With over 53,000 certified public accounting firms in the United States, choosing the right CPA firm can be daunting for a franchise owner.
What is their knowledge and reputation in the franchise space? Do they have a breadth of services to choose from so you
can avoid using multiple vendors? Can I build and maintain a relationship with them with my busy travel schedule?
Honkamp Krueger & Co., P.C. (HK), a Top 100 CPA and business consulting firm in the U.S., specializes in serving
franchise owners with forward-thinking solutions that directly increase bottom line profitability. As the eighth-fastest-growing CPA firm in the nation (Accounting Today, 2015), HK is well versed and well prepared to scale along with a franchise owner and meet his/her goals for growing the franchise.
Not your typical CPA firm
Offering traditional CPA services such as tax planning and preparation and monthly financial statements, HK goes beyond what a typical accounting firm does for business owners. Ryan Hauber, partner at HK, states, “HK takes a consultative approach when assisting our clients. Through our 40-plus suite of services, we are able to provide innovative, customized solutions for franchise owners. We want to be more than historians for our clients – we want to be your trusted business advisor.”
A unique offering by HK is the complimentary TaxGap Review. Hauber explains, “During this process, we take a look at your prior year tax returns and give it a second look to see if there are any gaps and potential tax savings. It is much like getting a second medical opinion, which is a savvy step for business owners. Many have been surprised at what we find. We do this at no cost for interested franchise owners.”
Managing your human capital
One of the biggest challenges HK recognizes with its franchise clients is managing the complete hire-to-retire employment life cycle. Natalie Hoffmann, CPA.CITP, president of HKP, the workforce management affiliate of HK, states, “Franchise owners come to us because they want to get as many human capital management platforms as possible from the fewest amount of vendors. At HKP, we offer a full plate of services including payroll, HR, benefits, and time and attendance in one database through a web-based solution.”
Another element of the employment life cycle is the processing of employment tax credits, such as the Work Opportunity
Tax Credit (WOTC), which can return thousands of dollars in tax credits to business owners for hiring certain groups
of disadvantaged workers. Hoffman explains, “WOTC is a popular credit in the franchise world that many are missing
out on. It is little-to-no-cost to start applying for and recouping tax credits, so it’s an easy way for a franchise owner to directly add to the bottom line.” To hear from business owners about the benefits of tax credits, watch HKP’s video at https://youtu.be/tTU6P6rnkEI.
To round out the workforce management suite of services offered by HKP, the firm also provides human resource consulting.
Whether an organization is lacking their own dedicated HR professional or looking for outside consulting assistance, HKP’s HR consulting team partners with franchise owners to optimize their human capital management approach. From compliance to ACA/benefits consulting to recruitment to handbooks, HKP offers a full array of HR services.
Planning for the future
To round out the solutions a franchise owner may be looking for in a CPA firm, HK offers wealth management services through its affiliate, HK Financial Services (HKFS). One of the most popular options for franchise owners is retirement plan services as it offers a streamlined approach for owners with their payroll processing and retirement plan at the same family of companies.
In addition to retirement plans, HKFS offers risk management, asset management and brokerage services to franchise owners. “What is unique about HKFS is that they work directly with clients of CPAs and take a holistic approach to managing wealth, especially the tax situation. They are well-versed in partnering with a business’ CPA firm and creating a unified approach that maximizes an owner’s wealth,” states Hauber.
Location, location, location
Just as important as location may be to a franchise owner, location is a small factor for most HK clients. “With today’s technology and ease of travel, we have thousands of clients located distantly from our brick-and-mortar offices. We conduct frequent client satisfaction interviews, partners work closely on accounts, and we are not afraid to travel anywhere to see a client anytime they desire,” explains Hauber.
Test it out
With so many CPA firms to choose from, why HK? Its solid reputation and references in the franchise space and consultative approach are good reasons to start. Also, with the complimentary HK TaxGap Review, owners have nothing to lose to give HK a test drive.
Contact HK today