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Controller Operations Manual
Bernice Hamm Rev2020.08 Controller Operations Manual 1 Bernice Hamm Rev2020.08 2 Business Formation 4 Articles of Formation: 4 Capitalization Table: Cap Table 4 Organization 4 Board Members 4 Employment Contracts 5 HR 5 Vendors 5 Vendor Agreements 5 Contractor Agreements 5 Fransmart IP 6 FSi Strategies has access to Network Solutions and all changes to the account must be approved by them. 6 IT Managed Service Provider 6 FSi Strategies is the current IT Managed Service Provider. Services with Blue Cotton ended on July 31, 2020. The transition was made on August 1, 2020. Additional details to be added once FSi is fully onboarded. 6 Processes 6 Sales & Marketing Playbook 6 Policies & Procedures 6 Administrative Manager Manual 6 Accounts Payables 6 Bank Information: 7 Deposits 7 Bank Statements 8 Payroll 8 Paychex Assigned Specialist 8 Payroll Reports 10 401K 10
401K Reports 10 Risk Management 11 Deal Approval 11 CYA Pages 11 Employee Testing 11 Insurance Policies 11 Broker: NFP 11 Finance 12 Year-end Checklist 12 Budget 12 Financial Statements 12 Cash Report 12 Commission Payments 13 Promissory Notes 13 Tax Returns 13 Tax Returns 13 Other Fransmart Entities 14 Fransmart Futures, LLC 14 King Street Consultants, LLC 14 DR Planeco, LLC 14 Fransmart Royalty Trust, LLC 14 Pie Hole Invest, LLC 14 FranInvest, LLC 14 The Kitchen Fund 14
Business Formation Articles of Formation: Fransmart, LLC Formation Document Fransmart Operating Agreement Fransmart, LLC Tax ID: 27-1189351 All Fransmart Entities Tax ID Number List Capitalization Table: Cap Table Organization Organization Chart Org Chart Board Members The board consists of Dan Rowe, John Oswald, and Joseph Essa. Board meetings are conducted quarterly. The Controller is responsible for scheduling and preparing the financial reports and PowerPoint presentations with input from Dan Rowe. Board Member List Board Meeting Minutes
Employment Contracts The Controller works with the CEO and our attorney, Doug Ross when needed to create or update employment contracts. EmpCons Staff List HR The Controller is responsible for all HR-related tasks. This includes new employee onboarding, updating employment policies, and compliance. Employment Policies New Hire Forms Employee Benefits Vendors Customer Contact List Lease Agreements Fransmart has offices in Virginia and California. The CA will be closed when the lease term ends on October 31, 2020. Lease Agreements and Addendum Vendor Agreements Contractor Agreements Contractors are independent Lead Referral Agents, Brokers, and Independent Sales Representatives. All Contractor agreements are to be approved by the CEO. Only the Controller with guidance from the CEO or the CEO can approve and sign Contractor agreements. The Channel Marketing Manager can send the agreements in Docusign and add the Controller or the CEO as the signer. Fully executed agreements are saved in SharePoint and the Channel Marketing Manager saves the agreements in Salesforce. Contractor Agreements and Templates
Fransmart IP FSi Strategies has access to Network Solutions and all changes to the account must be approved by them. IT Managed Service Provider FSi Strategies is the current IT Managed Service Provider. Services with Blue Cotton ended on July 31, 2020. The transition was made on August 1, 2020. Additional details to be added once FSi is fully onboarded. Processes Sales & Marketing Playbook The Sales & Marketing Playbook is saved on Google Simplebooklet. https://simplebooklet.com/theplaybookPassword is Concepts3 Policies & Procedures Administrative Manager Manual Accounts Payables All accounts payables are scanned and saved electronically. Once payment is made vendor invoices are placed in the secure shred bin. Every Thursday: Vendor checks are processed by the Controller Accounts Receivables Customer invoices are created for franchisors based on the weekly sales reports. Sale reports are updated it the Dashboard spreadsheet and invoices are created in Quickbooks.
Bank Information: All checks are stored in the Controller's office, left-hand side draw. ACH’s and wires can be processed on the CEO portal. Only Bernice Hamm has active access since passwords need to be reset regularly. Dan Rowe is a user on the CEO but he will need to contact Wells Fargo Treasury at 1-800-289-3557 to reset his password and order a new token. Any changes needed on the account should be directed to the Wells Fargo Bank Contact below. Online banking used is the Wells Fargo CEO portal. A digital token from Wells Fargo is needed to access Administrator features including wires, desktop deposits, and ACH payments. Signers are Dan Rowe and Bernice Hamm. Wells Fargo Main Checking: 9164290356 Wells Fargo Bank Contact: Tuan Bui, Tuan.bui@wellsfargo.com Tel: 704.547.2634 Fax: 866.968.8667 Wells Fargo Advisor Checking Account: 9092979816 Wells Fargo Advisor Contact: Sean Loftus sean.loftus@wellsfargoadvisors.com Tel 949-862-1228 | Toll-free 800-876-0353 Fax 949-756-2551 For all administrative concerns contact: Marie Perez, Senior Registered Client Associate, Officer marie.perez@wfadvisors.com Tel: 949-862-1272| Fax 949-756-2551 Deposits Check deposits are scanned with the desktop check scanner linked to the Wells Fargo account through the CEO portal.
Bank Statements Bank statements are downloaded from the CEO portal and saved in SharePoint. Bank Statements ● Every Friday: Send Dan Weekly Cash Forecasting Report - details below ● Update royalty dashboard ○ Weekly sales for every brand location are updated in the dashboard. Payroll The payroll is processed by Paychex. You have the option of calling our Paychex Specialist and submitting the payroll by phone if needed. All employees and contractors are paid by direct deposit. Payroll must be submitted 2 business days before the pay date. Paychex Assigned Specialist Daniel Kolesar, dkolesar@paychex.com (844) 729-9247 x5276831 www.paychexonline.com On the Dashboard, click on Payroll Center. This screen should display the next payroll. Click on the blue button “Begin” under Action.
Start Payroll, click on Automatically create checks for employees and contractors. Click on “Continue The next screen will display the regular salaries for each employee. Commission amounts for sales reps will need to be manually entered. Once the payroll is complete, click on Review & Submit. The payroll journal report can be viewed at this point to review the payroll before it's submitted. Once it has been approved, click on Submit Payroll. At that point, you have 15 minutes to make any changes if needed.
On the Dashboard, click on Analytics & Reports and download the Payroll reports. The reports should be downloaded and saved in Sharepoint. Payroll Reports 401K Fransmart has an employee 401K and an IRA account with Vanguard Retirement. Biweekly employee withdrawals are sent to Vanguard within 3 days of payroll. The excel report is updated using the Payroll Journal and uploaded online. Vanguard 401k Sign In Contact Tami to add or remove a new account manager. Vanguard Contact Tami Heitzman, Client Relationship Manager Phone: (877) 358-1408 Fax: (215) 648-4888 Tami.Heitzman@VanguardRetirement.com 401K Reports Credit Card Reconciliation Fransmart uses Dan Rowe’s American Express account. Bernice Hamm and Rebekah Hester have account access to view transactions and download the account statements. The transactions are tagged by Rebekah and reconciled in Quickbooks by the Controller.
Risk Management Deal Approval A deal is closed when the file deal packed has been approved and payment has been made to Fransmart. The Controller creates an invoice when the Sales rep has confirmed that the Franchisor has received the franchisees payment. Once the payment is received the Controller updated Salesforce with the payment details and the sales rep can submit the deal packet. The Controller confirms that the deal packet is complete by following the 10-steps and doing a file review of the file. Once the deal is approved the Controller can process the commission payment in Paychex with the next payroll. CYA Pages Every completed deal packet must include CYA pages. These can be found in the Brand Admin folder. Employee Testing Each new employee must complete an FDD test. The test link and details are included in the Sales and Marketing Playbook. Insurance Policies Broker: NFP
Finance Year-end Checklist Year-End Checklist This checklist lists the items that need to be completed before sending the Quickbook files to BDO to complete the tax returns. BDO Contact: Reggie Hibbard, Tax Manager, rhibbard@bdo.com 513-592-2374 (Direct) 361-2374 (Internal) 513-260-1743 (Mobile) 513-592-2473 (Fax) Budget Preparations for the budget should begin in October. The controller should meet with the Sales VP’s for revenue forecast and the Marketing Managers for marketing expenses. The budget should be approved by the CEO then forwarded to the Board. Budget Financial Statements Financial Statements Monthly Financial reports are due to the board on the 15th of the following month. Cash Report Cash Reports are due to Dan every Friday by 3 pm. To complete the report, the bank account must be reconciled weekly, all accounts payables must be entered and payments posted. To create the report, download the Quickbooks AP report, AR report, and Balance sheet and merge the three reports in the 13-Week Cash Forecast spreadsheet and send it along with the Weekly Cash Report and summarize it in the email body. Cash Report
Commission Payments Commissions are paid after deal files are approved. Commission sheets should be verified with the sales rep compensation plan Promissory Notes Paycheck Protection Loan Fransmart was awarded the PPP loan during the Covid-19 pandemic. The Controller will request loan forgiveness when the forms are released. Tax Returns Tax returns are prepared by BDO Tax Returns
Other Fransmart Entities ● Fransmart Futures, LLC ● King Street Consultants, LLC ● DR Planeco, LLC ● Fransmart Royalty Trust, LLC ● Pie Hole Invest, LLC ● FranInvest, LLC ○ The Kitchen Fund