Why use a BFA Affiliated Accountant?

It’s really important to use all the help you can get when your starting and operating a business and, as with everything, it’s important to make sure you get value for money.

Franchising is a peculiar environment covered by what is called a block exemption which is where The European Union (EU) gives special consideration to franchising as franchising bypasses the normal EU anti-restrictive trade practices legislation seeking to protect competition.

So it’s easy to see why you should use professional advisors that understand this unique environment. Use an approved and accredited solicitor to check the franchisee agreement, use a bank with a specialist franchise department for funding (they’ll typically lend 70/30 rather than the more normal 50/50 for start up funding) and use a specialist accountant that understands the financial models employed in franchising, can negotiate effectively with HMRC for VAT or income tax issues and who can support the franchisor and franchisees with tailored accounting and even payroll solutions delivered to consistent standards throughout the entire territory.

BFA Affiliate Membership

The best way to ensure you are engaging a professional who is both approved and accredited is to use BFA Affiliate members. The BFA explains why, “Affiliation to the bfa is available to any organisation or individual offering professional advice to the franchising community who can also provide the following. They must show evidence of professional standing; they must submit evidence to show that staff qualified in the profession concerned are experienced in the application of that profession to franchising; and a commitment by a nominated responsible officer to the maintenance of the organisation’s arrangements for providing appropriately experienced advice on franchising to its clients. The majority of the bfa’s affiliates are lawyers, banks, franchise consultants, and accountants.”