What accounting system is an Aira Fitness franchisee required to maintain?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
A. Accounting and Record Keeping.Franchisee shall use the bookkeeping, accounting, and record keeping system prescribed by us and submit to us such periodic reports, forms, and records as specified, and in the manner and at the time specified, in the Operations Manual. To ensure uniform financial statements are submitted by you, we reserve the right to require you to use a standard Chart of Accounts for tracking income and expense items for the Aira Fitness Business and the right to require you to have a fiscal year-end of December 31. For a period of five (5) years from their date of preparation, you will keep on file at your principal office and make available to the us all such records, including, without limitation, the following: receipts, invoices, payroll records, check stubs, bank deposit receipts, sales tax records and returns, business and personal tax returns, and such journals and transactions which properly summarize the transactions of the business operations of the Aira Fitness Business. You hereby grant permission to us to have access to all electronic records maintained in Technology Systems that we require you to use.
- B. Reporting**.** You shall furnish to us on the first day of each calendar month a report of the Gross Sales of the Aira Fitness Business for the preceding calendar month in the manner we designate which may occur through required software programs.
You will furnish to us at our request the following reports in the manner and the time we designate: monthly profit and loss statement and balance sheet; calendar year-end balance sheet and an annual profit and loss statement for the calendar year reflecting all year-end adjustments; all state and local sales tax returns and all federal, state and local income tax returns; reports on membership; and such other reports as we may require from time to time.
You must verify and sign all reports submitted to us.
If you fail to report your monthly Gross Sales on a timely basis, we may estimate your Gross Sales; we may then withdraw any unpaid Royalties, National Marketing fees or other amount due by use of our Approved Payment Processor.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to the 2025 Aira Fitness Franchise Disclosure Document, franchisees must use the bookkeeping, accounting, and record-keeping system that Aira Fitness prescribes. Franchisees are also required to submit periodic reports, forms, and records as specified in the Operations Manual, adhering to the manner and timing outlined therein. To ensure uniform financial reporting, Aira Fitness retains the right to mandate the use of a standard Chart of Accounts for tracking income and expense items. Additionally, Aira Fitness can require franchisees to maintain a fiscal year-end date of December 31.
For a period of five years from the date of preparation, franchisees must keep on file at their principal office and make available to Aira Fitness all relevant records. These records include receipts, invoices, payroll records, check stubs, bank deposit receipts, sales tax records and returns, business and personal tax returns, and journals summarizing the business operations of the Aira Fitness Business. Franchisees also grant Aira Fitness permission to access all electronic records maintained in the Technology Systems that Aira Fitness requires them to use.
Furthermore, franchisees must furnish Aira Fitness with a report of Gross Sales for the preceding calendar month on the first day of each calendar month, using the method designated by Aira Fitness, potentially through required software programs. Franchisees will also furnish monthly profit and loss statements and balance sheets, calendar year-end balance sheets, annual profit and loss statements, all state and local sales tax returns, all federal, state, and local income tax returns, reports on membership, and any other reports that Aira Fitness may require from time to time. All reports submitted must be verified and signed by the franchisee. Failure to report monthly Gross Sales on time may result in Aira Fitness estimating the Gross Sales and withdrawing any unpaid Royalties, National Marketing fees, or other amounts due using their Approved Payment Processor.