Franchise
Navigating the unique challenges of your brand and industry is crucial for growth and profitability as a franchisee. Whether you aim to expand or enhance the profitability of your existing franchise portfolio, collaborating with a CPA firm attuned to your specific needs can accelerate your growth while improving profitability and cash flow.
Serving private equity firms, family and individual-owned operators, and investment groups, Withum’s Franchise Services Team offers the experience and a robust network of accountants and advisors tailored to tackle any challenges your business encounters so it can thrive.
As a franchisor, managing a brand also presents challenges, from managing intricate financial frameworks across a network of operators, ensuring compliance with tax laws across different jurisdictions, and optimizing operational efficiency to support both your bottom line and your franchisees’ success. Accurately forecasting financial performance to secure financing for expansion and mitigating risks associated with market fluctuations are areas where partnering with Withum, a seasoned franchise accounting, tax, and advisory firm, will help you avoid financial missteps and regulatory oversights that could impede your growth and operational effectiveness.
Franchise Industries We Help
- Quick-Service Restaurant (QSR)
- Casual and Fine Dining
- Health and Wellness
- Retail
- Entertainment
- Educational & Training
- Service-Based
- Travel
Franchise Trends and Challenges
Hiring and retaining employees continues to be a challenge, leading to increased labor costs and potential customer service issues within the industry. Investing in comprehensive training and development programs, offering a competitive benefits package, streamlining processes and technology, regularly seeking feedback from employees to understand their concerns and preferences, and prioritizing a positive company culture are a few ways franchise owners can bridge the labor gap.
Multi-unit franchisees typically face unique accounting challenges. Keeping track of financial data across multiple locations and entities can be difficult. Not to mention, reconciling intercompany transactions can be quite burdensome. Our solutions enable multi-unit franchisees to easily analyze performance of multiple locations, review consolidated financials at the snap of a finger, identify trends, and make informed business decisions.
Effective cash flow management enables franchisees to adjust to changing market conditions, make well-informed decisions about expansion and improvements to existing locations, allocate resources effectively, and be better prepared for unforeseen events. Proper cash flow management empowers franchisees to take proactive measures to capitalize on growth opportunities and mitigate risk.
A well-thought-out succession plan ensures there is a smooth transition of leadership and ownership, prevents operational disruptions, addresses financial considerations such as valuation and taxes, and provides overall peace of mind that allows franchisees to focus on current operations and strategic initiatives. Partnering with an advisor that understands the driving factors of value for your franchise business is critical. Whether you are planning for an internal succession or external succession, our team will see you through from start to finish.
Technology is advancing daily. Franchise businesses that do not stay on top of these advances will be left behind. An effective technology stack can help streamline operations, improve efficiency, enhance the customer experience, and provide access to real-time data and performance analytics, all of which lead to informed decision making and greater profitability.
We believe in a proactive, “No-Surprises” approach when it comes to taxes. We are dedicated to providing franchisees with cost effective business and individual tax preparation, planning, and consulting services to help minimize tax liabilities.
Franchise Accounting and Advisory Services
Accounting and Tax Services
- Outsourced Accounting
- Tax Planning and Compliance
- Financial Audits, Reviews & Compilations
- Cashflow Analytics and Forecasting
- Entity Structure Advisory
- Start-Up Services
- Internal Controls
- State Tax Planning, Nexus and Apportionment
- International Tax Services
Advisory Services
- Business Valuation
- Mergers and Acquisitions
- ERP and Dashboard Integration
- Succession Planning
- Wealth Management Solutions
- Deferred Compensation and Retirement Planning
- Cost Segregation Study
- Cyber Security Analysis and Implementation
- Insurance Analysis
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
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