Gillian Vitug

Recent Posts

Franchise Accounting: Benchmarking for Franchisors & Franchisees

Posted by Gillian Vitug

Nov 15, 2016 1:54:41 PM

Financial Benchmarking is a crucial component in accounting for franchise businesses to ensure that optimal performance is sustained across all franchisees. This process also serves the purpose of financial transparency which can be beneficial for public scrutiny, current and potential franchisees, and financial institutions involved in lending funds to franchise businesses. Often, franchise accounting benchmarking is said to benefit only the franchisor, but now, we also look into its benefits for individual franchisees.

3 Ways to Implement Franchise Accounting Direction For Franchisees

Posted by Gillian Vitug

Nov 8, 2016 2:11:27 PM

While franchisors have proven techniques for success, one of the best ways to reinforce this even more is to support franchisees by means of uniform accountancy services and a direction for franchise accounting. Often, we hear stories that franchisees are quite hesitant in allowing franchisors into their financial records. There are several hypotheses for this, but we can say that the prevalent one is due to the competitive nature of franchisees. Either they want to avoid embarrassment when their numbers aren’t performing well, or they might be defensive when they do, especially when they feel threatened that their financial records might be stolen in the system, in an atmosphere of stiff competition among franchisees.

Franchise Accounting: 5 Things Franchisors Should Provide Franchisees

Posted by Gillian Vitug

Nov 1, 2016 9:00:00 AM

Franchising, by nature, is a decentralised business model. Involving a lot of locations, inventory, and financial data, the financial process of a franchise business is quite complex and needs to be managed very well in order for the success of not only the franchisors, but their franchisees as well. If you are out there looking for an opportunity to be a franchisee, here are some financial elements to consider that your franchisor should provide you with:

5 Steps to Boost the Performance of Your Franchise Company

Posted by Gillian Vitug

Oct 25, 2016 2:40:50 PM

Getting into the franchise business is not easy as it seems. Being a franchisor can be lucrative, but only when you do things right from the very beginning. Just like the relationships we have in our lives, a close and honest relationship within your franchisees is the key to having a healthy and successful franchise business. Here are some tips on how to build a culture of trust, transparency, and healthy competition to boost franchise performance.

How to Choose an Accountant for Your Franchise Business

Posted by Gillian Vitug

Oct 18, 2016 4:00:00 PM

Assigning a person to do accounting for franchise businesses is not as simple as getting a general bookkeeper or simply someone who has an ‘accountant’ title. A franchise business involves complexities like no other business format and needs specialised accounting services for every aspect.

3 Monetary Questions to Ask When Buying A Franchise

Posted by Gillian Vitug

Oct 11, 2016 9:22:12 AM

Buying a franchise is not an instant business formula to success. Even the best franchises to invest in do not guarantee the success of all its franchisees. It still needs both external and internal environmental analysis, as well as a carefully planned financial strategy to make sure that you can get an accurate forecast of your budget and cash flow. This will help you figure out if you can afford the bills that come with your franchise business and if the income that you earn could be enough for you to decently survive. Here are the 3 most important monetary questions you need to have answers to before commencing on your franchising journey.

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