Moving into Business: A Franchise Accountants Perth Perspective
Author │ Simon Liddicoat – MAS Tax Accountants Duncraig-Warwick
June 2017
There are a lot of advantages to buying into a franchise group. In most cases, you will be provided with the setup, training, mentoring, planning strategies, instant branding and ongoing assistance, just to name a few. Most importantly, you are supported through the initial teething issues of starting a new business and provided with valuable information systems. However, there are some business areas that you will need outside help with and unfortunately there is no “one-stop” solution. As Franchise Accountants Perth, we work with franchisees to effectively manage their business tax and accounting tasks, to ensure that they are compliant with government bodies and their franchise group.
Operating a small business under a franchise system certainly does remove some of the concerns faced by business owners, but it does not guarantee instant success. If you were you to ask any Franchisee if their business is as straight forward as following a document system, such as Business-in-a-Box, the answer is most likely to be a resounding no. You cannot be expected to correctly understand and manage every fine detail by yourself, so it is wise to seek professional help -especially when it comes to your financials.
However, running a franchised business is also likely to introduce some risks and challenges. As you pay for the benefits listed above, you are also likely to start your small business with more debt. The franchise model will attract additional overheads, such as royalties and advertising levies. Most franchises work on high volume low margin work, meaning you will have to meet challenging sales targets in order to be successful.
At MAS Tax Accountants Duncraig – Warwick we focus on supporting small business owners operating as franchisees. Our Franchise Accountants Perth understand the risks faced and how to mitigate against them.
Our services include, but are not limited to:
- Pre-Purchase Reports
- Advice and establishment of appropriate Business Trading Structure
- Preparation of a Business Plan
- Cashflow forecasts and Profit Projections
- Registration requirements, such as TFN, ABN, GST and Insurances
- Bookkeeping and Payroll services
- Set-up and assistance with accounting systems, including Xero, MYOB, QuickBooks
- Preparation of compliance activities, such as BAS, Tax Returns and Annual Financial Statements.
With the proper assistance, you can manage your business tax and accounting responsibilities with efficiency and ease. Working with different-sized businesses and franchise models, we can help you! Contact Simon at MAS Tax Accountants Duncraig-Warwick to discuss your franchise accounting queries.
Learn more about Duncraig-Warwick office, including our team and the services we provide.
For more information or to make an appointment, please contact us below or call Simon on 0409 683 469
