by Franchise Accountants
last updated 31/03/2022
Call The Accounting Specialists
by Franchise Accountants
last updated 31/03/2022
Choosing Franchise Accountants means franchise buyers and franchisors are in safe hands
It was through the ‘friend of a friend’ that Emma Hague and Steve O’Connor first learned about Franchise Accountants and its highly-respected founder, Philip Morrison. The couple were considering buying a Caci franchise, and had been looking for an accountant who specialised in franchise businesses. Philip came highly recommended.
‘Steve went to meet Philip first, and then we both attended a subsequent meeting,’ recalls Emma. ‘We were immediately impressed by his reassuring, calm manner and extensive knowledge of the franchise industry, which meant that he already understood the Caci franchise really well. He made the whole experience such smooth sailing.’
The couple had dealt with accountants in their previous business careers and remember times when they didn’t quite fully understand how things worked. ‘But Philip has a way of clearly explaining everything around due diligence and the accounting process, so we came out of that meeting feeling really positive and encouraged – dealing with Philip was like a breath of fresh air,’ says Emma.
Help in all aspects
Today, Emma and Steve own not just Caci Howick but have also bought the franchise for Caci Beachlands, which has been undergoing fit-out during Level 3. Once again, they’ve had the Franchise Accountants team behind them, in particular helping to guide them through the various payroll support packages.
‘We’ve found every aspect of our business is covered by the service delivered by Philip and his team, from buying to managing, GST to Xero and everything in between,’ explains Emma. ‘And because they understand our business so well, their advice extends well beyond the accounts. For our second clinic, they advised right down to the location we were looking at and the area demographic, as well as the viability and profitability of the business. They explained all the pros and cons, and we always came out of each meeting satisfied with what we had learned.’
Emma’s advice for any newcomer to franchising is to choose a specialist accountant with an excellent track record in the industry. ‘Someone who is doing the books all day, every day, for numerous franchise businesses will have a clear understanding of how your business works best.’
Knowledge and experience
Nick Turner says his first connection with Franchise Accountants seven years ago was also the result of a referral from a mutual colleague. The Sal’s Pizza co-founder and CEO, who oversees 37 New Zealand stores including 17 franchises, says the company brings experience and wisdom to both franchisors and franchisees.
‘This gives them a real depth of understanding, and Philip has a great team around him who get things done quickly and efficiently,’ says Nick.
After working with a number of large and small accountancy firms in the past, both locally and overseas, Nick says many may look good on paper and sound knowledgeable, but they don’t understand franchising. Rather than wait for them to get up to speed at your expense, it’s better to go straight to Franchise Accountants. ‘They are the experts who totally understand franchise structures and relationships.
‘The recent Covid lockdowns have reinforced the importance of having knowledge on your side – particularly when working through cashflow issues, dealing with suppliers and providing support. Some accountants provide little added value, just basic ‘profit and loss’ reporting. But Philip’s wisdom and relatability, his great empathy, and ability to feel your pain in tough times, makes a difference,’ explains Nick. ‘His strong relationships within the franchise sector, including with banks, make him a safe pair of hands.
‘I would describe Philip’s approach as calming and non-judgmental. He delivers good, solid business advice, and was particularly helpful to Sal’s Pizza when we were transitioning company-owned stores into franchise businesses.’
A proven track record
In the last ten years, Franchise Accountants has worked with more than 1000 franchise businesses in New Zealand and evaluated over 250 different franchise brands, giving the company an unmatchable working knowledge of franchising in New Zealand.
A five-time winner of the Service Provider of the Year title at the Westpac New Zealand Franchise Awards, they have stood by their clients through the thick and thin of the Covid pandemic.
Now, Philip and his team are looking forward to working with new clients. ‘If you’re evaluating a franchise business for the very first time, make us your first port of call,’ Philip says. ‘We’ll help you to benchmark the opportunity and determine how it measures up in the three critical areas: viability, sustainability and profitability.
‘And if you’re looking to franchise your business, or want someone to help your franchisees, we’re happy to help. Contact us to find out more about our services.’
New – and now multi-unit – franchisees Emma and Steve say they would recommend Franchise Accountants to anyone. ‘They gave us instant confidence from the day we first talked to them, and have helped us build our business from the start.
‘For us, choosing Franchise Accountants is an absolute no-brainer.’
This advice is of a general nature only and expert advice should be sought to get the right advice for your specific situation.
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