The multi award winning franchisor TaxAssist Accountants has appointed TaxCalc as its new software partner.TaxCalc will provide TaxAssist’s 200+ franchised accountancy firms with a wide portfolio of products, including final accounts production, tax, practice management and company secretarial packages, running on its CloudConnect platform. Following an extensive pilot, a phased six-month migration of network members is now underway.TaxCalc is a family-run business and the largest independently-owned software provider in its sector, with a 20% share of the tax and [...]
Accountany, bookkeeping & financial franchises
Many different types of franchises make up the financial franchises UK category. Some financial franchises require specialised degrees and certifications, while others require the ability to sell products and services. In all cases they represent a fantastic opportunity for the right franchisee to make a significant income. As a sector, the overall financial investment is lower than the average franchise because the need to build and maintain a physical location is minimized by the fact it is a service-based sector.
Tax preparation, ATM cash machines, payday loans, mortgage brokerages, and investment sales are just a few of the fantastic business opportunities that exist in the financial franchises sector such as business finance franchises
Accountancy & bookkeeping franchises
One of the most popular franchises in the financial franchises sector is the tax preparation franchises. Ordinary Britons absolutely hate to do their own taxes, and with a population that continues to grow because of immigration, the number of potential clients can only increase. The reality is with austerity and other measures the tax code has become more complicated. Some of the important to know facts about these franchises are:
- Education – As a rule tax preparation financial franchises have to have some background in the field of accounting and taxation. This sort of training will allow them to apply the correct tax treatment to their client’s assets.
- A good sense of ethics – If one does things outside of the law in order to get clients’ tax bills down, they and their client could be subject to extreme penalties.
- Investment – Depending on the franchisor around £25,000, but more or less depending on the profile of the franchisor.
- Enjoy repetition – Taxation can be tedious and complex and the preparation of many tax returns can be monotonous.
- Drawbacks – There are a few drawbacks including the usual tax season. This business is highly seasonal in that half of the year it will be overworked and the other half of the year the business will be struggling to pay its bills. There is no happy medium.
ATM Cash Machines Financial Franchises
Owning and maintaining a small fleet of private ATMs that charge service fees is a great way to earn some extra cash. As far as businesses go there is little day-to-day effort in the maintenance of the machine. The owner is typically responsible for scheduling maintenance, buying the machine, and making sure it has cash to dispense. While private ATMs cannot print cash, their high fees and convenient location make them a great way to generate a substantial income. As far as drawbacks go, the only major drawback of an ATM financial franchises is the occasional robbery attempts that happen when it is time to add cash.
Pay Day Loans Financial Franchises
Short term lending has really taken off in a world where more consumers are living paycheque to paycheque. These short-term loans are high risk with an outsized risk of default. However, the later drawback is more than made up for by sky-high interest rates on transactions. In many cases interest can exceed 30% per week. The amount of cash required invest in a short term lending business is in excess of £250,000. This is because the business needs a pool of capital to make its loansfrom.
Owners have to be accepting of a certain level of controversy surrounding the sector. Many people and policy makers feel short term lending is the equivalent of legal loansharking.
Mortgage Brokerage Financial Franchises
Becoming a mortgage broker can be a rewarding choice, as mortgage brokerages help families and individuals secure financing to purchase homes and businesses. The investment required to join a mortgage brokerage franchises ranges from £5,000 to £15,000 depending on the franchise.
What allows the franchise prices to be less expensive is the fact that a mortgage broker does not lend any money. They negotiate with banks and lenders to get the best rates possible for their clients.
Some financial franchises maybe regulated by the Financial Services Authority
Investment Sales Financial Franchises
The sale of investments is one of the most highly regulated areas of the financial franchises industry in the UK that one can choose go into. Generally a degree and securities course as well as relevant license is required to transact business in the investment sphere.
Individuals looking at this type of franchise would also do well to keep highly informed on the financial markets, and different types of investments. If this is an industry you understand, it could be a great place to earn a good return on your investment. As many of these products pay commissions every time someone adds to their investment portfolio.
Accountancy, bookkeeping & financial free franchise matching service
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