Bookkeeping has proved to be a popular industry for franchisors in recent years.
That is partly because it is an industry that is interconnected with all kinds of business and helps both organizations and individuals with their legal obligations.
Companiesuse bookkeeping professionals to ensure their accounts are all up-to-speed and employees are all receiving the right wage. Since this industry touches the entire economy in this way, it is also noted for its resilience.
Even if there is a downturn in the economy, businesses will still require bookkeepers and those with in depth knowledge of the tax world to ensure they are acting within the legislation.
In fact, many consider this arecession-proof industry, as in times of economic struggle, bookkeeping professionals are often required to assist with a variety of downturn-related processes.
Facts and Trends about Bookkeeping Franchise Opportunities
- One of the most popular areas of bookkeeping is tax preparation.
- According to market research company IBISWorld, tax preparation franchises offer assistance in the areas of personal income tax returns, as well as company tax support.
- Research shows that franchises in this area will thrive in 2022. That is partially because “industry demand is supported by the mandatory nature of tax returns.”
- This is only a small portion of the bookkeeping industry in Australia. There are a variety of other services provided to both businesses and individuals by bookkeeping franchises.
- Those who work in bookkeeping do require some special skills. However, it appears that the Australian workforce is embracing the gaining of those skills as 34,976 students enrolled in accounting and bookkeeping-related programs in 2020.
- It is an area that is clearly thriving, as revenue for theaccounting industry as a whole (which bookkeeping is a key part of) is believed to be over $16bn per year in Australia.
- According to research done by accounting software company Xero the accounting and bookkeeping sector is also poised for growth in 2022. Thus, there is a clear reason for optimism for an industry that had to adapt during the turmoil of the past two years.
- Even with issues that went with the Covid-19 pandemic, research has shown that the pandemic was not entirely a bad thing for the bookkeeping industry.
- Findings from Xero illustrated this. They read: “Over 90% of advisors surveyed reported at least one positive impact from the pandemic. This included embracing new ways of working, offering new services, and changing client attitudes to technological adoption”.
- On average, a bookkeeper’s salary averages at over $60,000 in Australia. However, this number can be even greater for those who own their bookkeeping business.
Skills Needed to Be a bookkeeper
According to career websites, the following skills are valued in the field of bookkeeping
Methodical work habits.
According to SalaryExpert.com, a bookkeeper jobs involves the following task: “Keeping books and accounting records of financial transactions for establishment. Reconciling and balancing accounts. Verifying, allocating, and posting details of business transactions to subsidiary accounts in journals or computer files. Summarizing details in separate ledgers or computer files and transfers data to general ledger.”
If you are working in this area, those tasks will be part of your weekly routine. Having a mythological work habit will allow you to complete them without issue.
Meticulous attention to detail
It is an area where you are dealing with numbers and accounts. Businesses require those accounts to be correct so they can conduct their business properly. Thus, to work as a bookkeeping professional, you must have an immense attention to detail and be able to spot errors before they become an issue.
Numerical fluency
It sounds obvious, but to work as bookkeeper, or to have your own bookkeeping franchise, it helps if you are good with numbers. Of course, this is an area that you can get better at as you gain more experience, but you shouldn’t be going into this career without being numerically literate.
Excellent organisational skills
As listed above, the job of a bookkeeper is one that requires you to complete an abundance of tasks on a weekly basis. If you are to complete those tasks, you will need to be able to prioritise and manage your time well. The ability to organise is important in virtually all lines of business, but it is essential here.
Technical ability
You do not need a degree to work as a bookkeeper, but you do need to understand what you are doing and have the necessary technical skills.
Good problem-solving skills
It is an area that will require you to find solutions to company’s problems. As a business owner, you will understand that a good bookkeeper is invaluable, and the best bookkeepers are problem solvers.
Frequently Asked Questions for Bookkeeping Franchise Opportunities in Australia
Do I need qualifications to set up a bookkeeping franchise?
A. No degree is required to set up a bookkeeping franchise in Australia. However, there are certain skills you will need if you to provide specific services. For example, to provide a Business Activity Statement service, you must register as a BAS agent. This requires a Certificate IV in Bookkeeping and Accounting and a certain level of experience in the field.
Of course, not every franchisee actually wants to conduct the activity of bookkeeping themselves. In fact, there are bookkeeping franchises where there is no bookkeeping experience necessary, as the franchisee simply manages the operation. Ensure to ask the franchisor you are considering investing in what their situation is and they will be able to give you further information.
Can I work as a bookkeeper from home?
A. One of the key advantages of working as a bookkeeper is the flexibility it offers. If you decide to invest in a bookkeeping franchise, you can choose a fixed abode option, or a franchise where you can work from home.
How long does it take to become a qualified Bookkeeper?
A.
Generally speaking, people who choose to become a bookkeeper train for between 12 and 18 months.