ACCOUNTING & FINANCIAL
Trends and Facts About Accounting & Financial Franchises
1. Very few industries have as regular demand as accounting and financial franchises. Many individuals and businesses turn to professional accountants in order to ensure the correct preparation of their tax returns to avoid costly penalties. This means that there are many opportunities for accountancy franchises to grow.
2. Sectors within the accounting and financial industry include bookkeeping, accounting, tax preparation, expense reduction analysis, business consulting, auditing and payroll services.
3. Most franchises within the accounting and financial industry deal with tax preparation. An estimated 50% of tax filers in Canada use a professional tax preparer. Lack of time and increasingly complicated tax code are leading more and more people to seek outside help in preparing their tax returns. Every year, Canadians spend millions of hours filling out tax forms. If individuals own a business, have investments beyond the typical ones, or have any kind of other layers to work out on his or her tax forms, their taxes could be more complicated to fill out and file.
4. Tax prep franchises also provide peace-of-mind to their customers. When an individual signs a tax return, it means he or she is on the hook for any questions the government might have – even years down the road.
5. According to Statistics Canada, the accounting and financial industry is an $18.3 billion sector. Auditing and other assurance services account for an estimated 29% of the industry's revenue, making it the primary sector, followed by bookkeeping and taxation preparation. Ontario accounts for the highest percentage of the industry's revenue at approximately 42.3%.