Accurate bookkeeping and accounting are critical components of running a profitable operation. Business owner must have an acute understanding of the financial and management reports for their organizations. While some owners try to manage their own finances which takes time and energy. Often, they do not take the time to gain the wisdom or gain the knowledge to understand this information. Most of the time without success. Owners usually are not well-versed on what it takes to be proficient at the financials for running a business.
It would be in their best interest to hire an advisor to help them with their back-office needs. Then the business owner can focus on running their own business.
Certain advisors have specialist training with unique skills to help franchisees to implement best practices and valuable financial management advice. A good advisor will help with business formation, payroll, bookkeeping and accounting, and individual and corporate tax preparation, retirement planning assistance and implement tax strategies to reduce taxes.
Different Accountant skill Sets and Functions.
There are many different skills within the accounting industry. Business owner and franchisees need to know the different accountant’s skill sets and functions and which one is best suited for their organization. There are three major categories.
Business Accountants: Mainly focus on the activities of the business. They provide guidance on business performance, cash flow analysis and provide guidance on ways to become profitable.
Tax Accountants: Mainly focus on the record and preparing, filing individual and corporate tax returns. In addition, they tend to focus on management reporting, bookkeeping, and financial reporting to assist the owner to understand the business.
Franchise Accountants: Include and offer the same services as the Business Accountant and the Tax Accountant. To go step above, they offer addition reporting techniques and tools, compliance assistance, understand franchise agreements, help with financing options and understand the cost of operations.
In addition, you need an expert Franchise Accountant to help with the understand of the correct business structure, business formation, individual and corporate tax preparation, payroll for the owners and employees, bookkeeping services, financial planning techniques and tax strategies to reduce taxes.
Select the best Franchise Accountant.
There are many factors to selecting the best franchise accountant.
Knowledge: The most valuable component is the depth of knowledge and experience in the field of Franchise Accounting. Another advantage would be to have actually experience running a franchise operation. This would bring depth of knowledge to the table and assist the franchisee to become successful.
Services: Only a few Franchise Accountant offer the complete and full set of services that is needed to help the business owner set up the foundation for the business to run successfully.
Trust: It is very important to gain trust with the Franchise Accountant. The Franchise Accountant should take the role of an advisor on your team. And play a role in the franchise’s long-term success. Skills for successful relationship: Listening and communication skills are very important with the relationship and partnership between the franchisee and the Franchise Accountant.
By keeping these factors in mind for selecting the best advisor, an owner is on their way finding solid partner and advisor to help you navigate the business world that will lead to success!
Call now for your free consultation to learn how we can help grow your business!