McDonald’s food may be simple, fast, and efficient, but the franchise accounting required to run a unit successfully is anything but that. There are payroll, benefits, vacation, new hires, raises, inventory, etc. to consider. You have big choices to make, including buying and selling units, merging with various businesses, and negotiating new leases or startup fees. As a McDonald’s proprietor, you’re familiar with the various trials that come with unit ownership. If you’re looking for the solution that may help you reach your franchise goals, outsourced accounting could be it.
Outsourcing your finance and accounting duties has its pros and cons. Getting started takes some knowledge. After all, if you decide to hire an internal bookkeeper instead of outsourcing your accounting, you could wind up paying out the ear for benefits. If you choose the wrong accounting firm for your McDonald’s franchise, you could receive bad advice that steers your entire business down the path to financial ruin. Luckily, we’re here to help you figure out what choice is right for you.
Why You Should Avoid In-House Bookkeepers
The benefits of in-house accounting seem upfront—at first. A bookkeeper’s physical presence nearby allows you immediate access to your accounting department. But there are definite drawbacks to the arrangement, as well. What would have saved you the time previously spent performing financial duties, now offers you the responsibility of managing a whole new department instead. Let’s break it down.
In order to create an in-house team, you need to hire them first. Hiring a new employee can take a significant amount of time– often over a month. Hiring an accountant or bookkeeper specifically can get a little tricky because it is essential that they understand the ins and outs of bookkeeping for a particular franchise.
An in-house team will also need to take time for vacations, sick days, and emergencies. If your McDonald’s has only one bookkeeper, you could run into several issues. When they call out sick, it’s as though your entire accounting department is taking leave. During that time period, the daily finance and accounting duties will fall right back onto your plate, along with any issues that may come up. Even worse, you’ll need to pick up where someone else left off. If you’re unfamiliar with the software or methods your in-house bookkeeper brought with them, this can be especially troublesome.
Your in-house team will also need to be paid a salary, require raises, and possibly even benefits if they’re full-time. This quickly adds up to a hefty bill, especially when they take their paid vacation.
Why You Need Outsourced Accounting
When you choose to work with an outsourced accounting firm, you’re foregoing the hiring difficulties, the paid benefits, the vacation time that leaves you stranded, and cumbersome training period. The true cost of accounting lies in the experience the accounts do or do not have. Choosing to work with an established outsourced accounting firm gives you reliable access to experts.
Cutting Edge Technology
Don’t be afraid to ask your outsourced accounting department for McDonald’s about what technology they can offer you. A great outsourced accounting team can offer you paperless processes and the latest technology to ensure you get your reports efficiently and securely. With outsourced accounting for McDonald’s, you’ll have access to decades of expertise, cutting-edge technology, and a smooth operations process that ensures everything is paid on time every time. Hiring an outsourced accounting firm is like hiring a well-oiled machine.
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A Team Solution
You’ll never have to worry about being left high and dry when your accountant goes on maternity leave or has to take a sick day. With an accounting team, you’ll have an entire department at your disposal to ensure that your accounting is always completed on-time.
Because of their experience and resources, outsourced accountants can provide you with a wide variety of services, not just bookkeeping. These can include creating financial reports, developing realistic goals, and solving any issues that may appear. With outsourced accounting for McDonald’s, you’ll work with a team that has more F&A experience than you and your staff.
How to Choose the Best Outsourced Accounting Team for McDonald’s
Now that you’ve decided to choose an outsourced accounting firm, you now have to select which one. As with most things, not all firms are created equally. Naturally, you’ll want to hire the best of the best and avoid bargain rate solutions.
When choosing which firm to use, look for one that can scale with your needs. A scalable outsourced accounting for McDonald’s solution will feature a wide variety of services, from just bookkeeping to in-depth financial strategy. This means they’ll be able to accommodate the increased needs of a larger client. Discuss scalability with the outsourced accounting team before signing a contract. What is the range of units they can handle? You want a high-quality service that pays attention to the single-unit operator and yet has the expertise to handle a franchise of 50+ stores.
Along with daily bookkeeping, ask the firm you choose if they can help with rare but high-intensity projects that may arise. For example, a business audit. Few things are more stressful than these audits. The mountain of paperwork required can be overwhelming, the accuracy and detail needed can seem impossible to achieve. A business audit is when you’ll need the most support from your outsourced accounting for McDonald’s teams. Ensure that they offer audit support before you sign the contract – you’ll find yourself regretting it very quickly if they don’t.
When searching for the right outsourced accounting team for your McDonald’s franchise restaurant, consider what type of service you’re looking for. Evaluate all of the options and look for customizable packages that will meet your needs. No McDonald’s franchise operators are the same. Seek a firm that can work with your individualism via tailored solutions.
Global Shared Services exists to empower franchise restaurants like yours with the capability to succeed and scale. Hire an outsourced accountant that’s familiar with franchise restaurants to benefit from a team that understands your industry and the unique challenges that come with it— hire GSS. Discover how you can achieve your goals with our eBook, “The True Price of Internal Accounting for a Franchise.” Download it here.
If you’re looking for restaurant accounting (with specific expertise in franchise accounting), let’s talk.
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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