Franchise

Accounting Services for Franchise in Chicago, IL

Our firm serves 1,000 businesses and 3,000 personal clients from around the United States. For nearly 40 years, Susan S. Lewis CPA and associates have aided individuals and organizations with tax issues, accounting strategies, and bookkeeping tasks. Our technology stack enables us to assist clients anywhere in the U.S.

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4000+ Happy Clients

We service 1,000+ businesses and 3,000+ individual clients, many of them located nationwide.

38 Years of Experience

Since 1986, we’ve provided comprehensive tax and accounting solutions for individuals and businesses.

52 States Serving

With our technology stack, we provide remote accounting services for you and your business, regardless the location.

Chicago Franchise Accounting Firm

A franchise is a license, of sorts, that gives the recipient use of the franchisor's methods, knowledge base, and brand, i.e. effectively allowing the franchisee to market and sell a product or service under the franchisor's name. Thus, franchise holders are independent businesses albeit accountable to the granting business by following certain guidelines.

The Chicago-based Susan L. Lewis CPA firm provides the full range of accounting, tax, and bookkeeping services as we are one of the best franchise accounting firms. From franchise accounting to income taxes to estate planning to financial reporting to transaction advisory consultation, we share our collective wisdom with clients in the United States, wherever they are.

What Makes Franchise Accounting Special?

Accounting services for franchises aren’t easy. After all, people are drawn to a franchise business for its turn-key nature: the trial and error process is over while the fruits of it are all laid out. Still, obtaining a franchise is not cheap and the franchise owner is subject to the franchisor's sometimes rigid rules of operation. Therefore, franchise accounting focuses on three critical areas:

Monthly or quarterly reporting to the franchisor
Monthly financial statements
Analytical report for the franchisee, on a monthly basis, demonstrating the ratio of expenses to revenue; gross profit; and a comparison with the industry standard.

Our Franchise Tax Services

A franchise business is a business in its own right, but also in an exclusive relationship with another enterprise. Due to this arrangement, franchise accounting must consider the income and expenses of the franchisee according to the terms of the franchise license as well as the tax status of the license holder.

Income Tax Preparation

Our franchise CPA firm makes sure franchise clients are structured for optimal tax favorability. Once this is determined and executed, we prepare tax returns that legitimately reduce obligations and maximize savings.

State and Local Tax (SALT) Submission

Anticipating state and local tax issues and many opportunities can lead to keeping more hard-earned money. Examining state allocations, incentive zones, and other credits, we spare no advantage that might be yours.

IRS Representation

When a franchise owner is subject to an audit by the Internal Revenue Service (IRS), our tax preparation advisors do not leave the client hanging. We are experienced and willing to stand by the tax returns we prepare. These are among the diverse tax services we provide.

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Our Franchise Accounting and Bookkeeping Services

Franchise accounting differs from traditional business accounting in a number of ways. From developing a chart of accounts to structuring an effective business model, a consistent objective must rule throughout. Our solutions are geared toward initiating, expanding, and scaling the franchise operation.

Financial Statement Preparation

The party that grants the franchise requires monthly financials to determine the profitability of the license. Statements of income, cash flow, and balance sheets are among the required documents.

Payroll Services

A franchise owner is responsible for compensating and managing employees according to both legal demands and franchisor guidelines. A Chicago CPA practice that covers the country can navigate this sometimes tricky balance.

Financial Planning

Eventually, a franchisee wants to turn a profit and save -- even invest -- for growth and improvement. The right counsel regarding income, loss, and cash flow makes all the difference when goal-setting. Discover more accounting services here.

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Why Choose Our Franchise Accounting Services?

Franchise accounting services require a high degree of knowledge, experience, affordability, and integrity. The Lewis CPA franchise accountants represent all four of these essential components and provide top-notch accounting services for franchisees.

Our Franchise Accounting Process

We are systematic and thorough as we size up, restructure, and work on behalf of your bottom line.

Franchise Accounting FAQs

Top-Tier Accountants at Reasonable Cost

We never sacrifice excellence and competency. We do, nevertheless, offer comprehensive franchise accounting at prices that new license holders can absorb.

Prompt and Profitable Correspondence

You will rarely leave messages for our experts because they will have contacted you first. Our clients need information quickly and our firm strives to deliver it.

State-of-the-Art Technology

Our timely communication is, in part, prompted by the high-speed computing technology with which we crunch your numbers. Our efficiency passes to our clients.

Far-Reaching Solutions

Whether payroll, receivables, tax deductions, or inventory control, issues addressed by the Susan S. Lewis CPA firm take the whole operation in mind. Our advice maintains a comprehensive approach to your franchise business.

Set-Up and Organization

We begin by creating a data file, using either a commonly-used software program like QuickBooks or one preferred by the franchisor. Here we identify the costs of fixed assets; real property improvements; and landlord contributions toward the same.

Franchise Fees and Sale Figures

We import gross sale revenues from the transactional point of sale to the accounting file. With this information, we calculate the charges due to the franchisor.

Reconciliation

We check credit card bank deposits against credit card batch processing data to make sure they agree. We also reconcile all bank and credit card statements.

Payments and Expenses

We incorporate an organized accounts payable system while administering payroll through direct deposit to employee accounts.

Tax Services and Inventory

Our CPA firm deposits, prepares, and files payroll tax reports on a quarterly and annual basis. We also track inventory inflow and outflow.

What kind of franchise does Lewis CPA serve?

We can perform tax, accounting, and financial advisory services for a wide range of franchise business entities. The hospitality industry — hotels, food, and beverage — represents a large percentage of franchise clientele, as does retail, health/fitness, and barber/hairstylist enterprises.

Do your services extend to states other than Illinois?

Yes. Lewis CPA helps clients in any state in the union. We maintain expertise in the laws and regulations to which our clients are subject, regardless of jurisdiction.