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From one-person entities to major corporations, bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company's success, and errors can cost the company significantly. Below are 10 of the most common errors that you want to avoid.

BookkeepingFrom the AllBusiness.com Finance & Accounting Center

From one-person entities to major corporations, bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company's success, and errors can cost the company significantly. Below are 10 of the most common errors that you want to avoid.

About the Author

Visit the AllBusiness.com finance and accounting center for tips on bookkeeping topics such as payroll, cash flow management and financial reporting.  AllBusiness.com is a leading provider of practical information and services for growing businesses.
Copyright 2006 AllBusiness, Inc.

You, the franchisee, have supported this system with your royalties and initial purchase price and it now will be one of your biggest assets as you decide to grow your business.

Betty Otte, SCORE Counselor

You, the franchisee, have supported this system with your royalties and initial purchase price and it now will be one of your biggest assets as you decide to grow your business.  

Since the systems for the franchise are already in place, your biggest concerns as you grow your business are:

  • Finances –having sufficient capital and resources

  • Location – for many businesses, location is critical.

In Part 1, you checked out your franchise options and decided to purchase a franchise. You have decided which one of the 75 franchising industries is right for you and have narrowed it down to maybe three or four different companies. The big decision now is to select the one franchise that is right for you.

Contemplating WomanBusiness demands that we think with our head and our heart, but when doing research, the head must take the lead. You are risking your money, your time and your career, so the choice you make must be congruent with your lifestyle and needs. Researching each option is the key. Here are five simple steps to help you.

About the Author

Betty Otte has 16 years of franchising experience in running a multiple unit franchise territory, selling franchises and in acting as a franchisor liaison. She is a District Director for SCORE Orange County and recipient of SCORE’s Platinum Service Award. Betty serves on SCORE’s Marketing Advisory Council, which represents the field in regards to SCORE’s national marketing effort.

A franchisor will send you the company’s Franchise Disclosure Document (FDD) once you have filled out an application and indicated serious interest in the franchise.

The FDD very clearly defines what the franchisor will do for you and what s/he expects of you. There are 23 important parts to review.

The Federal Trade Commission (FTC) protects franchisee prospects up until the point of sale, but once the franchise is purchased, the FTC looks upon the business as any other start up so the UFOC becomes vitally important in providing you protection at this point.

DocumentA franchisor will send you the company’s Franchise Disclosure Document (FDD) once you have filled out an application and indicated serious interest in the franchise.

The FDD very clearly defines what the franchisor will do for you and what s/he expects of you. There are 23 important parts to review.

About the Author

Betty Otte HeadshotBetty volunteers her time as a SCORE district director for Orange, Riverside and San Bernardino Counties in Southern California. She also serves as a SCORE counselor and mentor for Orange County SCORE, which provides free business mentoring and low-cost workshops to aspiring and existing small business owners in the Santa Ana area. Betty is a member of the national SCORE Advisory Council. Betty is an entrepreneur with an executive Harvard MBA and 16 years of franchise experience. She ran her own marketing consulting company, and built a franchise network from one to 22 units. During her extensive career, she owned, operated, grew and sold numerous franchises. She is also a marketing and management expert.

If you are thinking about purchasing a franchise, keep the following 5 tips in mind.

Betty Otte, SCORE Counselor

If you are thinking about purchasing a franchise, keep the following 5 tips in mind.

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