CFOToday is a franchise for a third party Chief Financial Officers. It was founded in 1989 by John Harrison. He used to own a CPA firm until he realized from his friends, whom are also clients, that he wasn’t really helping them.
He was saving them by doing their accounting but the savings went to the costs and fees of an accountant. At that time, his brother, Tom, was working with him on a record keeping concept. We were working on a way to keep track of disbursements and receipts. He realized that this could be a way to help small businesses in their financial records without having them pay too much and providing them records that they would actually understand. They started franchising in 1990.
How does it work for small businesses?
First, their rates are affordable. They have the pricing standardized depending on the size of the company. Second is the simplicity of records. They make it easier to understand than the traditional financial statements and reports takes a shorter amount of time to finish which makes it more up to date. Third is their hiring process for the best accountants in creating their teams. Fourth is the comprehensive business analysis. They set-up a 2 to3 hour consultation session before starting with the process for you to be able to discuss your needs and IRS concerns. Fifth is the financial and tax planning. You will be provided with a monthly report that will help you see better as to how your money is earned and where it is going.
What services do they offer at CFOToday?
They provide reports. Reports that help you determine sources cash receipts and cash disbursements. Unlike traditional financial statements commonly given by an accountant, they provide detailed reports prepared by their accountants and book keepers. They also have accounting services who can help you do a comprehensive business analysis and plan your taxes. They also do tax preparation or what they call Ledger Plus. Another service is the payroll which they call Ledger Pay. It takes that time away from the small business owner for him to focus more on the business. Another time consuming task is the computing of time and attendance. CFOToday also offers that service.
Costs and Requirements Associated with Running a CFOToday Franchise
Expect to be investing $24,000 to $40,000. Franchise fee is $24,000 with an on-going royalty fee of 8%. This is for a renewable 10 year term agreement. This business can be run from home. It can be functional with just one employee. They allow absentee ownership although currently, 90% of the franchisee are their own operators. They allow multi-unit ownership and currently, 20% of franchisees own more than one unit.
What’s included in the franchise package?
There will be 5 days training at the CFOToday headquarters and 1 day at your location. You will be receiving newsletters and attend meetings. You will also be provided with a toll free phone number and internet. Expect occasional field evaluations to check on your progress. You will be provided access to purchasing cooperatives as well. For marketing, there will be co-op advertising, ad slicks, regional advertising, and national media.
You May Reach Them At:
Address: 545 E. Tennessee St. Tallahassee, Florida 32308
Phone: (850)681-1941 or (850)681-1941