The new accounting franchise model that wants franchisees to ditch the suit and tie

Sarah Stowe

A TaxAssist Accountant franchisee in Australia has turned his operation into a $50,000 business within four months of opening the doors.

The UK business model TaxAssist is geared specifically to serving the small business owner.

“We are focused on what the client wants, not what the accountants want,” says David Paulson, UK and international development manager at Tax Assist.

“We’re retailing accountancy, making it more visible and accessible. We’ve banned blinds from our shopfronts, and they are open plan inside.”

Franchisees are encouraged to ditch the suit and tie, to remain professional but ensure they create an environment where a tradie is comfortable to sit down in.

“Lots of business people are scared of accountants. So we recommend they drop the word chartered from most of their material,” says Paulson. “That makes people think it’s expensive and not for them.”

There’s no branded business in this space in Australia, says Paulson, and the company sees great potential for its franchise model.

“We’ve learned from our UK experiences and fine-tuned our model.”

The business has been established 21 years in the UK, and now counts 60,000 clients on its books, with 210 franchisees bringing in an $80m turnover.

It’s the 24th biggest accountancy firm in the UK.

The UK business has been awarded for its training and support program, overtaking McDonald’s to take top spot.

One thing experience has proved is that shop front businesses bring in more than double the revenue than office-based accountants. Tax Assist expects its franchisees to be in a retail environment within three years of opening.

Typically the brand appeals to CPA qualified individuals, who are working not in their own business but within industry or banking, and are fed up with 60 hour weeks.

Training and support includes software, practice management, sales and marketing techniques.

Within the next 12 months Tax Assist is aiming to appoint between five and 10 franchisees.