Our client, one of the largest Franchise networks in Australia, was having issues with the quality and delivery of franchisee reporting. Internally, they were spending too much time interpreting franchisee results. Our client also wanted to generate a new revenue stream and offer new franchisees a cost effective bookkeeping solution.
What We Did:
We came up with a way to streamline franchisee reporting, benchmark results and generate a new revenue source for our client. We dedicated two full time resources in our office for the client and their franchisees. The franchisor offered bookkeeping, payroll and accounts as an add-on service to franchisees at a lower than market rate whilst still making a profit. With our team providing the back office needs, the franchisees received a comprehensive, all-inclusive bookkeeping solution.
The New Process:
Through our two full time resources, we offer a complete bookkeeping solution to over 70 franchisees on behalf of the franchisor. Our role consists of:
- Reconciling accounts of franchisees.
- Processing payroll for staff of franchisees.
- Preparing and lodging the BAS of franchisees.
- Assisting new franchisees with software set up and Chart of Account creation.
- Monthly results correlation for the master franchisor.
- Assisting in benchmarking of franchisee results.
Our client generated extra income of $56,000, that’s after paying us for the back office support. Our client now spends more time analysing franchisee results, identifying problematic trends and setting benchmarks for best practice.
Our client has more control over reporting, and can request to refine changes to reporting and accounts policy easily to evolve with market trends.