Now working with franchise owners in New Mexico!
We understand that as a franchise owner you have a business to run and your time is valuable. We are now partnering with franchisees in 31 states, providing one-stop solutions and creating confidence in their financial information that allows them more time to work on growing their business.
Here are some of the recent things we’ve been observing when franchise owners come to us for help.
- The balance sheet and income statement do not match the “month-end DRS report”:
- In the event of an audit, this discrepancy will open you up for questioning on your submitted income tax information and will likely lead to audit complications and, ultimately, will cost you money.
- Revenue is being recorded incorrectly on the income statement:
- Providing an inaccurate valuation of the business that may cost you dearly at the time of sale.
- Gift cards for promotional use and tax consequences of “shrinkage” are not being handled correctly:
- Not knowing the true outstanding balance of gift cards due, whether they have been used multiple times, or if you might even have fraud or theft occurring in your store.
- Balance sheets and income statements are prepared too late for it to even matter:
- Best in class franchisees are using their balance sheet and income statement to make the right business decisions quicker than the competition.
- This should occur within the first ten days of the month following based on trends.
Looking for more information? Download our Winmark Franchise Packet to find details on services and pricing.
