Franchises are big business. The franchise industry is booming in the UK, with the number of franchise units increasing by 44% over the last decade. Franchising accounts for £10.8bn annually in sales. But they are quite a different operational set-up compared with the average SME. They may operate as small businesses, but have to report information to another organisation. Typically, most accountancy practices have not specifically targeted franchises and, if they have come across them, have found it difficult to explore the potential of this niche market any further.
However, the changing world of technology is enabling accountants to target such groups more effectively, including franchises. In particular, online, or cloud accounting means that it becomes more feasible to support a franchise and its franchisees, however geographically dispersed. Read on.