A New Revenue Stream for Accountants in 2024

Michael Nicholas / Franchising / November 22, 2022

There are many reasons why people go for a career in accounting. It’s a relatively stable and growing job field, has a clear path toward securing a job, you can work in a variety of industries and locations, and there’s a possibility to help businesses or other people.

Unfortunately, some accountants find themselves unfulfilled or worn out in their careers rather quickly. The work becomes stressful and tedious, with tight deadlines and bosses breathing down their necks. They realize that they’re focused solely on one small aspect of running a business and dream of having more control over their job and business.

If you’re feeling burnout in your accounting career, it may be time to consider alternative revenue streams for accountants. If you want to be your own boss, make your own rules, and still find meaning through helping other business owners, a P3 Cost Analyst franchise is the right move for you.

How Accountants Typically Make Money

On the surface, an accountant’s job is to record and interpret financial records. But if you sit down with an accountant, they will tell you that their job is much more than just running the numbers. Accountants are responsible for making sure that businesses are following lawful business practices. They also must look at the big picture and help companies make wise financial decisions.

Generally speaking, there are three types of accountants – public, management, and government accountants. They often specialize in a specific department. The title of accountant covers a wide array of jobs.

Here are some examples of how accountants make money:

  • In-house accounting: Some accountants may work directly for a business in one of many various financial departments. Some examples include Accounts Payable, Reporting and Analysis, Legal Compliance, and Payroll.
  • Accounting firm: While many larger organizations have in-house account departments, other companies hire accounting firms to handle specific financial needs. Accounts may choose to work with an accounting firm so they can work with a variety of clients.
  • Forensic accounting: Forensic accountants will examine financial data in search of fraud or criminal activity. They may work for lawyers, insurance agencies, law enforcement, government, accounting firms, or even in-house.
  • Freelancing: Some accountants choose to work as freelancers to earn money on the side or to work for themselves. They can choose what services to offer and what clients they prefer to work with. Some offer bookkeeping, tax assistance, payroll management, and more.
  • Consulting: Typically an expert in a specific field, an accounting consultant will work with a client to find areas of improvement and help optimize accounting procedures.
  • Side hustles: It seems like just about everyone has a side hustle these days and there are quite a few side hustles where accountants can make extra money. Content creation, Youtube videos, blogs, podcasting, and coaching related to financial topics could create additional income.

While there are plenty of great ways to make money as an accountant, all of those methods require either a full-time job or hours of your own time building up a client base or following. But, there’s another way for accountants to make money without starting from zero.

A New Revenue Stream For Accountants

We previously rounded up the best accounting franchise opportunities for sale. But if you’re looking for new revenue streams for accountants that allow you to work from home, make a positive impact on other businesses, and create recurring revenue that still allows you to enjoy a good work-life balance, then you should consider a franchise with P3 Cost Analysts.

Cost reduction consulting is one of the fastest-growing services within the accounting franchise sector. As an accountant, you already possess the critical skills and abilities needed to truly excel in this industry. Plus, by working with an established brand like P3, you can skip so many of the painful growing pains that occur when starting your own business.

P3 offers its franchisees world-class training, incredible support, a tried-and-true process, and all the tools you need to be successful. You will learn from our team of industry and auditing experts who will teach you the steps of our operational and consulting services. A franchise with P3 also comes with ongoing training, marketing assistance, and all the software you need to run your business successfully.

The best part is, with a cost-reduction company, there are no limits to your potential. As a result, our franchisees have seen off-the-charts revenue potential.

How a Franchise With P3 Works

The process of purchasing a franchise with P3 works just like other franchises. You, the franchisee, buy the franchise from us, the franchisor. With that purchase, you secure the right to use the business name, models, trademarks, and systems we have established and perfected over the years.

Starting a franchise with P3 Cost Analysts will require an initial investment of $59,500. But even with a low buy-in, you receive incredible benefits and support. The first step is to reach out and speak with one of our franchise experts. They’re available to answer any questions you may have and provide a franchise disclosure document. This document covers specific details of the potential business relationship, including what is required of you and what you will receive in return.

When you decide that owning your own business with P3 is the best decision for you, we can move forward with the process. Next, we’ll work out the final franchise agreement, help you establish your territory, and start your hands-on training. Before you know it, you’ll have an additional revenue stream for accountants!

Benefits of Buying a Franchise

Some people may think it’s a better financial decision to start their own business rather than buy a franchise. However, buying a franchise offers endless benefits compared to starting from scratch. If you’re looking for new revenue streams for accountants, you don’t want to spend endless hours building something from nothing.

Check out these benefits of buying a franchise to help you make up your mind.

  • Proven business model: Franchises offer a proven business model that has already been successful in other markets. This means franchisees can hit the ground running and avoid many common pitfalls associated with starting a new business.
  • Start with brand recognition: Franchises often enjoy a high degree of brand recognition and customer loyalty, leading to increased sales and profitability. You won’t have to establish your expertise, as P3 has been doing that in the industry for years. Plus, you’ll have access to our complete catalog of marketing materials, such as flyers, brochures, and other sales tools.
  • Strong support system: Most franchises offer some support with training and assistance while getting set up. With P3, we provide extensive training and ongoing support, which can help franchisees to better manage their businesses. You’ll never be on your own.
  • Minimize start-up costs: Many franchises offer buying power that can save you costs on buying supplies and equipment. With P3, there is much you need upfront other than software and experienced auditors. You’ll have access to both our software and our expert team of auditors, so you won’t need to set aside a large budget to acquire and train employees.
  • Unlimited recurring revenue potential: With so much support from your franchisor, you can focus on scaling your business. P3s business model is designed to create predictable and recurring revenue that will allow you a work-life balance.
  • Be your own boss: While franchises may come with some regulations, the business is still your own, and you are your own boss. Tight deadlines and difficult bosses are some of accountants’ biggest complaints with their jobs. Those looking for new revenue streams for accountants will appreciate taking back control of their careers.

Why Accountants Make Great P3 Franchisees

There are many different types of people who would make excellent P3 franchisees, but accountants are definitely at the top of that list! Whether you’re looking to build a business from scratch or build on a business you’re already operating by adding more services for your clients, P3 is perfect for you.

For starters, you already have the financial smarts to truly understand the key components of cost reduction. Some of the services we offer, like Accounts Payable Automation, Vendor Payment Solutions, and Tax Credit Assistance, are likely very similar to your work experience. Plus, because of your understanding of how businesses work, the rest of our services should be easy for you to understand.

On top of that, the business connections that you’ve made over the years make perfect potential clients for your cost reduction firm. If you’re still offering accounting services, you can now provide your clients with even more beneficial services that help their businesses save money. Accountants and P3 franchises are indeed a perfect match.

Add a New Accounting Revenue Stream Today

If you resonate with the benefits of starting a franchise and know that your accounting skills will help you excel as a cost reduction firm owner, what are you waiting for?

Take the first step towards starting a P3 Cost Analysts franchise by contacting us today at 1-877-843-7579 or filling out the form on our franchising page. We will answer any questions or doubts you may have about the process and opportunity.

Send this to a friend