THE MOST SIGNIFICANT NUMBER
The success of a retail or franchise business, more than in any other industry, is determined by the answer to a single question: "How steadily is your bottom line in the black?". You are constantly balancing cost with revenue to try to make your net profits a little higher for each day, week, month, quarter, and year. This business is one of the most important things in your world, so when its survival hinges on a single number at the end of an extremely complicated equation, it is crucial to have highly experienced retail and franchise accountants by your side.
SERVING FRANCHISORS, FRANCHISEES, AND RETAILERS
Many business owners in Hampton Roads and nationwide rely on the WEC team as a vital resource in their plans for growth because of their comprehensive understanding of the industry and their ability to apply their expertise to a variety of sectors:
- Building materials and supplies
- Clothing
- Consumer electronics
- Convenience stores
- Health and personal care
- Home furnishings
- Hospitality
- Restaurants (quick service and full service)
Building strong relationships with our clients will always be an essential part of our service plan, and we have also spent decades developing relationships with lenders and the preferred industry players for particular brands. This means we can help you connect with the right people to buy, sell, or refinance. When it comes to the compliance parts of accounting for franchises, we provide assurance to franchisors that the reports from their franchisees are timely and accurate by performing a royalty audit. We also specialize in multi-state tax matters for companies whose growth has transcended state lines.
In addition to providing standard franchise and retail accounting services, our clients find immense value in our supplemental services, which include:
- Break-even analysis
- Business plans for expansion within an Area Development agreement
- Business valuation
- Cash management assistance
- Cost segregation studies
- Financial forecasting
- Incentive compensation planning
- Internal control studies
- Inventory accounting method consultation (Retail method, LIFO v FIFO method, etc.)
- Point-of-sale system consultation
- Review of shipping and receiving procedures
- Succession planning