ADVERTORIAL Clever Time to get
Don’t let your franchisees be distracted by financial compliance or loss of financial control – Smart online accounting could save them time and money and reduce risk
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t goes without saying that at the heart of your own success is that of your franchisees. It’s also true that the regulatory environment is increasingly tough, with HMRC ‘clamping down’ amid a background of negative press headlines about business and commerce, and the prevailing political mood.
A major attraction of franchising is its lower risk profile. In legal terms, however, franchisees operate independently and are subject to the same myriad financial and tax regulations associated with any business. Non-compliance presents a risk to the ongoing viability and reputation of the franchise, something that Clever Accounts, the specialist small-business accountants, have witnessed first-hand. Whilst franchisees may intend to be fully compliant, it’s a time- consuming and unwelcome distraction from what they should be focussed on – growing the brand and the business. The sheer volume of regulations, paperwork and decisions when starting a business – company structure, registering with HMRC/ Companies House, VAT schemes, insurance, business banking, tax planning, pensions and
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financial protection – can be daunting, especially for franchisees, many of whom are doing all this for the first time. Once the business is up and running, the list of activities required to keep it on the straight and narrow continues: payslips, tax and NI deductions, monthly payroll returns, directors’ loans, dividends, VAT returns, company returns, annual accounts, corporation tax, self- assessment returns… Clever Accounts are keen to help franchisors and franchisees address these activities in an efficient and consistent manner. Using their bespoke system, they can have a franchisee business, anywhere in the UK, up and running, with the right advice and processes in place, within 24 hours.
Financial control and record-keeping For a franchisee, knowing their financial position, how profitable they are and how much they’re owed, as well as adequately budgeting for their tax liabilities, is crucial. The team at Clever Accounts has seen promising businesses get into trouble by not keeping enough aside to meet tax liabilities. Keeping records for HMRC and staying ahead of tax deadlines are important too. An online solution, such as the one provided
by Clever Accounts, can offer a very cost- effective and easy way of providing franchisees with everything they need. They simply log-in, raise invoices and enter expenses whenever they like. That’s all they have to do – as little as half an hour’s admin a month – leaving more time to run the business, without distraction or worry, knowing they’re on top of all those annoying, but important, tax deadlines. The specialists behind the scenes take care of everything else – payroll, tax returns, accounts and tax planning. There’s no paperwork and everything is securely stored in one place, for total peace of mind. Franchisees have instant access to an up-to-date view of their finances (no delays while information is compiled, submitted and processed by their accountant) – invaluable when running a new or established business. They can also easily see how much they need to keep aside for their tax bills – a must for financial planning and budgeting. Furthermore, the system can be configured to give the franchisor access to the financial performance and compliance of their entire franchise network, whenever they wish – an easy and cost-effective way of implementing a franchise-wide financial control system.
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