QMK Consulting’s Post

🍔 Fast food franchise owners, are you ready for Q4? As tax season approaches, it's crucial to get your finances in order. Discover essential bookkeeping strategies tailored specifically for fast food franchises in our latest blog post. From tracking daily sales to managing inventory costs, we've got you covered! Get ahead of the game and set your franchise up for success. Read more now! https://vist.ly/3mguyi3 #FastFoodFranchise #BookkeepingTips #Q4Prep #TaxSeason

🥡🔑 Unlocking Your Dream: SBA Financing for Your Limited Service Restaurant Acquisition As a business valuation expert, I've had the privilege of guiding aspiring restaurateurs like you through the process of acquiring a limited service restaurant. One of the most common questions I receive is, "How can I secure SBA financing for my dream restaurant acquisition?" 🤔 I recently worked with a client named Jason, who had a passion for food and a vision for running her own quick-service restaurant. Here are the some steps to securing SBA financing for your limited service restaurant acquisition: 🗣️Network with great SBA lenders 🎯 Identify your ideal restaurant based on your skills, experience, and target market 💼 Create a comprehensive business plan that showcases your industry knowledge and growth strategies 📊 Prepare detailed historical financials with commentary on expense adjustments and financial projections By following these steps and working closely with his team, Jason successfully secured SBA financing and is now the proud owner of a thriving limited service restaurant. 🎉 With the right guidance and preparation, you can turn your entrepreneurial dreams into a reality. 💪 Let's connect and discuss how we can make your limited service restaurant acquisition a success story. 🙌 #SBAFinancing #LimitedServiceRestaurant #RestaurantAcquisition #EntrepreneurialDreams #BusinessValuation Peak Business Valuation

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Attention restaurant franchisors – are you struggling with ASC 606 and ASU 2021-02? These accounting standards can make revenue recognition a complex task when running your franchise. Check out our latest article to learn more about navigating these technical accounting rules, including how to identify distinct performance obligations and advice on amending franchise agreements. https://lnkd.in/egfFSZey

Attention restaurant franchisors – are you struggling with ASC 606 and ASU 2021-02? These accounting standards can make revenue recognition a complex task when running your franchise. Check out our latest article to learn more about navigating these technical accounting rules, including how to identify distinct performance obligations and advice on amending franchise agreements. https://lnkd.in/euxNS_jK

We're cooking up a discussion! 🍔🤔 What's one financial management tip you swear by for your fast-food franchise? Share your go-to strategies in the comments and let's learn from each other's recipes for success! #FranchiseTalk #FinanceTips

🌟 Fast food franchise owners, how are you preparing for Q4? What strategies are you implementing to ensure your finances are in top shape as tax season approaches? Share your best practices and tips in the comments below! Let’s help each other navigate the challenges of the fourth quarter. #FastFoodFranchise #Q4Prep #FinancialManagement #FranchiseSuccess

I was recently interviewed by The Franchise Marketing Show. "Recorded live at the National Franchise Exhibition, Adam from Coconut Marketing interviews Fiona Jones from Franchise Accounting Specialists. Fiona shares her extensive knowledge of the financial side of franchising, offering expert advice on how franchisees and franchisors can navigate the complexities of accounting, tax, and financial planning. They discuss common financial challenges in the franchise world, how to set up a solid financial foundation, and the importance of strategic planning for long-term success. If you’re a franchisee or franchisor looking for valuable insights on managing your finances effectively, this episode is a must-listen for sound, practical advice on financial management within the franchise industry." Send me a message if you'd like to know more #franchisebusiness #franchiseaccountingspecialist

Pickleman’s Gourmet Café Franchise Employee Retention Credit (updated 2024) https://lnkd.in/g8Uaa3Pk Key ERC Credit Takeaways: - Pickleman’s Café ERC Eligibility: Determine if your franchise qualifies for the ERC. - ERC Financial Benefit: Up to $26,000 per employee may be available. - W2 Employee Requirement: Understand the importance of your W2 staff count. - ERC Application Guidance: Learn how to navigate the ERC claim process. - Maximizing ERC Claims: Ensure your Pickleman's franchise gets the full benefit. Important 2024 and 2025 ERC Tax Credit Deadline: The 2020 ERC Credit Tax Year deadline of 4/15/24 has already passed. Good news? The opportunity to retroactively claim your business Employee Retention Credit for the prior 2021 Tax Year is still available, with a next year April 15, 2025 deadline. This really is your FINAL chance at any potential ERC tax credit refund! Not all businesses will qualify, as it depends on multiple factors per IRS Rules and Guidelines. You might be leaving significant financial relief on the table from past COVID harm to your business in 2021. In late 2023, the IRS had “temporarily” paused processing. You will still want to check eligibility and file now (if you qualify) because the IRS will resume processing tax credit claims in the order they are received. TAKE ACTION NOW IN 2024 DON’T WAIT! Since the IRS has over 1,000,000+ Quarterly 941-X tax forms in their processing queue, this has caused much longer delays in getting ERC Refund Checks for those that qualify. The IRS processes ERC Claims in the order they are received. If you haven’t previously filed for the ERC Credit, it is worth scheduling a phone call to explore your possible eligibility from the past 2021 business tax year. Again, not all businesses will qualify, but it’s worth a professional deep-dive evaluation. https://lnkd.in/dtr69VW9 #ERC #ERTC #EmployeeRetentionCredit #EmployeeRetentionTaxCredit #TaxCredit

Restaurants require unique reporting, they need #accountingsoftware that can handle #FranchiseFinance. @SageIntacct's #CloudERP system has the reporting structure to best serve these businesses, learn more in our quick #video.