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The skills required in the Accounting & Finance Industry are becoming increasingly more complex and, for this reason, more businesses are outsourcing as they lack the required expertise in-house. This reflects the potential in this franchise industry but it also shows that knowledge is highly regarded for customers looking to outsource. Franchisees looking into this industry should know that full training is normally given and formal qualifications aren’t a necessity to apply, however, a relevant career history is preferential. If you are still considering this as an opportunity for you, then it is also important to note that as a franchisee in the accounting & finance industry you need to be disciplined, self-motivated and willing to put in the hours to grow a successful business.
TheCityUK report shows how the Finance & Related professional services industry is one of the most important and largest sectors for the UK.
This demonstrates that the Accounting & Finance industry looks healthy with a lot of potential but, as with most industries, it is being transformed by technology and automation. This will create job loss in the industry, as seen previously with the 7% fall in job numbers in financial services outside London from 2009 – 2014. This technology shift will create a more profitable business which provides opportunities to grow which should, in turn, create more employment opportunities in more skilled areas.
As with most industries in the UK, London leads the way with the highest employment in the Finance and Related Professional services sector but, with nearly two-thirds of its jobs located outside of London, you are not confined to the capital when taking into consideration for this Franchise Opportunity. When considering employees, you are not short of staff either, with close to 1 million people in the UK with Accounting, Finance and other related professional bodies qualifications. The threat to the market, however, will not surprise you; Brexit has created uncertainty in the UK market and the Accounting & Finance Industry. The single market creates opportunities to trade internationally and with the likelihood of the UK’s denial of the single market this will definitely decrease the performance of this industry. The uncertainty of Brexit, in terms of corporate tax and VAT, does also increase the uncertainty of the industry but it doesn’t mean that this is a bad choice for a franchise. The benefits of this industry, combined with the threats of automation, technology and Brexit, presents a mix result but overall positive, meaning you need to analyse your franchise in more scrutiny before you confirm any deal.
If you are considering an Accounting & Finance Franchise, here at Start Your New Franchise we have some great Franchises that are seeking individuals like yourself, please have a look and remember if your ever unsure about something, always clarify.
A Bookkeeping business established in 2002 which services to SME’s and accountants ensuring a consistency of delivery and high quality work. A Franchise which allows you to choose the hours you work to fit around your lifestyle.
Providing professional, flexible and affordable accounting to support small to medium sized businesses. Their UK-based offices offer personal and local services with digital systems to offer remote services when preferred.
With more than 100 Franchise offices with a large international presence they offer short-term working capital with a proven invoice discounting programme to many businesses.