Does Aira Fitness reserve the right to require a standard Chart of Accounts?
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.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to Aira Fitness's 2025 Franchise Disclosure Document, Aira Fitness retains the right to mandate the use of a standard Chart of Accounts for franchisees. This is to ensure that uniform financial statements are submitted. Aira Fitness also has the right to require franchisees to have a fiscal year-end of December 31.
As part of the accounting and record-keeping requirements, franchisees must use the bookkeeping, accounting, and record-keeping system prescribed by Aira Fitness. Franchisees are also required to submit periodic reports, forms, and records as specified in the Operations Manual, in the manner and at the time specified. These records must be kept on file at the franchisee's principal office for five years from their preparation date and made available to Aira Fitness.
Furthermore, Aira Fitness is granted access to all electronic records maintained in the Technology Systems that franchisees are required to use. This enables Aira Fitness to monitor financial performance and ensure compliance with system standards across all franchise locations. These measures allow Aira Fitness to maintain consistency and control over the financial reporting within its franchise system.