How often must My Salon Suite franchisees submit gross revenues reports?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
- B. Reporting. Upon Franchisor's request, Franchisee agrees to submit the following information and reports to Franchisor in a form Franchisor periodically prescribes (which may include computer diskette, electronic mail and/or facsimile transmission) and consistent with GAAP and the System Standards:
- (1) on or before the fifth (5th) day of each month, we will extract a report of the Franchised Business's Gross Sales during the preceding month through your Computer System;
- (2) within thirty (30) days after the end of each calendar month, a monthly and year-to-date financial statement prepared on a calendar year and using the accrual basis of accounting and our recommended chart of accounts;
- (3) within sixty (60) days after the end of Franchisee's fiscal year, annual profit and loss statements, and a balance sheet for the Franchised Business using the accrual basis of accounting and our recommended chart of accounts;
- (4) any other data, information and supporting records that Franchisor designates, including all reports set forth in the Manual.
You agree to prepare all financial statements in accordance with Generally Accepted Accounting Principles ("GAAP") using our recommended chart of accounts using the accrual basis of accounting and to verify and sign each report and financial statement in the manner we prescribe. We may disclose data derived from these reports, although we will not without your consent (unless required by law) disclose your identity in any materials that we circulate publicly. Moreover, we may, as often as we deem appropriate (including daily), access the Computer System and extract or send through the internet all information relating to the CENTER'S operation.
Source: Item 23 — RECEIPTS (FDD pages 95–230)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, franchisees are required to submit reports of their franchised business's gross sales on or before the fifth day of each month. This report will reflect the gross sales from the preceding month and will be extracted by My Salon Suite through the franchisee's computer system.
In addition to the monthly gross sales report, franchisees must also submit a monthly and year-to-date financial statement within thirty days after the end of each calendar month. This statement should be prepared on a calendar year basis, using the accrual basis of accounting and My Salon Suite's recommended chart of accounts.
Furthermore, franchisees are obligated to provide annual profit and loss statements, along with a balance sheet for the franchised business, within sixty days after the end of their fiscal year. These annual financial documents must also adhere to the accrual basis of accounting and utilize My Salon Suite's recommended chart of accounts. My Salon Suite also retains the right to request any other data, information, and supporting records that it deems necessary, including all reports outlined in the Manual. My Salon Suite may also access the computer system as often as they deem appropriate, including daily, to extract information relating to the center's operation.