Franchise Financial preparation and Audit
Preparing financial statements and getting audited are essential steps if you're planning to franchise your business, as they ensure transparency and build trust with prospective franchisees. Here's how we guide our clients through the process:
First
we assist in preparing an accurate and detailed financial statement, which includes the balance sheet, income statement, and cash flow statement. This gives a snapshot of your business's financial health, including assets, liabilities, revenue, expenses, and cash flows. It's important that these statements adhere to the Generally Accepted Accounting Principles (GAAP) in the U.S.
second
we recommend having these financial statements audited by an independent Certified Public Accountant (CPA). This is not only a best practice but also a legal requirement in many U.S. states for franchisors. An audit provides an unbiased examination of your financial statements and assures potential franchisees that the information presented is accurate and complete.
