Service in Canada
What comes under franchise accounting?
Franchises are quite different from normal businesses and their accounting differs just as well. A franchise is basically when a company gives a third party the right to operate their brand. This transfer of responsibilities complicates the tax and accounting process of franchises.
Franchise tax and accounting usually carries different problems than normal business accounting. Many of the accounting problems that arise are with regards to the revenue and the various fees which the franshisee has to pay to the franchisor.
Franchises also have more complicated accounting and tax matters because the franchisor has to show substantial performance in order to earn revenue. If services still remain to be given then they come under unearned revenue. When substantial performance occurs, then this unearned revenue will be seen as revenue.
Where can I get taxes done for my franchise?
In order to get your normal taxes done you would obviously go to your local accountant. However, for franchise accounting you should make sure that you are able to go and meet up with an expert specifically in franchise accounting.
The franchise tax rate and other matters which are specific to this company model are best dealt with by a professional who has experience in the field. At WebTaxOnline, we have franchise tax accountants on hand who are experts at dealing with franchises specifically. Our expert franchise accountants will be able to fulfill all of your tax and accounting needs.
Let’s get in touch
We don’t just guarantee the quality of our work, but we also promise highly competitive rates which will definitely be affordable for your business. send us a message with your inquiry or call us today.
Why do I need to keep up with my franchise accounting?
Running a franchise can be a tricky business. If you don’t keep up with all of your franchise accounting, you will definitely fall behind in your financial paperwork and when tax season comes around you’ll definitely find yourselves in trouble. It is important to keep track of all of your bookkeeping, accounting, and tax records accordingly throughout the year so that you don’t run into any potential issues with the CRA.
It is always best to make sure you are getting the best financial services possible for your franchise. If your paperwork is in order, your business will be able to run better as well.
Let’s get in touch
Don’t wait any longer to get your tax and accounting needs fulfilled. Get in touch with one of our accountants today by calling us or sending us an email. At WebTaxOnline, we ensure fast and efficient services which enable you to get all your franchise accounting done from the comfort of your own home.