For Deepak Vallabh, owner of First Class Accounts – Balgownie, moving to Australia from South Africa over a decade ago was just the beginning of a life-changing journey.
With a solid background in retail and business ownership—including his own clothing stores back home—he brought along a hands-on understanding of business finance.
“In 2019, I decided it was time for something new. I wanted to own a business without selling stock,” he says. Deepak knew he wanted to stay in business, but not in an industry where he’d be handling stock.
As it turned out, his path forward lay in an industry he’d already been part of.
Rediscovering a Passion for Numbers
During his time as a retail business owner, Deepak had kept the books for each of his ventures—a role that had always come naturally to him.
When his wife, a Chartered Accountant, suggested he try bookkeeping as a career, the idea clicked. But Deepak had no interest in starting from scratch. He wanted the structure and reliability that could only come from a franchise, and First Class Accounts offered just that.
Deepak with Trent McLaren (Journey) at the 2024 Australian Xero Roadshow. Image courtesy of Deepak’s LinkedIn.
Why Choose a Franchise Instead of Going Solo?
“Being new to a different market, I had to learn everything from scratch—trends, systems, processes. It took a lot of time and cost me a lot of money. So… why reinvent the wheel?” Deepak reflects.
One of the most appealing aspects of joining First Class Accounts was the robust support system, something Deepak valued greatly as a newcomer to the field. “What attracted me was the systems and processes,” he explains.
“When you’re delivering a professional service, you need solid systems and processes to support you.”
For Deepak, this meant he could focus on client service rather than spending precious time building operational infrastructure from the ground up—a common hurdle for many independent bookkeepers.
Yet, like many franchise owners, he experienced the initial anxiety that comes with a new business venture. “Everyone has that initial fear: Do we know what we’re doing? Where are we going to get clients?” he recalls.
Fortunately, First Class Accounts provided extensive support, offering everything from training to technical guidance.
This gave Deepak confidence, but it was his commitment to the franchise’s proven processes that truly paid off. “Someone told me, ‘If you follow the process, it will work,’” he says. “And they were right.”
Harnessing the Power of Local Connections
By sponsoring local events and joining networking groups, Deepak has established himself as a known and trusted figure in Balgownie.
Networking isn’t just a method to attract clients; it’s about earning trust in a community where word-of-mouth can make or break your business. Especially when situated in Balgownie, a tight-knit town on the New South Wales coast.
“In a high-trust industry, clients need to know you’re knowledgeable and trustworthy. Otherwise, they won’t feel comfortable giving you their business,” notes Deepak, adding, “The power of networking—with the right network—is immense.”
Deepak celebrating wins with local business owners. Source: Deepak’s LinkedIn
Creating Strategic Business Partnerships
Deepak also makes strategic partnerships with local accountants, many of whom don’t offer in-house bookkeeping.
By working together, they can offer clients a full-service experience, from day-to-day bookkeeping to advisory and tax planning.
He points out, “The accountants you need to work with are those that want to do advisory and tax planning. They need a bookkeeper on their side to get the proper data they can rely on.”
Investing in Success: Growing the Right Team
One of Deepak’s key strategies was hiring skilled employees early, a decision that allowed him to scale with confidence.
“The first person we employed was a BAS agent, just like me,” he recalls. “With that, you can build.”
His emphasis on hiring quality staff paid off, and within three years, his business had already achieved significant milestones.
In his third year, Deepak’s dedication was recognised with the Best Business Performance Award in the Employer category.
Deepak alongside other First Class Accounts franchise awards winners (2024). Image courtesy of First Class Accounts LinkedIn.
Most recently, he was named Franchise of the Year—a distinction that still feels surreal to him. “Winning Franchise of the Year was a shock,” he says with pride. “It reaffirms to us that we know what we’re doing.”
Embracing Bookkeeping Efficiency with Technology
With a steady flow of clients and a well-established reputation, Deepak’s next goal is to optimise his operations further. Partnering with Clarity Street, he’s overhauling his processes to maximise efficiency and free up time for his team to take on more clients.
“I’m excited about it; once I get that flow going, I can pick up heaps more clients,” he explains. Deepak also has his sights set on leveraging AI to reduce manual tasks, potentially by up to 80%.
Client-Focused Solutions for Every Need
As a business owner who has always believed in providing exactly what his clients need, Deepak takes pride in his flexible approach to bookkeeping software. “I’m here to solve problems for my clients,” he says.
While many bookkeepers specialise in one platform, Deepak’s team works with Xero, QuickBooks, and MYOB, allowing them to cater to clients with specific software needs.
“One tip I can give: get on to the products others aren’t. We picked up a big client because they needed MYOB expertise, and the client found it challenging to find a suitable MYOB expert who could navigate their way around the software and resolve the issues they faced.”
Deepak’s journey with First Class Accounts shows how a strong franchise model, the right networking, and developing trust-based business relationships create a thriving business that delivers a meaningful impact to the local community.Inspired by Deepak’s story? Learn more about starting your own bookkeeping business or contact First Class Accounts today.
