What accounting system requirements must a Cool Binz franchisee adhere to?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
priate, timely access to your copy of any computer systems that you maintain, to retrieve all information relating to the operation of the COOL BINZ Business.
You are required to use our designated accounting software, which is currently QuickBooks Online and is subject to change. In addition, you are required to follow our specified Chart of Accounts. We have the right to change these requirements at our discretion. We will have automatic password access to your financial reports on this system.
You shall maintain all records, reports, and financial statements for a period of five (5) years during and following the termination, transfer, or expiration of this Agreement.
E. COMPLIANCE WITH LAWS.
You will, at your expense, secure and maintain in force all required licenses, permits, and certificates relating to the operation of the COOL BINZ Business and shall operate the COOL BINZ Business in full compliance with all applicable local, state and federal laws, rules and regulations. You must, at your expense, comply with all federal, state, and local laws and
regulations that apply to businesses in general.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, franchisees must use the designated accounting software, which is currently QuickBooks Online, but is subject to change by Cool Binz. Franchisees are also required to follow Cool Binz's specified Chart of Accounts, which Cool Binz has the right to change at their discretion. Cool Binz will have automatic password access to the franchisee's financial reports on this system.
Cool Binz requires franchisees to maintain all records, reports, and financial statements for a period of five years during and following the termination, transfer, or expiration of the Franchise Agreement. Additionally, Cool Binz requires franchisees to use COOL BINZ Software, or other Required Software as they designate, for maintaining Customer records for the COOL BINZ Business. Cool Binz has confidential access to franchisee databases and related information from the COOL BINZ Software, which they use to compute the Royalty due on Gross Sales, and to make other evaluations and verifications.
Furthermore, franchisees must establish and maintain, at their expense, an accounting system that conforms to the requirements and formats that Cool Binz specifies from time to time. Franchisees are also required to participate in any System-wide computer network, intranet system, or extranet system that Cool Binz implements and may be required to use such systems to submit reports, view System Standards and Operations Manuals, download advertising materials, and communicate with Cool Binz and other franchisees.
These requirements ensure that Cool Binz franchisees maintain consistent and transparent financial practices, allowing Cool Binz to monitor performance, calculate royalties accurately, and maintain system-wide standards. The franchisee bears the cost of these systems and must adapt to changes implemented by Cool Binz, which is a common practice in franchising to maintain uniformity and control.