Industries

Franchises

Franchising is a business growth strategy designed for rapid expansion of markets, capital, and management. Profit growth and expansion is achieved through scale, brand quality, and brand value to the franchisee. Franchise brand value empowers franchisees with an efficient means of growth without having to reinvent the wheel on their own. High quality accounting processes and financial reporting are often a strategic part of brand value.

Smart Financials provides turn-key accounting solutions to franchises. We are a preferred partner provider of accounting services to many brands. We enjoy working with our franchise clients and growing right alongside of them. Our goal is for the new franchise owner to have a high-quality accounting and financial reporting system and team in place from day one at a very affordable rate, and seamlessly implement new units and locations as the franchise grows.

Smart Financials can assist franchises with the many challenges they face in achieving their goals that are specific to the franchise space. Some of the services we provide are:

  • Assistance with franchise acquisitions, such as due diligence and analysis of return on investment

  • Evaluation of franchising documents

  • Royalty fee agreement and calculations

  • Multi-unit expansion

  • Evaluation of non-compete agreements

  • Royalty audits

  • Franchise accounting services

  • Tax services

  • Benchmarking

  • Budgeting and cash flows

  • Business valuations

  • Franchise agreement compliance assistance

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Restaurants/Hospitality

The restaurant industry is facing many challenges. As restaurants were adapting to the disruption of delivery and mobile, the pandemic compounded that need and exposed those players who were clearly not prepared. More than ever before, restaurants must anticipate and adapt swiftly to changing regulations, restrictions, standards, tax incentives, and customer preferences. The need for accurate and timely data to drive key decisions has never been more critical.

You need a team that understands your industry and the key drivers that affect your numbers, such as labor and inventory costs and controls. Smart Financials is one of the few firms in the US with a significant restaurant practice across multiple US offices. Our restaurant practice services hundreds of restaurants across the country, including both franchises and independents. We also serve all segments – quick service (QSR), fast casual, casual dining, pizza, micro-brewery, fine dining, and emerging chains.

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Beverage

Micro-brewing is one of the fastest growing segments in recent years. Craft brewers have unleashed their creativity to refine a broad array of distinctive tastes using a masterful variety of ingredients. Many brewers have gone from humble beginnings to cult-like followings and major markets. A big part of brewing is understanding costs components and inventories. Smart Financials understands the industry and knows both the challenges and opportunities faced by brewers. We can assist a brewing upstart with alcohol tax and compliance, turn-key accounting systems and people. We work closely with owners and management to grow their beverage business.

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Salons and Spas

Salon owners understand that their clients don’t just pay for a hair-cut or color treatment, they also pay to have an experience at their salon or spa. The question is, what kind of experience do salon and spa owners receive from their CPAs? Allow us to pamper you with our great service, tailored to your specific business needs. Smart Financials is one of the few accounting firms in the US with a specific salon and spa industry focus. We have been a critical part of helping our salon and spa clients navigate through the pandemic and emerge successfully in the “new normal” of increased regulatory demands, while also assisting them with tax incentives and other programs. We work closely with salon and spa clients to understand their numbers and make key business decisions.

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Home Care

The need for home care services has never been greater. The aging baby boom population has now given way to the even more increased demand brought on by the pandemic. Home care providers have a unique opportunity for growth of not just their business, but their reach of caring for others, which is their passion. Our passion is to assist them in doing so. Smart Financials has years of experience as the preferred accounting services provider for a major home health franchise, servicing hundreds of home care franchise owners across the US. We know the industry we are well equipped to assist the home care business owner with the array of accounting and tax challenges along their journey of growth and success in caring for others.

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Professional Services

Technology is having a significant impact on professional services providers, in both the way they attract clients and deliver services. As professional service providers adapt to the technological disruption in their industries, they need an accounting and tax service provider that has also kept up with those changes and can deliver with speed and value. Smart Financials understands firsthand your unique needs as a service professional. With personal attention to tailored services, we can help you focus on what matters most, which is your clients.

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Government Contracting

Change in administrations brings both opportunity and uncertainty. Success depends on both strategy and implementation of the correct systems and procedures to rise above the competition. Smart Financials has deep experience in assisting our government contracting clients with all their accounting and tax needs. We provide a comprehensive and unique set of accounting, tax, and consulting services designed to ensure our clients are compliant, grow and succeed.

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Retail

The retail and consumer products industry has experienced a seismic shift brought on by technology, social media, and the pandemic. These changes have created significant challenges for the industry. At the same time, muti-state tax and regulatory changes have increased the need for an accounting and tax provider that not only understands the industry, but can make sure you are compliant with the varying requirements in each state, and can keep up with the latest developments. Smart Financials helps retail clients not only survive but grow and thrive through the ever-changing landscape.

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Technology

Innovation drives the US economy. While tech companies focus on innovation, they need an accounting solution that can keep up with rapid expansion and change, while also taking advantage of tax incentives, and other opportunities. Smart Financials provides a tech company with sound advice and fiscal policies the front end and can adapt quickly to the rapidly changing demands the innovation rollout. Smart Financials industry professionals have deep experience helping clients to navigate the many issues affecting their industry and to help them meet their larger business goals.

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Closely-Held Business

A small owner group doesn’t mean small complexity. Whether you have a single business location and industry focus, a multi-state diversified business structure that needs accounting and tax support, or a business owned by one or more individuals with plans to transition to multi-generational family ownership, we have the experience and solutions to help. We can assist with every phase of your business life cycle, from startup to ongoing operations to succession planning. As a dependable partner for the long haul, Smart Financials understands what makes your business unique and provides the support you need so your business can thrive.

As your complete accounting solution, Smart Financials can assist with full accounting system implementation, day-to-day accounting, and periodic financial statement preparation. We also provide income tax and indirect tax (sales and use, property tax, etc.) compliance and consulting.

Here are some of the areas of service we provide to closely held businesses:  

  • Complete accounting solutions   

  • Preparation of annual tax returns for businesses and business owners 

  • Tax planning and strategy 

  • Tax controversy such as tax notices, letters, or audits 

  • Succession planning and business expansion/sale analysis 

  • Accounting and bookkeeping, including bill pay and loan consulting 

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High Net Worth Individuals & Entrepreneurs

Smart Financials’ team has experience working with high net-worth individuals and their families throughout the US. We provide personalized federal, state, and local tax return preparation services regardless of the variety of your income sources, investments, or other business activities. Whether you have businesses that you participate in, passive investments, or retirement income, you will benefit from our expertise.  
 
A specialty in our individual tax practice is working with business owners. For entrepreneurs, we share that entrepreneurial spirit and will be there with you for every step of your business life cycle. We find there is especially great synergy for business clients that also have us prepare the personal tax returns of the business owners. This lets us coordinate tax deductions and strategies to maximize tax savings. 

Here are some of the areas of service we provide to high net-worth individuals and their families:  

  • Preparation of annual tax returns and quarterly estimated tax computations for all federal, state, and local jurisdictions 

  • Planning for unusual income increases or losses  

  • Charitable gift planning and timing of deductions 

  • Household employee consulting  

  • Stock option awards and other types of compensation 

  • Tax projections and personal financial statements 

  • Accounting and bookkeeping, including check writing, bill pay and loan consulting 

  • Tax savings ideas, including taking advantage of tax credits and incentives 

  • Integration of compensation and distribution planning for the personal tax returns of business owners 

  • Multi-state tax analysis and planning 

  • Tax controversy assistance and representation, including letters, notices, and audits from the IRS and other authorities 

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