As the owner of a Domino’s franchise restaurant, you have a lot on your plate. There’s the ongoing feud with the other local pizza shop owner, your hopes to acquire two more units in the next year, not to mention the day-to-day running of your current units. You’re busy enough supplying your community with some of the best pizza around- why add franchise accounting to your to-do list?
When it comes to removing accounting from your plate, you really have only two options: hire an internal bookkeeper or an outsourced team. You would think that choosing between just two options would be easy, but you’d be surprised at how much time can be wasted deliberating between the two. This blog is designed to create a clear outline of the two options and help you choose the right one for your Domino’s restaurant.
An internal bookkeeper is an additional part of your franchise restaurant team. They work in the restaurant’s back office and work hand-in-hand with your existing team to handle things like expenses, credit card verification, etc. They typically don’t handle any high strategy accounting decisions, instead, work on the day-to-day accounting tasks that keep your restaurant running.
When you hire an internal bookkeeper, you’re in charge. You decide who you want to hire, what you want to pay them, how often you receive reports, and more. If you’re someone who likes to be in control and has a good amount of time still available in their busy schedule, a bookkeeper will allow you to stay in control. The other good thing about a bookkeeper is that it only gives you one more person to manage. If you hire an entire internal accounting team, you’d have several more people to manage, not just one.
Most bookkeepers are also able to work remotely, so you wouldn’t have to find space to squeeze them into your Domino’s back office. Keep in mind that remote work and minimal management are also pros of outsourced accounting for Domino’s.
Internal bookkeepers are human. They have sick days, take vacations, and ask for a raise. When you hire an internal bookkeeper, you’re also taking on everything that comes with a new employee. There will be days where you find yourself taking on some accounting tasks because they called in sick. You’ll find yourself paying more for their services as they ask for raises over the years. And they can quit—leaving you high and dry without the accounting team you’d come to rely on.
Another issue with an internal bookkeeper is the cost of equipment. While a bookkeeper will come with all of the necessary skills, they’re unlikely to come included with their own accounting software. It will be necessary to invest in the appropriate software to enable them to work quickly and efficiently.
Outsourced accounting for Domino’s is a good option instead of hiring an internal bookkeeper (we might be biased). While there are many varieties of outsourced accounting, you’re typically hiring a large team of experienced accountants who can fulfill basic accounting services and guide you through high-pressure financial decisions. An outsourced accounting department is very scalable and can be customized for your business needs and goals.
When you hire on an outsourced accounting department for Domino’s, you’ll have very little to do in the way of management. Instead of setting dates and handling requests for vacation time, you’ll be receiving prompt accurate reports and statements. Gone are the days of interviewing potential employees. Instead, you’ll find that a few phone calls and emails are the best way to decide if you and your outsourced accounting team are a good fit—much more efficient than the month-long hiring process.
Along with the lack of employee management, your outsourced accounting solution is much more reliable than your average bookkeeper. For example, the flu season will no longer delay your accounting tasks. Instead, you’ll have a full team who can easily fill in the gaps when a team member calls out sick.
Outsourced accounting for Domino’s also offers you increased scalability. If you’re currently at 5 units, but you’re hoping to reach 50, you won’t have to find a new accounting team or hire on a second bookkeeper throughout the process. Instead, your outsourced accounting team will grow with you, enabling you to grow your franchise smoothly and efficiently.
If you’re someone who prefers to be in charge at all times, outsourced accounting for Domino’s may not be for you. While the solution is fully customizable, with comprehensive support (you can speak to a real person!), you are hiring a service, not a person. However, at Global Shared Services, we can offer you just virtual CFO services. This means that you’ll get the high-level strategic guidance you need but keeping you in control of your everyday accounting needs.
Which One Should You Choose?
Let’s get down to the details. If you’re planning on growing your Domino’s franchise and have some big decisions coming up, then it’s a good idea to go with the experienced outsourced accounting team. They can guide you through the tumultuous times that come with franchise growth and help you reach your goals successfully. If you have a small budget, it’s also a good idea to work with outsourced accounting for Domino’s. When you account for vacation days, lack of expertise, and healthcare benefits, outsourced accounting offers you more for your money.
However, if you do have extra time on your hands, only have one franchise restaurant unit and aren’t planning on growing anytime soon—you may be able to get away with hiring an internal bookkeeper instead.
If this article convinced you that hiring an outsourced accounting team for Domino’s is the right thing to do, then talk to us today. We’re happy to help you explore your options and build a customized accounting solution just for you.
You should have access to experts.
Founded in 2003, we’ve worked with large corporations and small-to-medium businesses alike. Here’s what we’ve learned: access to expert financial and accounting services is a major factor in a business’ ability to succeed and scale. We believe that it shouldn’t be restricted by location or company size. Our mission is to empower restaurants and technology firms with that access.
With GSS, we meet our franchisor requirements on time and with accuracy. The local CPA could not handle our volume. We are so happy to have made the change. GSS knows our business and our franchisor requirements.Multi-unit fast sandwich Owner