A Slam Dunk for the Dunkin’ Donuts Economy!

For the Economy and Coffee and Donut Lovers Alike

In 1950, William Rosenberg took a risk and opened a coffee and donut shop. By 1954, he had five of them called Dunkin’ Donuts. By 1955, he was franchising them. In fact, in 1960, William (Bill) Rosenberg founded the International Franchise Association (IFA). Success magazine called him the “father of franchising as we know it today”.

Today there are 7,988 Dunkin’ Donut shops in 30 countries. They sell approximately a dozen coffee beverages and 52 varieties of donuts. They serve almost a billion cups of coffee per year or over 3 million per day.

William Rosenberg grew up during the depression and new that hard work, perseverance, and belief in a concept would bring him success. Today, the company he founded employs thousands worldwide. This is in addition to the trickle down effect in the economy all the company’s locations provide. Their locations provide tax income to municipalities, and revenue for their suppliers. These locations also give young people entering the workforce a place to work. Some use it as starting points to further their education and career growth, while some become franchisee owners themselves later on.

One man dared to put his ideas into action. One man dared to put up money to start a business. One man was the seed for a worldwide corporation that continues to grow to this day.

How Accountants Save Businesses Money

A good accountant can be worth his weight in gold, for example completing VAT returns quickly. Businesses that are doing well are thousands of moving parts, which all happen simultaneously, and are very difficult to keep track of all of the time for the average business owner.

A business owner is always going to do what got the business to a profitable position in the first place. That may mean that much of his or her time is spent mingling with customers, working on advertising, or whatever activities made the business successful.

This is why the business owner hires an accountant, to keep the day-to-day books in order to have a live record of what is happening to the money. The accountant is in a perfect position to not only keep track of things, but to also be on top of money saving ideas that are only seen by him or her.

Take for example, taxes at the end of the year. A good accountant will organize your business items that can be deducted. Instead of just throwing receipts in a drawer, it might be a good idea to keep copies of the receipts electronically, and use a system that automatically organizes them into categories so they will readily be save business moneyavailable at tax time.

Cost control is another area that a good accountant will be able to police and give good advice as to what expenses to reduce and where to find better bargains for supplies, for example. As the accountant sees the operation of the business from the financial side of things, he can be better able to keep track of the expenses.

Cash flow advice is a critical factor in any business, as it is important to have enough cash on hand to be able to take advantage of discounts when paying bills and getting good deals on inventory purchases. A good accountant can be instrumental in helping to plan properly so that cash flow makes cash available when it is needed the most.

Business planning is another area where an accountant can be very helpful. Most accountants have worked with businesses at all level, from startups to those that flourish, and those that don’t. How to structure a business is vital.

Of course, tax planning and knowledge of regulations is extremely important, and your accountant will know how to handle all of the phases of tax, from payroll to filing income taxes. Saving taxes is a big factor in any business success, and a good accountant will shine in this area.