Taking control of your accounting for franchise businesses can be a daunting task when multiple locations are being managed. Creating consistency between teams, general ledgers, reporting, and bank reconciliations are not only time consuming but at greater risk of error. BooXkeeping understands the unique needs of multi-location business owners and franchise reporting requirements. We act as an extension of your internal team by being a fully outsourced bookkeeping service.
Regulatory and franchiser requirements are time consuming to keep up with, and can result in penalties if out of compliance. Additionally, the diversification of selling between online and offline channels can make the accuracy of bookkeeping harder than before. Outsourcing the bookkeeping function so that you can focus on the core business activity – delivering value to the customer and driving revenue – is the solution.
Consider the costs of the bookkeeping function in terms of both time and money. First of all, there is the cost of purchasing and maintaining a technology solution; with all of the installation and subscription fees it entails. On top of that, employees need to be trained both in how to work with the system and also the basics of bookkeeping itself. The alternative is hiring someone to work in-house on the bookkeeping activities, which can involve significant employment costs (with the average US bookkeeper salary coming in around $40,000 plus state and federal liabilities). Additionally, if you lose an employee the work stops. When you outsource bookkeeping to a team of professionals, your business has scalability without the overhead.
On top of that, there is the risk of bookkeeping error, or fraud, that can have serious effects on your bottom line. Hiring an external party to manage your books ensures checks and balances of multiple teams while relieving the stress from you. External parties have more responsibility and higher liability in the event of serious errors, and this coupled with the fact that we are experts in what we do, makes the accuracy of your books and accounts a guarantee.
Hiring dedicated professionals is therefore, less risky, more cost-effective, and convenient. With the advances in technology for bookkeeping, a dedicated outsourcing firm will enable your business to take advantage of best practices in the industry. Good bookkeeping is not going to grow your business on its own, so letting the professionals handle the function with care allows you to focus on what you do best.
All services provided by BooXkeeping are customized towards your needs. Below is just a little sample of what we can do for your franchise. Please contact us for your complimentary initial consultation with one of our Chief BooXkeeping Officers.