Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Meru Accounting is a CPA firm providing complete outsource bookkeeping and accounting solutions to CPAs and small & medium-sized businesses across the United States, United Kingdom, Australia, New Zealand, Hongkong, Canada, and European countries.
Regular Management Accounts for your Business, We serve bookkeeping services for different industries.
Set up your accounting software in a day through our checklist, for converting a client from your legacy software to Xero.
We help CPAs to reduce 50 % of their cost by outsourcing recurring tasks to us, with trust and security.
We do Payroll for all countries in all software and comply with all tax formalities of the IRS, HMRC, ATO, etc.
Manage your Payables on daily basis, cost-effectively with reduced invoice discrepancies and disputes.
We do BAS, VAT, GST101A, Sales Tax, etc. reduce attribution errors and costs, and ensure indirect taxes are handled correctly.
Franchise Business is like a branch or start-up industry that caters main brand’s business in various locations with limited establishment and setup. However, various entities such as a franchisor, franchisees and other regulatory authorities function in this business. Â
For smooth running and proper functioning of their businesses, franchise organizations require reporting of statements. These statements are of revenue earned, profit, and loss incurred, and business updates concerned with its operations to the concerned franchisor. Then, this reporting takes place ranging from weekly to quarterly and annual periods. They base it on the specifications laid down by the parent company and other regulatory authorities like the ‘Federal Trade Commission’. Â
Even the franchisor is required to share details and documented information for accounts to the respective franchises that he uses as a reference and for updating. This refers to the franchise disclosure document (FDD) which is a legal report that a franchisor presents to the franchise buyers. Thus, on request, the franchisor should present this document along with other audited financial reports. Â
One of the best practices for bookkeeping in a franchise business is to keep detailed records of all transactions. This includes keeping track of all expenses and revenue generated by each location separately. By doing so, you can quickly identify any discrepancies or potential issues that may arise. Another important practice is to use accounting software to streamline the process. Accounting software makes it easier to organize data and generate reports quickly. It also reduces human error, saving time and resources. It’s also essential to develop a standardized system across all locations in your franchise network. This includes creating uniform chart-of-accounts (COA) codes that every location uses consistently for income statements and balance sheets. In addition, outsourcing bookkeeping tasks can free up valuable time for franchise owners who would instead focus on growing their businesses rather than getting bogged down with administrative tasks like record-keeping. Regular audits should be conducted at each location periodically to ensure compliance with local laws/regulations while catching errors early on before they become significant problems down the road.
Profitability is a fixed portion of revenue franchisee calculated in percentage form. It is a variable of the fees that is set by the parent company or the franchisor. Therefore, this fee is a determinant of the profit that the franchisees earn. It is a fixed percentage of the revenue made by an organization. Hence, it is also important to set fees based on the ability of the franchise industry to incur start-up costs so as to provide working under a brand name and its products and services. The one time they account for franchise fees is by implementing a policy that will help to calculate the amount to be deducted from the business income tax return.Â
We can account for franchise fees in various ways. It depends on the franchisee’s convenience and the requirements of the franchise organization and parent company. Two of the most basic account management techniques are ‘franchise royalty fees’ and ‘franchise fees amortization’.Â
So, through these types of accounts, the franchisee pays its fees over time, which splits up monthly, quarterly, or yearly. The royalty fee is an income for the franchisor which is obtained on the establishment of the Franchise Business. It is a fixed percentage amount of the gross sales that the franchisee pays. Franchise fee amortization is the distribution of the franchise fee over a predetermined period, either yearly or monthly.Â
Franchise businesses are a common form of business model, in which the franchisor permits a local business owner, known as the franchisee, to use their products, brand and operational system. The franchisee pays an initial fee and continues to pay royalties to maintain these privileges, while also benefiting from training, marketing help and guidance from the franchisor. This often takes place in sectors such as retail, fast food or services. As part of this agreement, the franchisee must adhere to certain practices with regards to product offerings, marketing strategies and customer service processes.Â
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
To book for trial, call us on our numbers or Please fill out the form here.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
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