There Is Accounting For Franchisees!
One of the most helpful services franchisors can provide to their franchisees is accounting direction and services. I am often astonished at how little guidance so many franchisors provide in this area. How will franchisees know if they are truly making money and operating effectively if they don’t keep good books and receive information to help them run their businesses more effectively?
The fault here does not lie solely with the franchisors. Historically, and even today, many franchisees have been cautious about allowing franchisors inside the tent of their financial records. It is often said, in jest, that franchisees keep three sets of books: one for themselves, one for their franchisors, and one for the IRS. I am not sure whether this is perceived as the exception or the rule (I expect the former) but I do think it is true that franchisees like to deduct as much as they can from their operating revenues.
Assuming franchisees are not skimming, I have always found franchisee reluctance to provide franchisors with their financial information intriguing.
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