by Franchise Accountants
last updated 10/12/2021
The Help You Need
by Franchise Accountants
last updated 10/12/2021
Smart franchisees and franchisors choose Franchise Accountants to help them buy and manage their businesses
Behind every successful enterprise, there is likely to be a highly knowledgeable accountant. And when that enterprise is a franchise, it’s vital that the accountant has extensive experience in franchising. That’s what makes Franchise Accountants stand out. Founded more than a decade ago by Philip Morrison, the company has worked with more than 1000 franchisees and evaluated over 250 different franchise brands.
As further proof of their expertise, the company is a five-times winner of the Service Provider of the Year title at the Westpac New Zealand Franchise Awards.
Knowing the numbers
Derek Lilly has been in franchising for 21 years, developing franchises on three continents. He established the Dream Doors franchise in New Zealand in 2007 and is still growing the brand today. That’s given him a lot of insight and, after working with Philip and his company for many years, he greatly values their expertise.
‘Philip is an absolute specialist in advising franchisees on how to grow their businesses,’ Derek says. ‘Franchising requires a different type of understanding and formulas to get where you want to go, and Franchise Accountants can give you good, grounded advice on the finances of your business. They make it simple, too, because they are so good at explaining everything.
‘I always encourage other franchisors to get their prospective franchisees to sit down with Philip before they make a decision. He will have expert knowledge and a total understanding of the business and its franchise model, and will deliver sensible and practical advice that helps everyone to make an informed decision.’
With Dream Doors, for example, Derek says potential franchisees are able to develop a business plan based on accurate historical data, and Franchise Accountants can verify the numbers because they have access to benchmarking data that allows them to validate the reasonableness of the numbers. ‘That gives the buyer peace of mind and ensures they understand how the business really works even before they start.’
Derek communicates with Philip or his team on a weekly basis, and Franchise Accountants manages everything financial, including payroll, for Dream Doors. ‘A stand-out moment was when we established Dream Doors in the USA – they gave us some brilliant advice, not just because they had experience with international tax, but because they truly understand franchising.
‘I rate them ten out of ten. They’re completely up-front if there is any conflict of interest for franchisees and they totally get the franchise business model. I recommend them 100 percent.’
Ordinary accountants don’t understand
For Stephen Passmore, purchasing his East Tamaki-based Snap Printing franchise in 1999 was a chance to determine his own future after moving to New Zealand from the UK. He worked with several different accountants before meeting Philip at a local business meeting in 2010.
He says that timeliness was always an issue with his previous accountants, ‘But the biggest problem was that traditional accountants tend to see franchising as almost a negotiable cost, much like other expenses. They don’t understand that it’s up to the franchisee and his or her advisors to make the business work, along with the help of the franchisor and the systems. Philip gets that and helps me to make the most of the business model.
‘I get great service from Franchise Accountants, and have regular meetings with them. More frequent contact means you stay on top of things. As with any good franchise, I have various benchmarks and KPIs to run my business with, and the financial ones require help from Philip to ensure I’m making the most of things.
‘Even though I’m OK with figures, I still need someone to bounce things off, and Philip and the team are always there. If I’m buying a new piece of equipment, for example, their guidance is invaluable.
‘Franchise Accountants work for a fixed monthly fee, which helps with budgeting, and that regular contact also means that there isn’t as much work to do at the end of the financial year – another headache removed.’
Buying a job or running a business?
Stephen agrees with Derek that Franchise Accountants always take an interest in the whole business and fully understand the benefits and mechanisms of franchising and how to set the accounts up accordingly.
‘I remember after the GFC Philip asked me a whole load of questions around budgets, targets, planning and goals that helped me move the business in the right direction and perform better. Philip’s not just an advisor – he’s a mentor, and in the long term that made all the difference between just having a job, or really building a business.
‘That’s why I’d recommend Franchise Accountants to anyone getting into franchising.’
Philip Morrison says that the current uncertainties with Covid make it more important than ever for franchisees to have an accountant they can trust to really understand their business. ‘Last year, we talked to every single one of our franchisee clients through the lockdowns, and over 95 percent of them came through OK. That’s where the right advice can make a difference. Whether you already own a franchise or are just buying one, contact us today to find out how we can help you.’
This advice is of a general nature only and expert advice should be sought to get the right advice for your specific situation.
For more information and advice on buying a franchise get your FREE copy of Franchise New Zealand magazine.
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