Experienced Oakville Accounting Firm Providing Franchise Accounting Services
Franchises present an excellent investment opportunity, while also requiring a specific understanding of the financial and accounting demands unique to this business structure. If you own and operate a franchise, or are considering this option, you can benefit from the franchise accounting and tax services provided by Glenn Graydon Wright LLP.
At Glenn Graydon Wright LLP, we understand the unique business characteristics of owning and operating a franchise. For over 30 years, we have provided services to franchisees in some of Canada’s largest franchise operations, and our experience allows us to help clients avoid common pitfalls of this unique business opportunity, while maximizing profitability. We provide targeted advice on items such as:
- Tax savings and deferral opportunities
- Address start-up expenses and financing
- Provide comprehensive insight into the franchise agreement terms and how they may impact you financially in the short and long-term
Strategic Advice Before You Buy
Purchasing a franchise is a different commitment than starting your own business. As a franchisee, you are licencing the right to operate a business using the name and proprietary business system belonging to the franchisor. Given that, it is extremely important to understand the financial viability of the franchise opportunity in advance of signing the franchise agreement.
Reviewing the Franchise Disclosure Document (FDD)
In Ontario, a franchisor is required to provide a Franchise Disclosure Document (FDD) at least 14 days before a franchisee signs the franchise agreement. The FDD should include important information about the franchisor’s financial status and business history, such as:
- The history of the business
- Any litigation history
- Information relating to any past or current bankruptcy or insolvency
- The franchisor’s financial statements
- Information relevant to the purchase of a franchise, including:
- All associated costs for the franchisee, both upfront and ongoing
- A copy of the franchise agreement
- Any restrictions on franchisees, such as preferred or exclusive vendors, or any geographical restrictions
- Terms with respect to contract renewal, transfer and termination
At Glenn Graydon Wright LLP, we review Financial Disclosure Documents (FDD) on behalf of franchisee clients in order to ensure each client is aware of their financial obligations under the pending Franchise Agreement. We also review the franchisor’s financial disclosure and flag any potential areas of concern the franchisee should consider or make further inquiries about before signing the franchise agreement. Purchasing a franchise is a significant financial investment, and a franchisee should be sure to get input from our trusted accounting professionals before they commit.
Customized Franchisee Accounting Services
At Glenn Graydon Wright LLP, our team of skilled professionals has the knowledge and expertise required to service your franchise business. We appreciate that each franchisee/franchisor relationship is different and we customize our services to each client accordingly. Whether you are considering your first franchise opportunity, or you already own dozens of locations across the country, we will ensure you are in a position to maximize your business’ growth.
Our services extend beyond simply preparing the annual financial statements and corporate tax filings. As each franchise and client is unique, we will customize our services to address your personal and corporate needs. We will review your franchise agreement to determine if the franchise margins and overhead expenses are reasonable, as well as work with you to identify areas to improve operating results and internal control procedures.
Our customizable list of services includes:
- Audit and assurance services;
- Business advisory services, including identifying growth opportunities and providing insight into potential cost-savings strategies to improve cash flows;
- Accounting and bookkeeping services; and
- Annual tax filing preparation and tax planning strategies.
Contact Glenn Graydon Wright LLP Chartered Professional Accountants in Oakville for Experienced Accounting Services for Franchises
At Glenn Graydon Wright LLP, our business and accounting professionals have expansive experience working with new and established franchisees and excel at providing proactive business advice as well as guidance unique to this type of business. We will ensure you are positioned for success from the start, and help you grow your business over time. For more information about our franchise accounting and tax services, or to schedule a consultation, contact Glenn Graydon Wright LLP by calling us at 905-845-6633, or connect with us online, to set up an initial consultation.