Handling Chargebacks in Your Financial Reporting
It’s a common practice to report chargebacks as an offset to income or negative income. However, this will result in discrepancies between the POS sales reports and your financial statement. That’s why we recommend reporting chargebacks in your accounts receivable statement rather than your income statement. We’ve put together a quick (2 minute) video to […]
Reconciling 3rd-Party Delivery Statements
Reconciling your accounts is absolutely vital if you want to ensure you aren’t losing money on 3rd-party delivery services. Reconciling will help to ensure you identify discrepancies and can even help to prevent employee theft. We’ve put together a quick (2 minute) video to help ensure you aren’t getting short-changed. You can also read the […]
Point Of Sale Programming for 3rd-Party Delivery Services
To avoid losing money when working with 3rd-party delivery services, it is important to record the sales correctly in your POS system. While not all point of sale systems are pre-programmed to account for 3rd-party delivery, there are usually some steps you can take to program your POS to help with your monthly reconciliation. We’ve […]
3rd-Party Delivery Services and State Rules for Sales Tax Remittance
If you’re a restaurant working with 3rd-party delivery services, it’s incredibly important to know your state’s rules for sales tax remittance – as you don’t want to be overpaying. We’ve put together a quick (2 minute) video to help explain why it’s vital that you stay informed. You can also read the transcript below. With the […]
How a Franchise Accounting Partner Can Help You Run a More Profitable Business
When searching for bookkeeping services, it’s tempting to think about franchise businesses as any other small or medium-sized business. But the reality is, most franchise owners run several locations. This means you’re actually running several businesses under the same umbrella – which makes for different accounting needs. That’s why a specialty franchise accounting partner will better […]
Signs Your Business Is Ready for Franchising
At OnePoint Franchise Accounting, we frequently partner with franchise consultants to advise new and emerging brands as they begin the process of franchising their successful business. But how do you know that your business is ready for franchising? The business owners we work with have business concepts that span several industries including: Food service Fitness […]
Your Pay Out Button Could Be Wrecking Your Books– and Inviting Theft
The Pay Out Button on your point of sale is a handy tool to cover unexpected business needs. But without proper quality control in place, the temptation to expand the uses for it is great. If you give into this temptation, it could sabotage your books and even lead to theft. The first thing our […]
Top Mistakes Emerging Franchisors Make– And How to Avoid Them
Many of the young franchise systems we encounter approach us asking for advice about how they can ensure success for their brand and their franchisees. Throughout our experience in the franchise world, we’ve seen the top mistakes emerging franchisors make again and again. Luckily, we’ve also been around long enough to expertly advise you how […]
Franchise Accounting for Private Equity and Venture Capital Investment Firms
Private equity and venture capital investment firms have been getting more creative with their portfolios. One area they’ve expanded into is franchises. Buying at the franchisor or franchisee level, scaling up, and selling profitable franchise businesses has all become a part of their investment habits. If you’re a private equity or venture capital investment […]
How to Keep Delivery Services from Taking a Bite Out of Your Bottom Line
Even before the pandemic, the use of delivery services by restaurants were emerging as an important strategy for gaining and maintaining market share. Restaurants in the franchise space were already fast at work assessing delivery service vendors for their businesses. When COVID-19 shuttered dine-in, delivery services became absolutely critical in helping restaurants stay afloat. And […]
