6 Bookkeeping Franchise Opportunities for Number-Crunchers

Michael Nicholas / Franchising / August 12, 2022

Last year, there were nearly 5.4 million applications for new businesses in the United States alone. Sure, not all those businesses will succeed, but quite a few will. While we love the entrepreneurial spirit here in the US, we know one thing to be true. Many people who start a business have zero clue how to run the financial side of things.

That’s where you come in. If you’re a math wiz, you should use those skills to run a business. And one way to do that quickly is by starting a bookkeeping franchise. By opting for a franchise instead of starting your own business, you’ll benefit from a proven business model, a known brand, and minimized risk. Plus, you’ll get to the profit stage of running a business much faster and probably with less money invested.

Check out what a bookkeeping franchise is, why they’re so in demand, and our top picks for bookkeeping franchises that you can start this year!

What Is a Bookkeeping Franchise?

A bookkeeping franchise is one that offers services such as recording transactions, managing debits and credits, producing and paying invoices, and handling payroll. These days, bookkeeping franchises utilize financial technology to increase efficiency and reduce errors. Plus, this technology can also help them take on a larger workload.

Bookkeeping franchises will typically work with small to mid-sized businesses or individuals. While larger companies will likely have their in-house accounting team, they may outsource specific tasks or duties. As the owner and operator of the franchise, you’ll need to have a strong understanding of bookkeeping or accounting operations.

Why Bookkeeping Franchises Are Valuable

A bookkeeping franchise can be very valuable to owners because thousands of companies outsource some accounting processes every day. Sole-proprietorships and small mom-and-pop businesses likely don’t have a background in bookkeeping and often struggle with this aspect of starting a business. If numbers are your thing, you can help these small businesses keep their books in order.

These franchises may attract larger companies, too. This is because bookkeepers can do some of the monotonous work that an accounting department has, like matching invoices or day-to-day transition recording. Even when a company has an in-house accounting department, a bookkeeper can generate data and reports, leaving more time for them to handle higher-level tasks like financial insights and direction.

Outsourcing some accounting functions can save businesses time and costs while allowing them to expand their business.

Services That Bookkeeping Franchises Offer

Bookkeepers generally handle the day-to-day recording of transactions in a business. It’s their job to ensure that the books stay balanced by monitoring accounts and transactions. They can also prepare reports to help owners see the bigger picture.

Services typically offered include:

  • Transaction data entry: Many businesses use automated software for data entry, but someone still needs to manage the software. A bookkeeper will check to see that all records are up to date and look for errors or inconsistencies. They’ll keep track of sales and make sure cash flow is monitored daily.
  • Payroll: Unfortunately, paying employees isn’t as simple as writing a check. The payroll process includes deducting taxes, matching retirement contributions, and generating reports for the IRS. Bookkeepers guarantee all the regulations are followed to the letter, and employees get paid on time.
  • Invoicing: A bookkeeper will be in charge of accounts payable and receivable. They will write checks or make electronic payments on behalf of business owners to pay debts as well as manage and send out invoices to receive payments.
  • Reporting: Bookkeepers are responsible for providing monthly and yearly reports such as balance sheets or cash flow statements. These reports can be passed on to accountants to consult while making business recommendations. Having the reports prepared and up to date also assists during tax season and if a business is ever audited.

The Best Bookkeeping Franchise Opportunities

1. BooXkeeping Franchise: Best for Beginner Bookkeepers

  • Minimum cash required: $40,000
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

If you’re new to the world of bookkeeping but you know that you’ll excel in a financial role, BooXkeeping may be the best bookkeeping franchise out there for you. In fact, you don’t even have to do the bookkeeping work yourself. You can focus on business development while outsourcing the work to one of their professionals.

They offer a 10-day initial training program plus all the cloud-based software you will need to run your business. A BooXkeeping franchise is easy and affordable to get set up, so you can start to help small and mid-sized companies with your virtual bookkeeping franchise as soon as possible.

2. Supporting Strategies: Best for In-Depth Training

  • Minimum cash required: $77,930
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Not available

With over 100 locations across the United States, Supporting Strategies has proven to be one of the best bookkeeping franchise opportunities out there. Part of their success comes from their in-depth training and development, which includes a six-month onboarding program and continuous e-earning through their Supporting Strategies University.

Supporting Strategies offers franchisees a business with low overhead, highly automated systems, and a scalable model so you can take advantage of the ever-growing financial services industry.

3. Payroll Vault Franchising: Best for Payroll Services

  • Minimum cash required: $48,875
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

Consider this nationally recognized franchise, Payroll Vault, for a bookkeeping franchise for sale that focuses solely on payroll. They provide a proven business model and all the tools and resources needed to run a successful payroll business in your designated territory.

You don’t need any experience to get started, and they offer a 3-day Initial Owner Training to get you up to speed on software and payroll processing. Once you’re up and running, they provide complimentary access to the American Payroll Association’s basic training so that you can become even more knowledgeable in your business.

4. The Office Squad: Best for Extra Admin Services

  • Minimum cash required: $94,850
  • Work from home: No
  • Training provided: Yes
  • Financing assistance: Not available

With franchise sales just kicking off, it’s the Office Squad’s goal to change the way small businesses grow. They offer their clients bookkeeping along with other administrative services such as phone answering, virtual offices, and executive suites. But they also take things further by recommending new systems and procedures to help small and medium-sized businesses grow.

Get in on the ground level as they look to expand from Nevada to other states across the country. They offer a boot camp to train all squad members, plus training and marketing guidance to franchisees.

5. Padgett Business Services: Best for Accountants

  • Minimum cash required: $60,000
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

Padgett Business Services is much more than a virtual bookkeeping franchise. This opportunity is for accredited tax and accounting professionals that already own and operate a small business but are looking for assistance when it comes to staying up to date with industry trends, tech, and regulations.

They put a focus on helping small businesses through a comprehensive software package that is flexible enough to use with a wide variety of clients. In addition, they offer continued support through continuous education and their expert support center, which will guide franchisees through complicated tax scenarios.

6. P3 Cost Analysts: Best for Cost Reduction Consulting

  • Minimum cash required: $59,500
  • Work from home: Yes
  • Training provided: Yes
  • Financing assistance: Available through a third party

While this isn’t exactly a bookkeeping franchise, it is an excellent opportunity for an accountant or bookkeeper to buy! Potential franchisees with experience working with numbers or managing business financials would also excel in the world of cost reduction.

In fact, if you’re an established bookkeeper or accountant, you can buy a P3 Cost Analyst franchise and offer your current clients all the additional services we offer, such as telecom or utility auditing. Plus, you could expand on the accounting services you provide by adding vendor payment solutions or Accounts Payable automation. You can feel confident giving your clients new advanced business services with P3’s industry experts in your corner and make your existing accounting business more profitable.

Consider Offering More than Bookkeeping

Whether you’re an experienced bookkeeper, licensed CPA, or simply have a brain for numbers that you want to utilize to run your own business — one of these bookkeeping franchise opportunities must look quite attractive to you. With more and more small businesses popping up every day, the demand for these financial services will only grow.

If you want to offer much more than bookkeeping, a cost reduction consulting franchise will allow you to save your clients money in many aspects of their business. When you work with P3 Cost Analysts, you’ll have a team of experts to support you as you make your dream of being a business owner come true.

If you’re interested in starting a P3 Cost Analysts franchise, contact us today at 1-877-843-7579 or fill out the form on our franchising page, and we will answer any questions you have about the process and opportunity.

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