In this post, we will discuss the checklist you need to bear in mind when looking for someone to help manage your books
1. Focus on Your Specific Needs
You need to choose an accounting firm that can support your specific business operation and structure. The firm must understand the franchise model and have vast experience working with multi-state and multi-region growth models. As you speak with different firms, make sure that they commit to communicating with you at least once a quarter. Find out in advance which financial professional will be assigned to you and verify that you won’t have to pay extra for those meetings.
A franchise accountant is not just a resource for auditing, tax planning, and bank lending. Most of them also provide professional advice on business processes and technology, which can be crucial as your franchise business expands. It’s important to evaluate a franchisor’s standard model early in the process because a model that’s not replicable can cause many problems.
Don’t underestimate how complex your business may be for franchisees, and think about your specific needs. For instance, a lot of franchisees like to bring their family members into the business, so ask the firms you’re considering whether they have experience with family-operated businesses and their unique dynamics.
Last but not least, ask potential accounting firms for information about the biggest projects they’ve done for clients and speak with those clients, particularly those who operate similar businesses as yours. They are the ones who can let you know whether or not the firm has the expertise you are looking for.
2. What You Need to Consider
- Experience in your specific industry
It’s important that the accounting firm you choose has experience and knowledge about your franchise business and sector. While some firms have experience with food franchises, others do not. If you are looking to operate a food franchise, you may want to ask your potential accountants some important considerations, such as law issues and tips tax credits.
- More than just accounting
You need to work with a firm that can help your franchisees make crucial decisions in today’s constantly changing business world. For instance, your accounting firm should be able to help franchise owners navigate any regulatory quirks your partners may have.
- Preparedness
Before hiring an accounting firm, it is important to ask the companies you’re considering to explain the changes in accounting standards and tax law in recent years. A good franchising firm should be able to give you valuable, accurate answers.
3. Unexpected Success
If you are looking to grow your franchise business slowly, you might be worried that an accounting firm may not want to respect that. Fortunately, there are many firms that support you and allow your franchise company to grow at its own pace.
