Franchises Food & restaurants

A Comprehensive List Of Resources For Franchises

Trusted CFO Solutions works with multi-location franchise owners to find money, save time, and provide growth advice. As a result, we come across common problems unique to the franchises, and to further equip and support our customers we’ve put together the following resource link center to help understand, resolve, the many problems franchise owners face.

Are You Ready to Regain 50% of Your Time & Add More Money To Your Business?

As a CEO or CFO, you want to significantly increase the efficiency and function of your finance department. Imagine what you could do if you regained 50% of your time and saved your company thousands of dollars?

Client Interview: Stars And Strikes Survives The Challenge Of Change And Saves Time And Money!

When we sat down to talk with Debby Ritnour, the second employee at 14-year-old Stars and Strikes, and Controller of thirteen locations, she didn’t hesitate to tell us how monumental a task it was for her and her team to make the switch from Quickbooks to Sage Intacct for nine of their stores.

Coffee - Tea - Store - Franchise

Franchises: Are You Ready to Take Your Time Back and Boost Your Capacity For Growth?

Sage Intacct is structured to work well with multi-location franchisers. We show you how you can increase the numbers at your best-performing stores, how to create the benchmarks, and then drive the performance at the worst-performing stores.

birds migrating san francisco

When Migrating To Sage Intacct, Bring Your Historical Data Along For The Ride

What happens to my financial history (even the old stuff) when it comes to switching systems? Does the baby go out with the bathwater?

The short answer is, you can bring your historical data with you, and when we migrate that data as part of your implementation, you’ll get the opportunity to leverage that data in ways you’ve never been able to do before.

cupcake-franchises

With Trusted CFO Solutions Your Capacity for Franchise Growth Increases

How well does your current financial solution serve you and your franchise team?

We show you how to get the numbers you’re getting at your best-performing stores, and how you create benchmarks to improve performance at the worst-performing stores.

Seth Godin Resized

Organizing for Growth By Seth Godin

“Maybe it’s (finally) working. Maybe demand is up, opportunities keep presenting themselves and people want to work with you. So why are you so stressed out? It might be because different organizational choices lead to different paths for growth.”

franchising-you-resaurant

Franchising Your Restaurant

Joe’s career has focused on helping early-stage franchisors achieve their expansion goals while avoiding common industry pitfalls. Clients often remark that he brings order to the chaos of the start-up process, and bestows peace of mind for their franchise’s future. Joe shares his insight for franchising in this Powerpoint presentation.

Franchise Marketing Strategies

Digital Marketing Strategies for Franchises (Infographic)

Here’s how to use the power of search, social media, email, and more to increase your visibility. As more and more entrepreneurs open franchises in the U.S, the competition is becoming fiercer. Fortunately, there are plenty of ways to make your franchise stand out and succeed in this crowded market, starting with effective digital marketing strategies.

Why Most Restaurants Fail

Why Most Restaurants Fail

“Have you heard of the two percent time bomb? The accumulation of numerous small, yet overlooked, expenditures will lead to a high-pressure situation. Stop throwing money away, and keep your doors open for business!”

Watch this webcast now and learn how to shepherd those dollars for minimizing wasteful spending and maximizing your income. What you learn in this session from Dixie McCurley & Steve Gross could be the difference between your restaurant succeeding and failing.

This One Thing

The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results

The ONE Thing is a book for busy people.

Authors Gary Keller and Jay Papasan demonstrate that the results you get are directly influenced by the way you work and your choices. You’ll learn how to identify the lies that block your success and the thieves that steal time from your day. By focusing on your ONE Thing, you can accomplish more by doing less. What’s your ONE Thing?

backoffice-accounting

These Are The Reasons To Outsource Your Back Office

“Business operations are undergoing a sea change of disruption caused by many factors. First, globalization has created markets and demand for almost all products purchased online and delivered by global systems to anywhere for anyone. Second, labor skills and costs are now distributed around the world, so customer support and administrative activities are now performed by a qualified and educated workforce around the world.”

Social Media Marketing

Social Media Marketing For Franchising Brands

“Looking at the latest franchise marketing trends, we will uncover several easy tactics to turn social media platforms into powerful marketing channels to build brand awareness while ensuring brand consistency, acquire more leads for your franchisees, turn social networks into an effective recruitment tool, improve customer service, turn followers into brand advocates, and generally take your franchise marketing to a whole new level.”

Franchise Computer SEO Results

Local SEO For Franchises Means Teamwork

  “SEO is commonly viewed as one of the most challenging marketing activities to orchestrate across a national-to-local network. In addition to trying to figure out how to “win” at SEO in general, franchise businesses also often face the unique dilemma of needing multiple sites from the same domain to rank well in search results. Localization no doubt comes to mind immediately as the solution to this problem.”

Why Most Small Businesses Don't Work And What To Do About It

The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It

“Michael Gerber dispels the myths surrounding starting your own business and shows how commonplace assumptions can get in the way of running a business. He walks you through the steps in the life of a business from entrepreneurial infancy, through adolescent growing pains, to the mature entrepreneurial perspective, the guiding light of all businesses that succeed.”

How To Succeed As A Franchise

How to Succeed As a Franchisee

While franchising’s prevalence in the U.S. economy indicates that franchisees can succeed, hundreds of franchisees fail each year. The most frequent causes: lack of funds, poor people skills, reluctance to follow the formula, a mismatch between franchisee and the business, and poor management. Often, it’s the small stuff that separates winners from losers.

Project Management

IDEMA. A Framework For Capturing & Sustaining Ideas.

IDEMA, Ideate > Discover > Execute > Maintain > Audit, is a problem-solving structure that helps organize a business. It guides the creation process for making a living blueprint for your project, department, or company. Every idea has a place, where does it now belong?

Process street screenshot

Process Street

“Process Management frees you from worrying about all the details. Keep your team organized. Assign or automate tasks. Track progress. Train new employees.”

Financial Model

Financial Models

Financial models are the track to run on to measure each operating component of your franchise company. It has taken years to develop customized franchisor financial reports. These are the most important executive tools to start your franchise company, and yet they do not exist in the open market.

How To Finance Your Franchise

How to Finance Your Franchise

“When considering finance options for a franchise opportunity, the best strategy is to take a personal inventory of your resources first, before deciding on one path or another. There are many creative options and strategies to utilize.”

Franchise Restaurants

13 Mistakes New Franchisees Make — And How To Avoid Them

On its face, opening a franchise may seem like a simple way to run your own business. But beware, rarely is business simple and in the franchise world, the business is never really yours.

franchise processes

Do Things the Hard Way Every Once In a While to Improve Your Process

If you can do something the easy way or the hard way, why would you ever pick the hard way? While the easy way is fine most of the time, you might want to try the more difficult path every once in a while to learn how to improve your process.

Outgrowing Quickbooks?

Say goodbye to spreadsheet reporting and manual consolidations and start using a cloud-based financial management system.

Sage Intacct dashboards

Related Content

Employee Retention Credit – Do You Qualify?

The Employee Retention Credit (ERC) is a stimulus government aid program established by the CARES Act. It is a refundable tax credit – a grant, not a loan – that businesses can claim, and can recoup up to $26,000 per employee. Who is the ERC Program For? This program was created for companies that showed a decline in revenue, changes or adjustments in standard business operations, or partial/full business suspension during the Covid-19 pandemic and paid employees on W2 payroll during the years 2020 and 2021. Is ERC like PPP? No, The PPP is a loan program that provides funds to small businesses to help them keep their employees on the payroll. The ERC, on the other hand, is a tax credit that businesses can claim for eligible wages paid to employees during the pandemic and do not need to be repaid. Businesses that filed for PPP are also still eligible to receive ERC.
  1. Did the business employ W2 employees in 2020 or 2021?
  2. Did the business experience a decline in revenue during those years?
  3. Did the business experience a change in standard operations during those years? Some examples include:
    • Change in business hours
    • Partial or full suspension of your operations
    • Shutdowns of your supply chain or vendors
    • Reduction in services offered
    • Reduction in workforce or employee workloads
    • A disruption in your business (division or department closures)
    • Inability to visit a client’s job site
    • Suppliers were unable to make deliveries of critical goods or materials
    • Additional spacing requirements for employees and customers due to social distancing
    • Change in job roles/functions
    • Tasks or work that couldn’t be done from home or while transitioning to remote work conditions
    • Lack of Travel or Lack of Group Meetings
There are various factors that can affect eligibility for ERC. Also, many businesses assume they do not qualify because of various assumptions. Here are some hard facts that will help:
  1. Even if companies received PPP, they still qualify for ERC.
  2. Even if your business did not have a revenue reduction or was deemed essential, they still qualify for ERC
  3. ERC is a refund in the form of a grant and can return up to $26,000/employee ($10,000 is the average for companies that received PPP, $20,000 is the average for businesses that didn’t)
  4. Simple operational impacts can qualify a business for ERC as well such as change in: job roles, business hours, reduction in services or workforce
  5. This stimulus program was established by the CARES Act, it is a refundable tax credit – a grant, not a loan – that your business can claim. The program is based on qualified wages and healthcare paid to employees.
  6. Businesses have until April 2024 to claim ERC retroactively for 2020, and until April 2025 to claim ERC retroactively for 2021. They have the ability to do a look back on their payroll during the pandemic and retroactively claim the credit by filing an amended tax return.
  7. For tax year 2021, the refundable tax credit is: 70% of qualified wages paid per employee (up to a maximum amount of $7000 per employee, per quarter and up to $21,000 for the entire year)
  8. For tax year 2020, the refundable tax credit is: 50% of qualified wages paid per employee (up to a maximum amount of $5000 per employee for the entire year)
  9. Independent contractors (1099) and the compensation paid to these individuals are not eligible for ERC
  10. Typical turn around times for funds to be collected from the ERC program is 3-6 months.
Next Steps – to learn more about the ERC and if your organization qualifies, please contact Trusted CFO Solutions.
time is money

Take Back Your Time With Outsourced Accounting

If your weeks are dragging on and long hours bleed into the weekend, take a minute to reflect. Recognize all of the hard work, time, and effort you’ve put into your business, and be prepared to make some changes to continue to grow, scale, and evolve. No one wants to be stuck in the office late on Friday or feel like there’s so much more to do on the weekend. Now is the time to take back your Saturdays! Start doing what you love rather than burning the midnight oil by outsourcing your accounting. Give yourself the gift of time and get back as much as 20 hours of your week.

When Time is Money

As a business grows and evolves, the pace and workload of running that business get even more demanding. A small, in-house finance team may start to feel the pressures of a growing business, and if you are still doing your own accounting, you could be losing hours of time —and money. It’s okay to let go. Your time is better spent on more important business functions and taking time for yourself. Hiring an outsourced accounting firm gives you the freedom to do just that while leaving your financials in the hands of professionals.

The Hidden Advantages of Outsourced Accounting

Working with a full team of in-house accountants comes at a high cost to your business. With a staff accountant or bookkeeper, you have to consider things like hourly wages, productivity, overhead, time, and training. While it might make sense to hire internally when you’re starting out, outsourcing offers more than the average bookkeeper and keeps your accounting simple while still giving you full visibility into your financials. Some of the biggest benefits of outsourcing your accounting include:
  • Lowering costs
  • Improving productivity
  • Gaining lost time
  • Faster decision-making
  • Ongoing guidance
  • Back-office support
A growing business is constantly waging war by continuing to manage limited time and resources. Outsourcing goes beyond time savings and eliminates the risk associated with inefficiencies while giving back your weekends.

Free Yourself With Peace of Mind

Go on that weekend fishing trip you’ve always been dreaming of, and enjoy your renewed peace of mind. With a trusted accounting firm in your corner, be confident to run a successful and scalable business. Open yourself up to new opportunities by outsourcing with Trusted CFO Solutions and make your job easier. We take advantage of the latest tools and powerful technology to handle all of your unique accounting needs. Along with the guidance of our skilled team of accountants, our accounting solution provides actionable insights, maximizes profitability, and saves you time. Contact us to learn more.
seek

What to Look For in an Outsourced Accounting Firm

Many growing businesses have recognized and harnessed the benefits of outsourcing their accounting services. Rather than hiring full or part-time accountants or bookkeepers as permanent staff members, it often makes more sense to simply outsource—from both a monetary and scaling perspective. Unfortunately, the accounting field is experiencing a bit of a crisis, with nearly 75% of the CPA workforce having met retirement age in 2020. What this means is that finding an experienced firm with qualified accountants has become much more difficult than in years past. A business should be looking for a mix of strong experience, technology, and reputation when enlisting the services of an accounting firm.  Read on for recommendations and tips regarding outsourcing the best accounting firm for the job.

Up-to-Date Software & Technology

There’s a lot of sophisticated financial and accounting software available, so it makes sense for a business to employ an accounting firm that uses the best possible programs. A strong accounting software should include:
  • Core financial functionality (accounts payable, receivable, order management, purchasing)
  • Reporting
  • Billing functionality (revenue recognition, sales and use tax, spend management)
  • Advanced functionality (dynamic allocations, fixed assets, inventory management).
The more up-to-date the technology an accounting firm uses, the more a business can count on them for efficiency and accuracy.

Wide Array of Services

Ideally, an accounting firm will offer more than just basic bookkeeping. In fact, their services should fit all of a business’s requirements; otherwise, they may be spending more than what they are getting in return. A highly effective firm with a wide variety of services should offer both accounting and planning tools for a business to balance their budget. Whether or not a company uses all of the offered services is a different consideration, but being able to select what is necessary is more important than not having enough options. It’s also important that a firm implements and manages their software and accounting functions on a business’s behalfit should not be the business’s responsibility.

Seasoned and Qualified Professionals

The individuals working for an accounting firm should be highly qualified professionals—preferably CPAs who have earned their license through years of education and experience beyond college. How long an accounting firm has been in business matters, as well as which industries they have traditionally serviced. If a firm has previous industry-specific experience and knowledge of the business they are working with, they are more likely to understand that business’s pain points and unique challenges they face.

Undivided Focus & Attention

Finally, any outsourced accounting firm should dedicate hours of time and individualized attention to the business that enlists their services. A strong commitment to client satisfaction is paramount.  Moreover, the professionals working at a firm should exude an attitude of true partnership. While transactional business models work, nothing takes the place of a more personal approach that is unique to a particular firm. Interactions become much more seamless, and trust comes more naturally, between businesses that regard each other as people behind the company. The type of accounting firm a business chooses to hire will be specific to their needs; nevertheless, it helps to screen by certain credentials. Contact CFO Solutions to benefit from proven strategies, infrastructure, and standardized processes designed to help clients run successful and scalable businesses. 
accounting outsource

Effective Accounting Beyond Your Average Bookkeeper

When a business enjoys increased growth, certain tasks can suddenly feel more time-consuming than ever before. With new demands that arise from a growing customer base and more orders, a small team must adjust to changing dynamics while continuing to run the business smoothly. One secret to long-term business success is effective time management. When business owners and teams have strong time management skills, more work is completed in a shorter amount of time. Unfortunately, research conducted by Harvard Business Review indicates that employees spend roughly 41% of their time on activities that could be handled competently by others. Proper accounting is one such example. While every business needs a bookkeeper to manage payments, billing, and cash flow,  entrepreneurs should consider outsourcing their accounting needs. Taking this step is a great way to free up time to focus on continued growth strategies, making the business the best it can be.

Why Outsource Accounting?

Hiring an in-house accounting professional, such as a CPA, might make sense for certain businesses. However, for a steadily-growing business facing increased demand and spending, outsourcing your accounting services is a good way to keep focus high, organization strong, and costs manageable. This is especially true as accounting becomes more complicated with business expansionmultiple entities require more than basic Excel spreadsheets for advanced accounting accuracy. A professional accounting service will work with a business closely to ensure that it is not losing money, and to make certain that the best possible financial decisions are being made. Additionally, outsourcing could mean that important financial tasks receive greater focus and attention, while a business is able to save money on a part-time or full-time employee salary (and associated onboarding expenses). Another reason why outsourcing accounting services can be beneficial is that they often have access to some of the best software solutions for a fraction of the cost. Small business owners can avoid the hefty price tag and time commitment of installing sophisticated programs on their own.

Outsourcing is Embracing the Growth Mentality

If a business is experiencing steady, predictable growth every year, it will need to shift from the more base “survival” instincts it started out with to a growth mentality. A mindset of growth is categorized by flexibility, resilience, and a healthy risk tolerance, to name a few. It will always be a risk to try something new, but in the case of a growing business, trying new things—and trying new things often—is necessary for success. While hiring part-time or full-time accountants is perfectly reasonable, adopting a more flexible financial model is more beneficial for a company in the long run. Outsourcing financial services enables a business to scale without increasing its employee headcount, or its number of fixed salaries.  Ultimately, pursuing outsourced accounting services paves the way to better time management, potential dollars saved, and a more flexible work model for a growing business. Trusted CFO Solutions can help entrepreneurs work toward these efforts. Contact us to learn more.
planning

Going Beyond Budgeting With a Better Planning Solution

This year is coming to a close, and for many of us, that means it’s budgeting season. If you dread this time of year and the pressures of budget changes and new demands, you are not alone. Most companies — about 90% of businesses with 50 to 200 employees — still use Excel for their budgeting and planning, although they continue to report major pitfalls with time-consuming processes and reporting delays. Without a solid foundation to build your 2023 budget, you risk missing opportunities and losing revenue. The good news is there are better alternatives for your budgeting and planning that won’t have you working long nights and weekends. Putting an end to wasted time and spreadsheet madness is key to the success of your growing business. If you’re struggling to use Excel for your budgeting, it’s time to move beyond spreadsheets and invest in something better. Let’s take a closer look at the features of Sage Intacct Budgeting and Planning, a powerful yet easy-to-use financial solution.

Convenience and Accuracy in a Single Secure Solution

Your budget is constantly in flux, needing updates and revisions as the year continues. With the growing need for changes and mid-year adjustments, it’s critical that you have access to a single, up-to-date system. Version control is a common issue with Excel Spreadsheets and one riddled with manual errors and discrepancies that keep you from focusing on your business goals. With Sage Intacct, you don’t have to worry about users updating the wrong spreadsheet or sending out an outdated report. By eliminating spreadsheet errors and having the convenience of real-time reports in a single financial source, you’ll regain confidence and ensure your numbers accurately reflect your budgets.

Collaboration Across Departments (—And Multiple Entities)

Your business needs the clarity and insight for multi-level planning and budgeting. Strategic planning becomes a complex and tedious process when there are numerous spreadsheets, multiple sets of numbers, and several documents to sift through. Sage Intacct helps you easily collaborate and plan across departments in real time. Eliminate the need to consolidate multiple-entity data and get a simple view of your budgets to prepare for the big picture. Seamless collaboration ensures transparency, improves communication, and keeps your business on track.

Simple Automation for the Planning Process

Save time and say goodbye to all-nighters. With the powerful automation that Sage Intacct brings your business, you’ll simplify the budgeting process and save hours. In fact, it reduces the time you’ll spend on budgeting and forecasting by 50%. With the time saved from the planning process, you can refocus on more valuable work. With additional what-if scenario modeling and forecasting capabilities, start preparing your business for growth in 2023. This is the year to take control of your business accounting. Spreadsheets lead to too many errors, which reduce confidence and result in misguided decisions. By knowing exactly how and where you’re spending your money, you’ll make smarter, more informed decisions. Contact Trusted CFO Solutions to learn more about budgeting with Sage Intacct and improve the financial health of your business.
outdated accounting

3 Warning Signs Pointing to Outdated Accounting Software

Do you feel like your financial software could —or should— do more? Does it lack essential functions for promoting growth, or is Quickbooks struggling to keep up with your daily operations? As your business grows, your accounting solution should scale and grow with you, but this isn’t the case with older, outdated software. Accepting that it’s time for an upgrade is a tough but necessary pill to swallow. Recognizing the limitations of your financial software is the first step toward taking charge of your business. So how do you know when you’re due for an upgrade? Let’s explore these three warning signs that suggest it’s time for a serious change.
  1. Rapid Business Growth
Growth is good, and we want you to grow, but it’s also sure to highlight areas of your business that need work — such as outdated software and limited capabilities. Expansion contributes to a profitable business, but if you don’t prepare to handle rapid growth, you will ultimately hurt your bottom line and prevent your business from reaping the benefits. As your business grows, multi-entity consolidations will be key to understanding your financials from both an entity and a corporate level. Outdated systems have difficulty connecting your separate business entities into one unified solution. With split operations, there is an increased risk of inaccurate, error-prone data and a considerable loss of productivity.
  1. Lack of Financial Visibility
Spreadsheets can only tell you so much at a glance and cannot address complex accounting issues. Without a streamlined, comprehensive look at what your business is spending and earning, you may face the following challenges:
  • Unattainable real-time performance tracking
  • Time-consuming process for creating manual reports
  • Data errors and reporting inaccuracies
  • Lost revenue opportunities
  1. Compliance is Difficult to Maintain
Your system should work for you, not the other way around. With robust software capabilities, the headache of maintaining compliance is a thing of the past. It’s hard to keep up with changing laws and constant updates of current GAAP (Generally Accepted Accounting Principles) standards and financial regulations. If your accounting system can’t keep up, it’s time for a change. Many businesses will put off upgrading their system for as long as they can to offset the cost of more capable and advanced accounting software. However, putting a necessary upgrade on hold is even more damaging to your potential profits, while noncompliance leaves your business vulnerable to major fines and litigation. Sage Intacct: The Software You Can Trust With the right software, you’ll save hours on manual work and say goodbye to endless spreadsheets. Sage Intacct, the leading financial management solution, automates your financial statements, giving you true insights into your business’ real-time performance. Sage Intacct delivers powerful, customizable dashboards at your fingertips. With easy viewing of both high-level and granular data, you’ll be able to instantly generate reports that reflect a more accurate snapshot of your business. Stop letting outdated financials and underwhelming software hold you back. Contact us to learn more about how Sage Intacct takes your business to the next level.
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