What bookkeeping and accounting systems must Petro Stopping Center use?
Petro_Stopping_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
a or other information also constitutes our Confidential Information.
13.5 Promotion of the Franchise System. We may require you to place in the manner designated by us any and all materials, including point of purchase materials, promoting the Petro System that we from time to time provide to you. You will use your best efforts to advance the reputation of Petro Centers in order to increase the goodwill of the Marks. You must participate in all then-current promotions, marketing and new product or service programs, as made available from time to time by us (the "Promotional Programs"). These Promotional Programs may have additional charges. We have the right to establish or eliminate Promotional Programs, in our sole discretion.
14. RECORDS, REPORTS AND FINANCIAL STATEMENTS.
14.1 Accounting System. You must at all times maintain the records reasonably specified in the Manuals, including, without limitation, sales, inventory and expense information. You must report Gross Sales and other business information to us using the format, reporting system and accounting system (the "Accounting System") that we require from time to time. You must establish access to the Accounting System via the Internet at your cost. You must deliver to us the financial and operating reports in the form, manner, content and time we specify from time to time, including via access to the Accounting System. We may require you to update all information in the Accounting System at least daily, including but not limited to revenues, expenditures and other pertinent data. We may periodically change the Accounting System and the suppliers of accounting services. You will make available for our review and inspection during normal business hours all original books and records that we want to ascertain and verify financial statements or reports.
Source: Item 14 — Other investments (FDD pages 131–208)
What This Means (2025 FDD)
According to the 2025 Petro Stopping Center Franchise Disclosure Document, franchisees must maintain records as specified in the Manuals, including sales, inventory, and expense information. Franchisees must report Gross Sales and other business information using the format, reporting system, and accounting system that Petro Stopping Center requires, referred to as the Accounting System. Franchisees are responsible for establishing Internet access to this Accounting System at their own cost.
Petro Stopping Center requires franchisees to deliver financial and operating reports in the specified form, manner, content, and time, including through access to the Accounting System. Franchisees may be required to update all information in the Accounting System at least daily, including revenues, expenditures, and other pertinent data. Petro Stopping Center retains the right to periodically change the Accounting System and its suppliers.
Franchisees must maintain all books and records in accordance with generally accepted accounting principles and preserve these records for the entire term of the agreement and for seven years following its expiration or termination. Petro Stopping Center may also require franchisees to use approved computer hardware and software to maintain the Accounting System and other communication processes. The franchisee is also responsible for Payment Card Industry (PCI) Data Security Standard (DSS) compliance and must submit documentation annually to prove compliance.