Frequently Asked Questions
What does First Class Accounts consider to be the most important quality that franchisees need to possess?
While we provide the professional training, mentoring, marketing support, and the systems to get you going, the most important qualities you should have are motivation, a positive can-do attitude and eagerness to learn.
What qualifications do you need to become a First Class Accounts franchisee?
You do not need to have any formal qualifications to become a First Class Accounts franchisee, as we train all our franchisees to a level where they have the ability to obtain the Certificate IV in Bookkeeping and BAS Agent registration. Some experience in administration and accounts, aptitude for numbers, and computer literacy are naturally advantageous.
What is the target market for our services?
There are over 2 million small businesses registered within Australia. As a First Class Accounts franchisee you will initially look to develop as little as 1% of this market with in your territory.
The target market for First Class Accounts franchisees is small to medium businesses. Small being defined as 1-15 people and medium as 16-50 employees. Regardless of size, they all need to meet their GST and BAS requirements, administer their payroll, manage their banking and cash flow, pay their suppliers, collect their receivables, and monitor their business performance.
Who are the main competitors to First Class Accounts?
First Class Accounts is Australia's largest bookkeeping franchise currently with over 200 bookkeepers - and growing. Our competitors are the few other smaller franchise or pooled bookkeeping service providers and freelance bookkeepers, who may not have the benefit of the ongoing training and support structure, and national marketing program that our system provides
What will your competitive advantage be?
As a member of the First Class accounts network, you have considerable competitive advantage over your competitors. Our training methods and systems equip you to provide your clients with a unique service and outstanding value from their business relationship with you.
- You will be working under the banner of the leading national bookkeeping franchise.
- You will enjoy the benefit of the national and local area marketing support.
- You have access to proven business system and leading edge tools, including professional partner status with MYOB, Xero and QuickBooks software programs
- You will enjoy belonging to a group of like-minded, mutually supportive colleagues, and you will be motivated by the strong spirit of camaraderie in the network.
- You will have the resources of our help line, forum and website at your disposal.
- You will have access to other services and resources you can make available to your clients.
What services will you be able to offer to your clients?
You will enable your clients to spend less time on their books and more time on their business!
As a First Class Accounts franchisee, you'll provide your clients with a valuable range of bookkeeping related products and business services. These services assist business owners with record keeping, BAS returns and filings, plus informative, timely reporting, enabling owners to spend less time on their books and more time developing their business. Some of these products and services include:
- Financial reporting and analysis
- Payroll services
- Preparation of BAS and Fringe Benefits Tax returns
- Cash flow reporting and analysis
- Receivables management
- Bank reconciliations
- Year-end processes
- General accounting, bookkeeping compliance work and office management systems
- Training and support in MYOB, QuickBooks and Xero software
Do First Class Accounts franchisees have to "pass" training?
Yes, the quality of service we provide to clients is of utmost importance to protect and develop the brand. We therefore have extensive training and ongoing support in place to make sure franchisees develop the skills and knowledge needed to confidently service their clients. Periodic Quality Control Reviews helps ensure compliance and that skills are updated.
How do we get you started?
As a First Class Accounts franchisee, you'll be supported every step of the way to build your business and obtain a competitive advantage. You'll benefit from:
- Our initial nine-week intensive training course
- Our system where we buddy you with an established and successful First Class Accounts franchisee to offer mentorship and guide you in the early stages of your business.
- A comprehensive 13-week 'Kick Start' business launch programme. You will learn how to source, capture and develop your own client base. We will also send you any bookkeeping leads we receive that are within your territory.
- Unlimited access to our National Office support team who are trained to assist you with every aspect of your business.
- Attendance at regular state-based Regional Training Sessions and annual National Conference.
- Access our to franchisee advisory forums and members' website, training webinars, and one-on-one business development meetings..
- Access to the First Class Accounts strategic alliance partnership programmes.
Where is the training held?
The training is a combination of remote correspondence and two one-week sessions at National Office on the Gold Coast. It is a great idea to come up a day or two early to settle in and enjoy the environment.
Are travel and accommodation costs included in the training fee?
Because franchisees travel from all around Australia, we don't pay your travel costs. We do include your accommodation during training in the overall franchise package.
When is the next training course for new franchisees?
We regularly run courses and it is best not to rush into training until you are ready.
Is there ongoing training and support?
Yes there is ongoing training to keep you current with software upgrades, changes in legislation and tax office and other compliance requirements. We also hold more formal training via four Regional Training days a year, held in most capital cities. Phone our technical support hotline with your urgent needs, or refer to the online member's forum and knowledge base.
We also hold an annual conference where our franchisees hear from great speakers, shown innovative products and able to network with fellow franchisees.
We also conduct regular webinars in which franchisees can participate from the convenience of their own office.
We strongly advise all franchisees to attend the seminars, webinars and workshops provided by the major software providers and Australian Tax Office.
Our Franchise Support Manager will assist you in developing your annual business and training plans in order to enable you to attain your personal goals.
What kind of marketing support will I get?
An important aspect of your training is in regards to the marketing procedures required to run your own business.
Each individual franchise is responsible for their local marketing activities. Our dedicated marketing team is also available to provide our franchisees with any assistance or ongoing local marketing support they may require.
We encourage all franchisees to screen their ideas through the marketing department. In addition, our Franchise Agreement includes a comprehensive 13 week 'Kick Start' business launch program to assist you in your local marketing activities.
All local level promotion activity must be organised and approved through National Office. A catalogue of available artwork is made available to all franchisees.
National Office is responsible for brand recognition and lead generation at a national level.