe your business hasn’t grown to the point where you need a full-time or even a part-time controller. Our controller services will be customized to meet your needs, but may include reconciling bank statements, preparing journal entries, and preparing internal financial statements. Our people have franchise controller experience and will ensure that any variable rent expense, inventory transfers between stores, franchise fee amortization, and royalty fees are accounted for correctly.
Create more cash flow and either reinvest it in your franchise or invest it in yourself. Either way, our strategic income tax planning services can help you legally avoid or defer as much tax as possible. In addition to income tax returns, we can also provide assistance with preparing property tax and sales tax returns.
With our unique business improvement advisory services, we can help you gain a new perspective on your business, develop systems to provide predictable and consistent results, use key performance indicators to see your business in the same way your customers do, improve your cash flow and profits, understand how your business compares to your competitors. And have fun again.