Trends and Facts About Accounting & Financial Franchises
There are 2.7 million self-employed workers in Canada, so every June 15th, there's a rush for accounting and financial franchises to help collate and file tax returns.
However, savvy self-employed workers rely on accountants all year round to help them record and file their sales and expenses to avoid the panic deadline in June.
And it's not just the self-employed who rely on accounting & financial franchises. Every industrial sector uses clever accountants to help minimize tax liabilities while ensuring their levies are paid on time.
A great accountant can save a business owner thousands in fines for incorrect tax returning, meaning that the accountant and financial services market is key to everyone’s success.
Accountants and financial franchises offer a range of services, including:
- Bookkeeping — ensuring that a business's financial accounts are up to date
- Accounting — the measuring, processing, and sharing of financial data
- Tax preparation — gathering figures, filling out the forms, and assisting/advising with general tax inquiries
- Expense reduction analysis — identifying tax savings in line with regulations
- Business consulting — providing an outside eye for a business's financial affairs, identifying potential savings and efficiencies, including debt management and goal setting
- Auditing — the investigation and verification of financial records, ensuring an accurate and fair representation of a business’s finances
- Payroll services — ensuring the movement of monies from a central payroll system to employees.
Most accounting & financial franchises deal principally with tax preparation — around half of all Canadian tax filers rely on the services of an accountant or financial advisor. This is because tax codes and rules that govern an individual’s (or company’s) liabilities are constantly changing — accountants are equipped to understand those changes and apply them in line with the law.
So, if you’re currently working in the accounting and financial sector for a firm (but dream of going it alone), consider the benefits of investing in an accounting & financial franchise.
Facts About Accounting & Financial Businesses
Statistique Canada states that the operating revenue of accounting firms providing tax preparation, bookkeeping, and payroll services rose by 8.9% to a staggering $23.6bn in 2021. This impressive increase was due, in part, to companies requiring more significant support to navigate the tribulations of the 2020 pandemic.
Some of the biggest trends in accounting and financial franchise services stem from the rise of fintech. Accounting has a reputation for being compliance-driven, ensuring forms and figures are up to date. However, accounting moves towards a consulting mindset, leveraging new financial technologies, such as
- Blockchain — helping investors record their transactions and secure their cryptocurrencies.
- Data analytics — offering business insights from analysis of a business’s financial affairs.
- Big Data — Many companies generate terabytes of data in their typical operation, and someone needs to take control of that Big Data for consultative purposes. Accountants use that Big Data to identify trends and support decision-making and business planning.
Accountancy and financial franchises help individuals invest their savings for the best possible return and investment security, especially regarding pension decisions. Independent financial advisors help individuals make the right choices for their money with an eye to the long term.
So, if you have financial industry expertise but want to go it alone, consider investing in an accounting or financial services franchise. Take control of your working life by becoming your own boss today!
Accounting Franchise Opportunities in Canada
Are you looking for accounting franchise opportunities in Canada? At Franchise Direct Canada, we specialize in connecting aspiring entrepreneurs with successful franchise opportunities in the accounting sector. The demand for accounting services is high, with over 2.7 million self-employed workers in Canada.
Accounting and financial franchises play a crucial role in helping individuals and businesses navigate the complex world of taxes and finances. From tax preparation to financial planning, these franchises offer a range of services that cater to the diverse needs of their clients.
One of the main advantages of investing in an accounting franchise is the opportunity to leverage an established brand's reputation. Starting an independent accounting business can be challenging, as building trust and a client base takes time. However, by joining a franchise, you can tap into the parent company's experience and benefit from its existing customer base.
In addition to brand recognition, most franchise opportunities come with comprehensive training programs that will equip you with the skills and knowledge needed to succeed in the accounting industry. With or without prior knowledge, these educational courses will guarantee you can offer accurate accounting assistance to customers.
The Canadian accounting sector is always evolving, with tax codes and rules changing regularly. By joining an accounting franchise, you access up-to-date information and resources to navigate these changes effectively. This ensures you can provide accurate and compliant tax and financial services to your clients.
Franchising offers a unique opportunity to take on the instantly recognizable branding and reputation of an established business that your future clients already know and trust.
Independent businesses start from the bottom of the pile — literally from the point of invisibility among their competitors. And the marketplace can take a long time to penetrate fully. This makes the first couple of years for an independent business owner hazardous, as they aim to recoup their initial investment in a crowded marketplace.
Franchisees generally experience a much faster start to establishing their company because they can rely on the parent company's reputation.
The main benefits of franchising are:
- Recognizable branding — providing instant curb appeal
- An instant reputation for excellent, reliable customer service
- Excellent training, enhancing your skillset to expert level
- A service roster of products known to resonate with the target client base
Indeed, when you open your franchise, you'll benefit from the parent company's experience and understanding of its ideal customer.
Most franchise opportunities come with comprehensive training that boosts your skills to an expert level, which is how the franchisor ensures that you help build and maintain their hard-earned reputation.
Additionally, many franchisors offer access to their HR functionality, helping ensure your new company complies with business-, employment-, and financial regulations.
So, remember, with account and financial franchises, you get:
- Expert training
- Priceless market insight, keeping you one step ahead of your competition
- An experienced partner, ready to support you every step of the way
- Instant curb appeal, helping you get noticed right from the start
Franchising vs. Independent
Independent companies experience extreme peril in their first five years as they work to recoup their initial investment. Of course, you need to make an initial investment with a franchise, but the returns often come more quickly, as franchises can usually hit the ground running.
Franchises have a clearly defined customer base, and the parent company will have carried out research to ensure that your region is suitable for its business. So, there's a higher likelihood of success with a franchise — as opposed to an indie, which starts their business venture blind and from the point of relative invisibility.
Banks and moneylenders often favor the franchise business model because they have a history of financial stability, sustained growth, and profit. At the same time, indies often struggle to achieve funding for their startup aims because they can't demonstrate a history of financial security.
Franchises often hit the ground running because they can rely on an off-the-shelf infrastructure, with existing authority to help ensure they survive the hazardous early years of trading.
Accounting & Financial Franchises
Don't miss out on exciting opportunities in the Canadian accounting sector. Start your journey towards entrepreneurship by exploring the accounting franchise opportunities available at Franchise Direct Canada.
Take advantage of the financial and professional support a franchise can offer and turn your passion for accounting into a successful business venture.