Over the years, outsourced accounting for Dominos franchises has greatly outpaced the single bookkeeper that was popular throughout the past decades. Now, outsourced accounting can offer franchise restaurants affordable access to expertise. The majority of franchise restaurants already start out at a deficit. They struggle with debt management, cash flow, and a lack of financial expertise.
Outsourced accounting for your Domino’s franchise can help you conquer the initial challenges that come with starting a franchise restaurant. At Global Shared Services, we believe that everyone deserves affordable access to the experts that their business needs to succeed. With outsourced accounting, you can achieve that access without breaking the bank.
Here’s how outsourced franchise accounting can elevate your Domino’s to the next level of success for franchise restaurants.
Scalability
Rapid growth is not an uncommon phenomenon among franchise restaurant owners. Just last month, Brinker International Inc. acquired 116 Chili’s. Once you hit the size where you can scale your franchise restaurant and take on more units, you may be surprised at how quickly you can grow. However, adding new units means that you need to grow the level of service that you use as well.
If you find yourself in a situation like Brinker International, you cannot expect your old bookkeeper to be able to cope with the large increase in units. But when you use outsourced accounting services for Domino’s, you’ll be able to start off at an affordable price and scale your services as you grow. For example, at Global Shared Services we’re able to scale our prices for franchise restaurant owners who have as few as five units and as many as fifty units.
Switching bookkeepers or outsourced accounting firms can lead to problems establishing new systems and integrating the new team into your existing process. When you choose an outsourced accounting solution for Domino’s that can scale with you as you grow, you’re better prepared for the future with an accounting firm that can help you reach your goals.
Affordable Pricing
How big is your budget? Too often the franchise restaurants that need financial services the most cannot afford them. Bookkeepers are over-priced for the level of service they provide. Particularly when you work with a one-person accounting department, you have to deal with gaps in service for sick days and vacations, as well as inaccuracies that come from a lack of review.
At the same time, many Domino’s franchise owners believe that they cannot afford outsourced accounting services. There is a misconception that because you’re hiring an expert team as your financial department, outsourced accounting services are more expensive than your average remote bookkeeper or one-man accounting department. This isn’t true.
With outsourced accounting for Domino’s, you receive the best of both worlds—affordable accounting and expert advice. Outsourced accounting is affordable when you consider the reliable service that you receive, the savings in management time, and the fact that you’ll never have to worry about a sick day or inaccuracies. You won’t have to worry about the cost of hiring, training, and what to do when your employee quits.
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Reliable Team
Have you tried the internal accounting department in the past? The cost of hiring is typically so great that most franchise restaurant owners are unable to afford more than one person. This employee then requires onboarding, training, integration into the office culture, and days off for holidays, sick time, and vacations. Maybe after a year goes by, they’ll expect a raise. Or they could quit because they’ve decided to pursue another path.
All of these factors mean that internal outsourced accounting teams are unreliable.
When you outsource your Domino’s accounting, you’ll be working with an expert team who is able to provide reliable services. If one person needs a sick day, the entire team can work together to pick up the slack. If one person moves on, the workload is expertly managed until another is hired—with no gap in your services.
Expert Guidance
Many franchise restaurants go without a Chief Financial Officer. Sometimes your bookkeeper doubles as one. Other times, all of the responsibility lands on the restaurant owner’s shoulders. Unfortunately, not every franchise restaurant owner understands the intricacies of financial strategy. Or they don’t have the experience needed to navigate financial negotiations. Or their bookkeeper really only specializes in keeping accounts accurately and isn’t a big-picture thinker.
That being said, a chief financial officer is a key benefit to outsourced accounting for your Domino’s franchise. If you’re considering expanding your franchise restaurant empire, then a virtual CFO should be an essential piece of your plan. A virtual CFO can be by your side when negotiating startup costs for your next acquisition. They can help you notice red flags in your accounting records and understand how to reach your financial goals.
With outsourced accounting for Domino’s, your optional virtual CFO can guide you through the ups and downs of owning a franchise restaurant.
More Time for Your Business
The majority of franchise restaurant owners are on the feet and ready to go 24/7 365. Maybe 364 or 363 if they’re able to take Christmas and Thanksgiving off. You have enough on your plate as it is. Don’t add managing a bookkeeper to your to-do list. With outsourced accounting services, you’re provided with a hands-off solution that provides you with affordable accurate financial solutions and access to the experts that you need. Outsourced accounting for Domino’s gives you the hours back in your day that you currently spend going through the books.
Give yourself the gift of more time. Learn more about Global Shared Service’s outsourced accounting solutions for your franchise restaurant here.