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Running a franchise has plenty of benefits. You get access to a proven concept, business model or product line and a company that already has some brand recognition. Often you’ll receive detailed support on the setup, training, planning and day-to-day running of the business. You might also get access to franchisor data on what makes franchises succeed as well as guides for performance indicators to make life easier. But it’s not without its challenges either.
It’s hard to ignore the upfront fees, startup costs and payroll bills that are part and parcel of running a franchise. There’s the initial commitment to join as well as ongoing monthly fees. Some franchises require staffing from the get-go, which means additional human resources and payroll costs as well. On top of this, you’ll have sales targets to meet and reporting back to the head franchisor. It can seem overwhelming if you’re on your own, but MySOS is here to help.
MySOS has worked extensively with a range of franchises and franchisors in different industries. We understand the inner workings of a franchise and what it really takes to make your franchise successful. We’ll help you implement plans to deal with debt, help you manage payroll and employees, prepare detailed strategies to deal with cashflow issues and help you stay on top of your KPIs.
We also offer a comprehensive bookkeeping service which includes accounts payable and receivable, payroll and superannuation, bank and credit card reconciliations, inventory control, preparation of BAS and IAS, weekly and monthly profit and loss, balance sheet and cashflow reports, fixed asset register management, budget v actual comparisons.
We’re here to help your franchise succeed. We believe that your business is a vehicle for your success, helping you reach your personal and financial goals. However, small business owners need an advisor who will help them get there. Margaret and the team at MySOS is dedicated to seeing small businesses succeed.