3 Things Franchise Owners Should Do Before Q4
Year-end may still feel a ways off, but the work you do now can make planning for the year ahead much easier.
Before Q4 begins, it’s a good time to take a closer look at your books, clear up any outstanding questions, and make sure you understand what your financials are telling you.
You don’t have to wait until December to start thinking about year-end. Here are three things you can do now to put yourself in a better position heading into 2027.
1. Clean Up Any Loose Ends
Even when your books are kept up to date, there may be transactions or other items throughout the year that still need clarification or follow-up.
Take a few minutes to think about anything you may have pushed aside during the first part of the year.
For example:
Are there transactions your Client Services Associate has asked you to clarify?
Have you shared any new loans, equipment purchases, or other significant transactions?
Are there outstanding questions or requests from your CSA that still need a response?
Have there been any major changes in your business that could affect your books?
Taking care of these items now helps ensure your financials are as complete and accurate as possible before you begin year-end planning.
It also means fewer things to track down when December arrives!
2. Make Sure Your Numbers Tell the Right Story
Once your books are in order, don’t just file your financial reports away. Take some time to actually review them.
Your financials can tell you a lot about what’s happening within your franchise.
Ask yourself:
Do you understand what your financial reports are telling you?
Are there any unusual balances or expenses you’d like more clarity on?
Can you easily identify where your money is coming from and where it’s going?
Are there expenses that have increased throughout the year?
Do you feel confident using your financials to make business decisions?
You don’t need to be an accountant to understand your numbers. But you should have a general understanding of how your business is performing and feel comfortable asking questions when something doesn’t make sense.
That’s one of the reasons Franchise Resource clients work with a dedicated Client Services Associate. Your CSA isn’t just there to keep your books up to date. They’re also a resource when you have questions about your financial reports.
3. Start Thinking About 2027
With clean books and a clearer understanding of your numbers, you can start using that information to look ahead.
What worked well this year? Where did you spend more than expected? Are there areas where you’d like to improve profitability? Are you considering hiring, purchasing equipment, expanding, or opening another location?
Your financials can help you begin answering those questions.
Having accurate, up-to-date numbers gives you a stronger foundation for:
Creating your 2027 budget
Setting revenue and profitability goals
Planning for major expenses
Managing cash flow
Evaluating opportunities for growth
Making more informed business decisions
You don’t necessarily need to have your entire 2027 plan figured out before Q4 begins. The goal is simply to know where you stand so you’re prepared when it’s time to make those decisions.
A Little Work Now Can Make Year-End Easier
Year-end planning shouldn’t start with trying to remember what happened six months ago or tracking down information that’s been missing from your books.
Taking care of loose ends, reviewing your financial reports, and asking questions now can make the year-end process much smoother.
The clearer your financial picture is today, the better prepared you’ll be to finish the year strong and start planning for what’s next.
Have questions about your books? Reach out to your Client Services Associate. They’re there to help you understand your financials and make sure you have the information you need heading into year-end.
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Based in Omaha, Nebraska since 2013, we have been providing professional and reliable bookkeeping services for franchise owners.
Our bookkeeping services are designed to make your life easier so that you can focus on what you do best!
