What were the bank charges for Kitchen Solvers in 2024?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
---| | Accounts receivable from a related party | $ 174,152 | $ - | $ - | | Totals | $ 174,152 | $ - | $ - |
Schedules of General and Administrative Expenses
December 31, 2024, 2023, and 2022
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Advertising | $ 39,480 | $ 37,809 | $ 59,264 |
| Bank charges | 4,779 | 4,688 | 2,001 |
| Business development | 90,240 | 88,771 | 98,039 |
| Computer service | 6,170 | 580 | 2,635 |
| Depreciation | 1,545 | 1,579 | 1,585 |
| Employee benefits | 31,167 | 45,911 | 46,970 |
| Franchise development | 294,481 | 318,837 | 350,574 |
| Memberships and licenses | 154,428 | 140,468 | 157,488 |
| Miscellaneous | 113,852 | 124,330 | 120,772 |
| Office supplies and postage | 3,550 | 3,491 | 9,903 |
| Professional fees | 61,130 | 128,559 | 50,902 |
| Rent | 50,482 | 47,981 | 49,213 |
| Repairs and maintenance | 4,561 | 14,158 | 4,838 |
| Salaries and wages | 577,936 | 340,803 | 347,366 |
Source: Item 21 — Financial Statements (FDD pages 48–49)
What This Means (2025 FDD)
According to Kitchen Solvers's 2025 Franchise Disclosure Document, the bank charges for the company in 2024 were $4,779. This figure is part of the company's financial statement, reflecting the expenses incurred for banking services during that year.
For a prospective franchisee, understanding these operational costs is crucial. Bank charges, while seemingly small, contribute to the overall overhead of running the Kitchen Solvers franchise. Monitoring these charges and comparing them against industry benchmarks can help franchisees identify potential areas for cost savings or negotiate better banking terms.
The FDD also provides figures for bank charges in 2023 and 2022, which were $4,688 and $2,001, respectively. Reviewing these historical trends can give a franchisee insight into how these costs have fluctuated over time and whether they are likely to increase or decrease in the future. This information can be valuable for financial planning and budgeting.
It's important to note that these figures reflect Kitchen Solvers's corporate expenses and may not directly translate to the expenses a franchisee will incur. However, they provide a useful reference point for understanding the types of costs associated with running the business and can inform discussions with the franchisor about typical banking arrangements and associated fees.