Outsourced Accounting for Franchisees
Ceterus CEO, Levi Morehouse, was interviewed by Franchise Direct to get his views on how outsourcing can help franchisees. Read the full article here. Here are some excerpts.
What is the biggest thing Ceterus helps franchisees with?
First, our done-for-you accounting solution makes the work of accounting a result to be expected, not another department to manage for a franchisee. Second, our franchisee reporting platform provides critical insight into the financial health of the business and includes benchmarks with relevant peers, cash forecasting, and daily performance dashboards. Combining done-for-you accounting with benchmarked reporting empowers multi-unit franchisees to focus on their business.
What are some of the biggest things franchisees can miss because of lack of expertise or unawareness?
One of the best things about being a franchise entrepreneur is that you can more easily double-down on your success by adding locations and become a multi-unit franchisee. What these franchisees often miss as they add locations and grow their portfolio, is that accounting and reporting for a multi-unit franchise is different than accounting for one business that gets larger independently. We often see newer multi-unit franchisees miss opportunities to operate more effectively and profitably because they don’t look at each location as a stand-alone profit center, with the ability to share management expenses.
Can you name some of the biggest advantages to franchisees outsourcing their accounting and related functions?
The biggest advantage of outsourcing accounting, or any non-core business function to a franchisee, is a greater focus on strategic initiatives. The most successful franchisees spend their time building their teams, delighting their clients, and looking to expand on their success. The opportunity cost of executing or managing, a function that could be outsourced is incredibly costly to a scaling business.
How has technology impacted your accounting services?
People plus technology are the core of our solution. The best way to service multi-unit franchisees is to foster personal relationships and become a trusted advisor to our clients. This is made possible by leveraging our proprietary cloud-based platform designed to automate financial transactions. Featuring integrations with point-of-sale systems, and built-in AI/machine learning, our platform delivers unique insights into the financial health of the organization. Armed with this information, we are empowered to focus on communicating with clients, not processing transactions.
What else should prospective franchise clients know about services like yours?
We appreciate it when a franchisee has a trusted CPA or accounting advisor. This is a valuable relationship that empowers a franchisee to be more successful. We have a solution that complements the valuable work of the CPA by executing processing work behind the scenes and providing insightful reporting. Whether individually or with a trusted CPA, we are helping our franchise customers maximize the opportunity for growth and long term success.
At Ceterus, our focus is helping franchisees grow their businesses while we handle their bookkeeping and accounting. Want to learn more? Contact us today.