What is the required frequency for submitting sales statements and Royalty Fees for a Bevaris Alliance franchise?
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 Bevaris Alliance's 2024 Franchise Disclosure Document, franchisees are required to submit a statement of sales and Gross Sales Receipts to Bevaris Alliance on the Tuesday of each week, along with their Royalty Fees. These records and statements must be in a form approved by Bevaris Alliance and as specified in the Manual.
In addition to submitting weekly sales statements and royalty fees, Bevaris Alliance franchisees must maintain complete and accurate accounts and records relating to their business in QuickBooks Online. These records should be full, accurate, up to date, and sufficient to ascertain the amount of Royalty Fees due.
Bevaris Alliance representatives are allowed access to the franchisee's QuickBooks Online account to investigate the franchisee's records and take copies of the accounts and records on reasonable notice, during Business Hours during the Term and for a period of 7 years after the termination of the agreement. Franchisees must also supply copies of all sales tax returns and any other financial and fiscal information that Bevaris Alliance may reasonably request.