What is the deadline for Itan franchisees to submit monthly balance sheets and profit and loss statements?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
No later than the 15th day of each month, you must prepare and send us a monthly report detailing your expenditures incurred during the prior month on local advertising required by §10.3(b).
All advertising expenditure reports must include copies of receipts for the reported expenditures.
- **15.4.
Financial Statements.** No later than the 15th day of each month, you must prepare and send us a monthly balance sheet and profit and loss statement for your Business in the format we prescribe.
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, franchisees must submit monthly balance sheets and profit and loss statements no later than the 15th day of each month. This report should detail the franchisee's business financials for the prior month.
Itan requires these financial reports to monitor the financial health of its franchise locations and to calculate royalties or other fees that may be based on the franchisee's gross sales or profits. Franchisees should ensure they have accounting systems in place to accurately track and report this information.
Submitting financial statements on time is a standard requirement in franchising, allowing the franchisor to maintain oversight and provide support. Failing to submit these reports on time could result in penalties or other actions by Itan, as outlined in the franchise agreement. Therefore, prospective Itan franchisees should understand the importance of maintaining accurate financial records and meeting all reporting deadlines.