What bookkeeping services are Canopy Lawn Care franchisees required to use?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
lty Fees. As of the date of this Agreement, the Bookkeeping Services Fee is $350 per month, but Franchisor may increase it at any
time upon notice to Franchisee to be up to $500 per month. The Bookkeeping Services Fee covers up to 5 hours of bookkeeping assistance per month; however, if Franchisee requires more than 5 hours of bookkeeping assistance per month, then Franchisor will charge Franchisee $55 per hour for additional assistance, which Franchisor may increase at any time upon notice to Franchisee to be up to $100 per hour of additional assistance. However, if Franchisee currently operates a similarly situated franchised business that uses a bookkeeping service, Franchisee may provide Franchisor with a written request to continue using such bookkeeping service. Franchisee may be granted, in Franchisor's sole discretion, express permission to use Franchisee's current bookkeeping service for its Business.
- 6.3 Franchisee shall furnish to Franchisor such reports as Franchisor may require from time to time. Franchisee grants Franchisor the right to disclose all financial data submitted to Franchisor. Without limiting the generality of the foregoing, Franchisee shall furnish to Franchisor in the form Franchisor requires periodically (which will include a chart of accounts prescribed by Franchisor) and together with such detail and breakdown and copies of supporting records as Franchisor may from time to time require:
- (a) within ten (10) days after the end of each month, beginning with January 1st, a balance sheet and profit and loss statement for the Business for the preceding month;
- (b) within thirty (30) days after the end of each fiscal year of the Business, financial statements for the Business, including a balance sheet, profit and loss statement, a change in cash position statement and a statement of retained earnings for such period; and
- (c) within thirty (30) days of April 15th of each year, a t
Source: Item 22 — CONTRACTS (FDD page 55)
What This Means (2025 FDD)
According to the 2025 Canopy Lawn Care FDD, franchisees may be required to use bookkeeping services offered by the franchisor. Canopy Lawn Care may charge franchisees up to $500 per month for bookkeeping services, which covers up to 5 hours of assistance. If a franchisee needs more than 5 hours of bookkeeping assistance per month, Canopy Lawn Care will charge $55 per hour for the additional assistance, and this rate may increase to up to $100 per hour.
However, if a franchisee already uses a bookkeeping service for a similar franchised business, they can request to continue using their current service. Canopy Lawn Care, at its sole discretion, may grant permission for the franchisee to use their existing bookkeeping service.
All Canopy Lawn Care franchisees must furnish reports to the franchisor as required, grant the franchisor the right to disclose all financial data submitted, and provide financial statements including monthly balance sheets and profit and loss statements, annual financial statements, and copies of tax returns.