What must the Bevaris Alliance franchisee maintain records of?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
The Franchisee shall:
- (a) maintain records of all sales and Gross Sales Receipts and submit to the Franchisor a statement of them on the Tuesday of each week with the Royalty Fees. Such records and statement shall be in the form approved by the Franchisor and as specified in the Manual;
- (b) keep and maintain complete and accurate accounts and records relating to the Franchisee's Business in QuickBooks Online. All such records shall be full, accurate, up to date and sufficient to ascertain the amount of the Royalty Fees due;
- (c) allow representatives of the Franchisor access to the Franchisee's QuickBooks Online account to investigate the Franchisee's records and take copies of the Franchisee's accounts and records on reasonable notice, during Business Hours during the Term and for a period of 7 years after the termination of this agreement; and
- (d) supply to the Franchisor copies of all sales tax returns and any other financial and fiscal information which the Franchisor may reasonably request.
Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to the 2024 Bevaris Alliance Franchise Disclosure Document, franchisees must maintain specific accounting records related to their business operations. Franchisees are required to keep records of all sales and Gross Sales Receipts and submit a statement of these to Bevaris Alliance each week along with Royalty Fees. These records and statements must adhere to the format approved by Bevaris Alliance and specified in their manual.
In addition to sales records, franchisees must maintain complete and accurate accounts and records pertaining to their business using QuickBooks Online. These records should be comprehensive, accurate, up-to-date, and sufficient to determine the amount of Royalty Fees owed to Bevaris Alliance. Franchisees must also grant representatives from Bevaris Alliance access to their QuickBooks Online account, allowing them to investigate records and make copies of accounts with reasonable notice during business hours, both during the term of the agreement and for seven years after termination.
Furthermore, Bevaris Alliance franchisees are obligated to provide copies of all sales tax returns and any other financial and fiscal information that Bevaris Alliance may reasonably request. These requirements ensure that Bevaris Alliance has access to the necessary financial data to monitor the franchisee's performance, calculate royalties, and maintain the integrity of the Bevaris Alliance system. The detailed record-keeping and reporting requirements are typical in franchising, allowing the franchisor to maintain oversight and ensure consistency across all franchise locations.