What is a Profit and Loss Statement?

A Profit and Loss Statement is one of the financial reports your accountant or bookkeeper will produce.  When set up correctly and used wisely, it can help you run a profitable business. In our experience, many new franchise owners haven’t seen a Profit & Loss Statement before they start their business. We explain it below to […]

7 things that can send your franchise broke

Franchise failure has big consequences. At some stage in the life of a franchise network, there will be franchisees in financial distress. There may be a closed store, a struggling franchisee, or underperformance. Business failure can have a shattering impact on the franchisee. It can also affect families, staff, the franchisor and the wider community. […]

How to choose an accountant for your franchise

When you are looking for an accountant to work with your franchise, it’s useful to bear in mind there are essentially three types of accountants. There are those that focus on tax, others that focus on the business and there are others that have expertise with franchising. We’ll discuss the typical characteristics of each of […]

An expense review alphabet

There are two ways to increase profit: increase income or adjust expenses. Successful businesses look for ways to attract customers and increase income while containing costs. When it comes to adjusting costs, a line-by-line review of the Profit and Loss statement is the best place to start. Print out your full year P&L, and challenge […]

10 signs of financial distress

Signs of business distress are usually there long before a problem gets to the critical stage. Often, it’s not financial signs we notice first, but the personal ones. Things like people being grumpy, or not sleeping well. When a business or person gets into financial trouble, observers sometimes say: “Didn’t they notice the signs?”. It […]