What standards must the Bevaris Alliance franchisee's accounts and records meet?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
11. Accounting records
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 adhere to specific standards for their accounting records. Franchisees are required to maintain records of all sales and Gross Sales Receipts and submit a statement of these to Bevaris Alliance every Tuesday, along with Royalty Fees. These records and statements must be in a format approved by Bevaris Alliance and specified in their manual.
Franchisees must keep complete and accurate accounts and records related to their Bevaris Alliance business using QuickBooks Online. These records should be full, accurate, up-to-date, and sufficient to determine the amount of Royalty Fees owed. Bevaris Alliance representatives are allowed access to the franchisee's QuickBooks Online account to investigate records and take copies, provided they give reasonable notice and do so during business hours, both during the term of the agreement and for seven years after its termination.
Additionally, franchisees must supply Bevaris Alliance with 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 can accurately monitor sales, calculate royalties, and maintain financial oversight of its franchise operations. Franchisees should be prepared to maintain meticulous records and provide regular reports to comply with these standards.