Franchisors and franchisees, alike, must be well-versed with not just relevant business models, but the changing landscape as well. Often though, the standardized system needed for comparisons and benchmarking is absent and challenges pertaining to inaccurate and untimely financial statements, etc., require to be addressed. Owning a franchise requires long-range strategic planning, strong infrastructure, process management skills and special accounting requirements.

The key challenges faced by franchisors include:

• A common chart of accounts
• A common format for financial statements
• A reporting calendar to generate timely financial statements
• A common reporting platform and data warehouse
• A predefined set of financial performance indicators
• An authorized vendor list for goods and services, including accounting

Across different industries these nuances are more pronounced – ranging from seasonality issues, high employee turnover, technology implementation and management challenges with the right point-of-sale system, menu pricing analysis, tip reporting and allocation and even royalty fee audits. While some franchisors have long ignored these system-wide challenges, the forward-thinking ones have come to rely heavily on outsourcing, in some form or the other, to address a majority of these hurdles.

As a smart sourcing partner, QBSS will give you and your franchisees more to go on. We help you see the complete picture of your organization’s finances with accurate reports and insights, frequent check-ins, and dedicated teams to see faster and better results at a fraction of the cost.