Franchise models are a popular way of entering into the business world.
For most franchise systems in Australia, it offers a way of establishing a new business under the umbrella of franchisor, who normally provides resources including marketing, accounting, customer services as well as technical knowledge to take the business to success. This is rather important in the first few years of a new business.
As an accounting and tax firm, we can offer advice to new franchisees as how they want to structure their businesses that suit their needs most. This is vital in the long run as it will prevent any unnecessary changes to the business structure to receive the best tax advantage. We can also provide workshops or seminars to new franchisees on the information required when it comes to record keeping and tax obligations of their new business.
A lot of couples have chosen the franchise system and it does provide a great learning curve when they have never run any business before. However, they would not necessarily have the knowledge as what business structures to choose and in most cases, they decide to go for a family partnership. When this might work well for couple with no extra income, this might not be ideal for couple with extra source of income when it comes to tax time. Hence, it is why we are here to help picking the better structure that suits individual needs. This is one of hte advantages of using an Accountant who specializes in working with small businesses and franchise business models.
As entering into business, they have been overwhelmed with information they receive and often forget record keeping for the business finance or their tax obligation. And when tax time comes, the book might be in a mess which requires a lot of attentions and this creates a great distraction to the business running. A lot of franchisor also requires a lot of compliance when it to the business finance and we can have new owners to tax as well as franchise compliance to make sure things are right from the start.
It is not easy being a business owner and sometimes it is even harder than being an employee. But that’s also part of fun and challenge of being your own boss. We would like to help to make this journey easier and more rewarding. Please feel free to arrange a time to discuss how we could assist in building your business success story.
Contact the franchise accounting team below or we can come to you. Call 1300 627 829 to discuss your Accounting needs.
