Accounting and Finance Franchise Opportunities in the United States of America

Accounting and Finance Industry Trends in 2024

The accounting and finance industry in the United States is quite sizable. And the industry is experiencing growth. In fact, employment of accountants and auditors is projected to grow at around 4% from 2022 all the way to 2032. The industry currently employs just over 1.5 million professionals. Also, despite the many different branches of accounting service franchises, perhaps the most common one is tax franchises. This is based on the fact that many people still prefer an independent tax preparer’s opinion on their individual situations. This is perhaps one of the reasons why there’s been a rise in tax filers in the US over the past couple of years who use a professional tax preparer. Some of the driving forces of this situation include lack of time and an increasingly complicated tax code, leading to individuals seeking professional help. So, what are some emerging trends that we can see in the industry apart from the abovementioned developments? Let’s take a closer look:

• Many tax preparation franchises have evolved to assist clients in other areas, including accounting, bookkeeping, billing, and payroll services.
• Technology automation is expected to make waves in the industry through aspects such as approval workflows, bank reconciliation, journal entries, inter-company consolidation, revenue recognition, lease accounting, and depreciation.
• Around 70% of companies that have automated more than one-fourth of their accounting functions report moderate or substantial returns on investment (ROI).
• Artificial intelligence and robotic process automation (RPA) are also entering the space, enabling accounting and finance franchises to automate mundane or repetitive tasks. This helps professionals in the industry focus on high-impact and high-value activities.
• Around 36% of companies plan to implement cloud-based accounting solutions in the near future. 
• Enterprise resource planning systems can integrate your accounting software and your financial data with other important areas of your business, such as supply chain, order and production management.
• There is a rising trend related to the increased use of budgeting, forecasting, and planning software as well as data analytics and visualization tools.
• Technology is expected to help finance and accounting professionals move from reactionary to proactive and analytical.
• The introduction of workplace wellness programs as a perk provided by employers can be complex for accountants to capture. This is where these professionals are needed to accurately calculate employee discounts earned and the withholdings on paychecks. 
• Cloud-based accounting software can help remote teams better accomplish critical financial processes from anywhere there is an internet connection. For this purpose, e-signatures and cloud-based file sharing will become essential tools.
• Accounting professionals are expected to take on a stronger decision-making role within organizations as they leverage their insights from data analysis and financial expertise to help businesses thrive.
• Ensuring data security and privacy will continue to prevail as a leading trend for accounting franchises, which will play a crucial role in spotting anomalies.
• Due to shifting statutory and regulatory changes, tax and accounting franchises will need to keep up with constant statutory and regulatory changes, as financial reporting requirements continue to evolve.
• Environmental, social and corporate governance (ESG) will continue to be crucial for many organizations, particularly with regard to financial disclosure. Finance franchise opportunities can play a leading role as they help businesses navigate the regulatory landscape.
• Another important and ongoing change is in accounting standards. These standards are updated regularly by the Financial Accounting Standards Board and indicates how they should be GAAP compliant.

Why you should consider a finance franchise opportunity

With so many trends to keep a lookout for, you may be wondering why you should explore accounting franchises for sale. The answer is simple. Finance franchises for sale come with many advantages, among which include:

• Name recognition of a trusted and well-established brand.
• Advertising and marketing assistance done locally and nationally, with the right guidelines, to ensure consistency of the ways in which the brand is conveyed to the public.
• Many bookkeeping franchises and financial planning franchises offer their franchisees training on how to run the business according to a proven business model. Whether it’s on-the-job training or virtual/in-classroom training, you’ll have all the necessary tools and knowledge to help your business take off and hit the ground running from day one of opening your doors to the public.
• In line with the training that you’ll receive being part of a bookkeeping franchise, there are incredible levels of support from the franchisor and the wider franchisee network. You’ll have access to help in developing your business plan, access to the operations manual, computer systems, and other items that will help you manage your payroll service franchise smoothly.

How much does it cost to open an accounting franchise business?

Buying into a financial and accounting service franchise will naturally lead to questions such as how much the opportunity will cost you. While there are numerous factors to consider, including the franchise fee, training expenses, grand opening, advertising and marketing costs, a dedicated office space, and others, the typical price ranges of these business opportunities range from $25,000 to $255,000 in the United States.