by Franchise Accountants
last updated 14/09/2023
User-Friendly Accounting Advice
by Franchise Accountants
last updated 14/09/2023
Franchise Accountants help franchisors and franchisees succeed
I’d recommend Franchise Accountants to any owner/operator in the retail business,’ says Grant Morse of Storage Box. ‘Philip Morrison himself is very approachable and has plenty of tools in his chest to make the accounting side simple, easy and effective. The fact that he understands franchising and licensing inside-out is an added bonus.’
Grant knows what he’s talking about, having been in retail ever since he left school. He worked his way up to become operations manager in several appliance-based chains. ‘Five years ago, I joined the Storage Box co-operative when they were looking for a general manager.’
Grant quickly identified several opportunities at Storage Box, but needed timely – and cost-effective – financial advice to measure them. ‘The accounting company we were using was one of the biggest in Australasia, but that meant we were a very small fish in a very big pond,’ he explains. ‘We didn’t get the service we needed and just weren’t looked after. They would only speak to us in high-level accounting language and expected our owner/operators to understand them.
‘I was attracted to Franchise Accountants because their founder, Philip Morrison, deals with owner/operators all the time. He understands their problems and knows their mentality. In addition, he’s down-to-earth, approachable, will always answer questions and has a wealth of knowledge.’
Storage Box made the change in February 2022, and Grant is very pleased with the results. ‘We’re now opening a company store in Wairau Park, which will eventually be sold to a licensee, and Philip gave us all the advice we needed to ensure it was done correctly. He has been closely involved with keeping us on track, and has a terrific team behind him. They provide a whole range of services, such as benchmarking, that I know we will be tapping into very soon. In short, they are “user-friendly” accountants – just what a business like ours needs.’
Helping franchisees and investors
Franchise Accountants are five-time winners of the Service Provider of the Year title at the Westpac New Zealand Franchise Awards. In the last 10 years, the company has worked with more than 1000 franchise businesses in New Zealand and evaluated over 250 different franchise and licence brands, giving the company an unmatchable working knowledge of the sector in New Zealand.
This knowledge is put to use to help business buyers and franchisees, too, such as gym owner John Chisholm. John believes a franchised business needs an accountant who understands the franchising sector.
John’s interest in leisure and fitness led him to the F45 gym franchise. ‘I’ve always been drawn to the business side of the leisure and fitness industry because it does nothing but good for the community, as well as being very profitable. I opened my own F45 centre four years ago, which is run by a manager.
‘As an investor, the brand power and systemised operations of a franchise have particular appeal,’ he says. ‘Knowing you can rely on a system when you are absent is reassuring, but of course the success of any franchise is not guaranteed – so staying on top of the numbers is critical.
‘We were looking for an accountant who understood the unique factors around franchising, including withholding tax and other elements connected to a global brand,’ says John. ‘This is where Franchise Accountants came in. The firm’s specialisation in franchising and the complexities of dealing with the financial side have been invaluable.
‘During Covid, Philip was an excellent sounding-board on the subject of rent, too. There was quite a lot of confusion around what deals landlords were striking, and having Philip’s experience was particularly useful. No wonder the vast majority of his clients came through the lockdowns in one piece! We’ve found Franchise Accountants to be unfailingly useful to turn to for advice when we need it, and they are extremely cost-effective as an out-sourced team for turning round our accounts on time.’
New clients start here
Franchise Accountants always look 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 against its peers and determine how it measures up in the three critical areas: viability, sustainability and profitability. We’ll flush out any aspects you may have overlooked, good or bad. Buying any business requires detailed examination – it’s easy for a new owner to miss things but we are experts in the small details that make all the difference.
‘We also love helping existing franchisees to find the weaknesses and opportunities in their businesses. We have a wealth of experience of due diligence in the franchising sector, and in these uncertain times it is more important than ever for franchisees to have an accountant they can trust who really understands their business.
‘Whether you are a franchisor or franchisee, contact us today to find out how Franchise Accountants 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.
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