Accounting & Bookkeeping for Multi-Unit & Franchise Business Owners
Managing a business is never easy. But managing multiple locations makes things far more complicated. You have the same responsibilities for every location and each one of them impacts the bottom line of your entire operation. If you’re part of a franchise concept, there’s even more to think about!
How we help multi-unit and franchise businesses
Every business transaction is accounted for
Recording bills and daily transactions in your general ledger is a tedious, never-ending process. But it must be done because transactional information is the foundation of your financial records.
BKE will setup and manage a modern, cloud-based back office system with online accounting software at the center. We’ll ensure that all your transactions are not only imported into your general ledger but also recorded in a timely fashion.
Your cash flow, simplified
Even after transactions are properly recorded, you need to know when the funds have been paid or received. VISA transactions can take two days to clear, online orders can take three and AMEX transactions can take as long as five business days for the funds to arrive in your bank!
Reconciling on a regular basis is the only way to know how much money you truly have in your bank account. We’ll reconcile your sales data to your bank details on a weekly basis so you always have a clear view of your cash flow and know your funds are safe and accounted for.
Royalty calculations (for franchise establishments)
BKE recognizes that every franchise system is different and the methods to manage, calculate and pay royalties vary. We’ll help you manage the royalty process set by your franchisor to ensure you stay compliant, as well as reconcile these payments and expenses in your books.
Accurate inventory adjustments
Counting inventory can be a painful process. Recording the count adjustments to your general ledger can be even more time consuming! BKE can use your monthly inventory valuations from each of your locations to update Inventory and Cost of Goods Sold (COGS) for you!
Never pay a bill late again
Making sure bills are being paid on time is another weekly responsibility that often gets overlooked. Missing a due date or losing track of a bill can upset your vendors and even cause you to incur unnecessary late fees.
With BKE, you take a photo of your bills and they’re uploaded directly to us. We’ll arrange for your bills to be paid on time, make sure expenses are recorded to the correct account and unit and report the information back to you on your financial statements.
Intercompany transactions and expense allocation
With multiple locations, there can be financial transactions between locations. Whether you are transferring food to a location that needed more, or replenishing cash to an account that was running low, we can help you record all of these transactions.
If you make large purchases that benefit several of your units, you will want to divide the cost across each location. BKE will help you allocate these transactions so your expenses are reflected accurately at each unit.
Payroll for each unit
BKE can manage your payroll processing and recording, including tax reporting, employee tracking and reporting, employee payments (direct deposit or paper check), new hire reporting, and PTO calculations.
Each franchise location has it’s own payroll journals that must be accurately maintained. If you have staff that works at more than one location, we’ll ensure they are reported under the correct cost center.
Reporting across your business
When you operate multiple units (especially with multiple EINs and Classes), you’ll need reports for each location as well as comprehensive reporting highlighting the performance of your entire operation.
BKE will use your well-organized accounting data to generate all the reports you need. The information will be properly structured so you can pinpoint how each unit compares to the others and affects your overall business.
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