What to Expect from Your Accountant – Part 3: Taking the Long-Term View

My advice as an accountant has always been this: don’t skimp on financial services.

Well, I would say that wouldn’t I? After all it’s how I make my money.

But how do you make your money?

Your franchise business is likely to be built around an idea that you had (and hopefully still have) an affinity with. By learning, growing, and running your franchise effectively, you’ve established something you’re proud of. You’ve created and scrutinised all processes, you know the nitty gritty of every operation, and now you want to think about growth. And who better to help you with that than your accountant.

How?

Well, in this blog we delve into the vision and perspective that an accountant can bring to your franchise business.

Good eyesight

Your accountant’s good eyesight is not just beneficial for late nights poring over the debits and credits of a ledger. Their vision and perspective on your business, from a separate point of view, can be extremely useful to you. Think about how they, as independent from your franchise, can have the long-term view in mind.

The longer view and the bigger picture

From their standpoint, accountants can look at your business in a way that you, in the thick of it, might not be able to see.

Here are some things they can offer: 

1.    Measure and monitor growth by looking at your franchise’s history to predict your future

2.    Identify risks before they affect the way you work

3.    Guide you and your franchise business into developing good practices that give value to your customers

Franchise business owners can spend a lot of time worrying about the future. But an accountant can help and support you through making the big decisions too. Taking on an employee, for example, can be a big step and huge commitment. Planning to reinvest in your company also seems like a minefield to tip-toe through. But with open and honest communication, your accountant is well placed to encourage and advise on those decisions. 

Ringing the changes

Of course, changing family circumstances, new addresses, and organisational restructuring are all things that can impact your franchise business, and these are things that your accountant should know and monitor.

Going digital with new accounting software is as an important change that keeps you up with demand and other franchise businesses. QuickBooks and Xero are just two of the applications used in an explosion in the market of computerised accounting, and your accountant will have their own preferences. No doubt they’ll have tested a range of software that best suits them and their clients and they believe will stand the test of time, which helps avoid the need to constantly change to new and different packages.

“It’s all gobbledygook”

As an accountant I often act as interpreter for my franchise clients when it comes to the myriad changes in the financial business environment. Busy franchisees simply don’t have the time to explore and understand every piece of financial information that may influence their bottom line.

Your accountant’s ability to analyse financial information and trends can take that perceived burden from you. Advising you through changes in your franchise business with their good analysis and unique perspective, can free you up to make sound decision for your business growth.

Want to know why Franchise Accounting Services is not your average franchise accountants? Visit our website and DOWNLOAD OUR FREE EBOOK, ‘Why Every Accountant is NOT the Same – and Why That Matters for Your Business’.