Running a franchise has many advantages over starting a traditional business from scratch, but there is also some additional risk that you have to take into account. One of these is to have a sound accounting system or bookkeeper to help you make the most of your franchise business.
Your business will be a proven concept and will offer services or products that have been proved to work and tested. Many franchisors will provide support and instruction manual to help you with setup, training and planning.
There are fewer start-up problems with a franchise, and you should be able to get down to running the business from day one. Buying into a well-established franchise should provide you with some excellent data as well as performance and management tips to make the running of your business easier.
You will have more start-up costs and probably a larger payroll bill.
You are likely to have staff from the outset, which means managing human resources and payroll. In addition to wages, you will have monthly franchise fees as well, so you will need more revenue to break even, and you will have to manage cash flow carefully.
This is where a good bookkeeping and payroll company can help you. You will need a strategy for dealing with debt, managing employees and payroll and making sure you are on top of cash flow. Staying on top of your finances is vital and if the franchise doesn’t have accounting software in place, or even if it does and you want help with payroll to make sure everyone is paid on the same day each week, then please get in touch.
Revenue will change, and staff expenses will vary. Overtime makes things more complicated, and there is a lot involved with running a franchise. You may need support with your tax, self-assessment or end of your tax returns.
If we can support you with any of the above, please don’t hesitate to contact us or phone 01273 514060 to speak to a member of the team.
Would you like our friendly, professional team to manage your payroll requirements? We can take care of your payslips, reports to BACS and P60s, giving you more time to run your business.
For a reliable, efficient and personal service please contact us and we can discuss this personally with you by phone or via zoom/team meetings.ENQUIRE TODAY