Hair Emporium

In: Business and Management

Submitted By hhabkid
Words 924
Pages 4
Rolando and Rosa have been operating their own hair salon for the past six years. They have been very successful and now are interested in franchising their particular hair system throughout the United States. They are aware that the hair care industry is a $16 billion activity in this country. Rolando and Rosa specialize in hair care for women, men, and children, and believe they can provide their services on a profitable basis for other franchisees.
Every franchisor and franchisee must keep a set of financial records. Too often the franchisor or franchisee is a beginner, opening a business for the first time, and is not fully aware of what it takes to run a business, particularly from the point of view of managing the finances. I can be a good example to this when I opened my first business about 10 years ago and how I was not prepared from the managing and finance aspect, which led me to sell the business.
A franchisor or franchisee may see financial statements as complicated, technical documents prepared by professional accountants and understood only by loan officers. The prevailing attitude may be that financial records are useful only for filing taxes, borrowing money, and reporting to regulatory agencies.
The new franchisees must consider that accounting and financial records are basic to any business, franchised or otherwise. Simply put, accounting is a process of measuring and reporting the financial information of the franchise. It is the process by which money, assets, and resources are measured and their flow through the company is recorded. Financial accounting is important, because it provides owners or franchisees, and managers with the information often necessary for making appropriate business decisions. This information should be reviewed by management each fiscal quarter.
The financial flow is the heartbeat of a franchised business. It is a…...

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