There is a growing demand for bookkeepers across Australia as time-poor small business owners grapple with increasing compliance requirements. It’s a great time to be a finance professional or bookkeeper working in your own business. Becoming a franchisee in a bookkeeping franchise Australia can bring many advantages. You still get to enjoy the freedom and flexibility of running your own business. But, you’ll also have the chance to obtain valuable resources and support, backed by an established and trusted brand. So, whether you’re already working in finance for a large company and wanting to break out on your own, you’re considering a career change, or you’re returning to the workforce after a career pause, the bookkeeping industry has a lot to offer. Here’s what you need to know…
How to Start Your Own Business in Bookkeeping
Are you a seasoned professional bookkeeper or a finance professional wanting to transition into being a bookkeeping business owner? Starting your own business may seem daunting, but it’s not that complicated to get started here in Australia. Here are some things to consider:
Ensure you have the right qualifications
Bookkeeping qualifications can be obtained through TAFE and other educational institutions such as The Institute of Certified Bookkeepers (ICB). If you want to be a registered bookkeeper or BAS Agent, there are some additional minimum qualifications that are required.
Decide about your business structure
Will you work in your business under a sole trader structure? Or do you plan to work in a partnership or set up a company instead? Consider the pros and cons of franchise accounting and what structure will best suit your needs. Many self-employed bookkeepers find that joining an accounting franchise provides additional support and resources.
Register your business
You can’t operate a business without an ABN. It’s easy to get an ABN (and it’s free). Also, consider whether you need to register your business name. The Australian Securities and Investment Commission (ASIC) says you must register a business name if you carry on business within Australia and you’re not trading under your own name.
Consider your target markets and scope of work
Think about your target markets. What sized businesses or industries do you want to provide services to? Will you only provide services to a particular geographical area or will you focus on remote and online services? What types of services will you provide? Some bookkeeping franchisees provide basic bookkeeping services, such as data entry for accounts, reconciliations, and financial reporting. Some franchisees in the bookkeeping industry provide a range of other services, including preparing Business Activity Statements (BAS returns), assisting with tax compliance and payroll, as well as advisory and cash flow reporting.
Expanding your network from the outset can be incredibly helpful. Attending local business meetups, joining small business Facebook groups, or even just chatting with fellow parents at school pick-up can open doors to your first clients. Many successful First Class Accounts franchisees say that word-of-mouth recommendations, along with the support of the brand’s marketing tools, have helped them get off to a strong start.
Is Providing Bookkeeping Solutions to Businesses a Good Side Hustle?
With the rise of the ‘gig economy’, many finance professionals are exploring bookkeeping services as a lucrative side hustle. Providing bookkeeping solutions can be an excellent way to supplement your income and earn some more money, while still maintaining the security of your ‘day job’. There are plenty of bookkeeping business opportunities out there, especially working for time-poor small business owners and entrepreneurs who lack the in-house expertise to manage their own finances.
Bookkeeping is also a skill that adapts well to changing lifestyles. If you’re raising children, transitioning careers, or living regionally, a bookkeeping franchise can offer genuine work-life balance. With the right systems in place, such as cloud-based platforms like Xero or MYOB, you can work remotely and flexibly, even while travelling or managing other commitments.
Despite advances in technology in recent years, you would be surprised how many business owners rely on ‘shoebox books’ as a method of financial management. Unless a small business owner is dealing with very few transactions, storing receipts in a shoebox and entering them once a quarter for tax purposes is not an effective business model in the long term. Bookkeepers can add significant value to small businesses that need more effective financial solutions. This includes:
- Financial reporting
- Cash flow monitoring
- Payroll processing
- Preparing their end-of-financial-year finances for their tax agents
- Helping businesses to comply with ATO and government requirements
- Digitising business accounts with their owner’s chosen accounting software package, such as MYOB, Intuit Quickbooks, Reckon or Xero.
By helping businesses take control of their finances and manage them effectively, bookkeepers can make a direct impact on a business’s financial growth. The key to success with a bookkeeping side hustle is to start small and focus on gradual, sustainable growth. Focus on providing a quality service to a small number of clients first. This will help to build your reputation and your networks so you can grow your franchise business over time. In the long term, your bookkeeping side hustle could grow into a substantial source of income, allowing you to start your own practice full-time.
Another bonus: the nature of bookkeeping means you’re often providing vital peace of mind to small business owners. Clients frequently mention how much less stressed they feel knowing a First Class Accounts bookkeeper is handling their accounts. You’re not just providing a service—you’re giving back valuable time and reducing financial stress for other Australians.
START YOUR OWN BOOKKEEPING BUSINESS
The Initial Investment for a Bookkeeping Franchise
Initial investment costs for bookkeeping franchise opportunities vary. First Class Accounts offers low startup costs in comparison to many other bookkeeping franchises. The First Class Accounts franchise cost is competitive, providing a turnkey solution for those looking to enter the industry. There are minimal set-up and overhead costs and, most importantly, no heavy rental commitments.
The First Class Accounts team focuses on providing franchisees with the right support they need to grow their businesses. In return for your low investment, you will get access to an effective business model with ongoing guidance, support, and accredited training from a trusted and recognised brand. When dealing with a national franchise network like First Class Accounts, you can choose to run your business from anywhere in Australia. You will also have the freedom to determine the scope of work and the size of your business based entirely on your business goals and personal aspirations.
It’s also worth noting that as a franchisee, you benefit from exclusive training in not just bookkeeping and compliance, but also how to actually run a business. This can be a big confidence boost for first-time business owners. You’ll learn everything from onboarding new clients to handling digital marketing and setting your fees, making it far easier to hit the ground running.
Another advantage is community—there’s always someone to call for advice or to share tips. First Class Accounts hosts regular events, webinars, and annual awards nights, where franchisees connect, celebrate success, and troubleshoot common challenges together.
Are Bookkeeping Franchises Profitable?
The earnings of bookkeeping professionals vary according to their qualifications, experience, and scope of work. There is no standard schedule of fees for bookkeepers – you can set your own rates. However, it’s important to be realistic about what the market will bear and do your research on pricing so you can be competitive in the marketplace.
The flexibility to set your rates and choose your clients is a huge plus. Many franchisees find they can tailor their business to fit their lifestyle, whether they want a steady part-time income or aim to grow a thriving multi-client business. The support and credibility of the First Class Accounts brand means clients are more willing to trust you with their business from day one, compared to going it alone.
Hourly Rate vs Fixed Fees
You can choose to charge an hourly rate to your clients or a fixed fee. Fixed monthly packages that can tailor support for small businesses are very common in the bookkeeping industry. With a fixed monthly package, your clients can be sure you have time allocated to help them with whatever they need. This way of pricing is also great for your cash flow as a bookkeeping business – it’s a win/win.
One practical tip: many successful First Class Accounts franchisees find that offering a clear, all-inclusive package helps build trust and makes it easier for clients to budget, while also giving you predictable income. Consider building a suite of service levels—from basic reconciliations to full payroll and BAS reporting—so clients can choose the best fit for their needs.
What is the Best Bookkeeping Franchise to Join?
Each professional bookkeeping franchise opportunity must be assessed on its merits. Consider what you need (and want) out of a franchise business. Closely examine what each franchise opportunity provides to their franchisees, including:
- Start-up support
- Ongoing training
- Compliance assistance
- Any professional accreditation
- Marketing and promotional support
- Ongoing costs related to the franchising system
- Access to accounting software (and software training)
- Partnership programs and alliances that can help you to grow your franchise
- Access to policies, procedures, and systems that can streamline your bookkeeping business
When you join First Class Accounts, you join a nationwide community of professionals who share ideas, help each other problem-solve, and work together to raise the profile of bookkeeping as an essential service. You’re never left to figure things out on your own—the franchise’s mentoring and support are available at every stage, from launch to scaling up.
How Can I Become a First Class Accounts Bookkeeping Franchisee?
Are you interested in joining a trusted and established bookkeeping brand with a national franchise network? Contact the team at First Class Accounts to find out more about franchise opportunities. We are Australia’s largest bookkeeping franchise, offering a comprehensive business support system and the chance to leverage our strong brand recognition.
If you’re still on the fence, consider chatting with current franchisees about their experiences. Many are happy to share honest feedback about the realities of the work, the support they receive, and the personal growth they’ve experienced since making the leap. It’s a supportive, transparent environment—and that’s exactly what sets First Class Accounts apart.
Taking the next step can feel daunting, but with First Class Accounts, you’ll never walk alone. If you’re ready to put your finance skills to work, achieve greater work-life balance, and build a business that’s truly your own, get in touch today and start your journey.
