CheapAccounting.co.uk Accountancy Franchise FAQs

Here's some FAQs we've been asked about the CheapAccounting.co.uk Franchise

How many hours do you expect a franchisee to work?

The number of hours and your working patterns are entirely up to the franchisee - it is your own Practice and you have that flexibility. That's the advantage of being your own boss.

All we ask is that clients get a response to communication within 24 hours. Of course the earnings potential for a franchisee will be linked to the working patterns that they choose; less if part time but that should be obvious.

What do you expect from a franchisee with regards to the money back offer after 12 months?

We expect a franchisee to put in the necessary effort to try to make the franchise a success.

By this we mean that they take referrals and work on converting them to clients and delivering the work. We work with franchisees to help, support and encourage them in their business journey. It's in all of our interests to see franchisees succeed.

Do you allocate franchises on geographical locations?

No - our referrals are received via our online quote form, by email and telephone. Often we have no idea where the referral is located. The referrals are added to our back office system. Each franchisee sets their flag when they want to take referral. As they take one another flag is set to show "they've had their turn". When everyone's had their turn all flags are re-set and the round robin sharing starts again.

Well that's the theory. In practice we regularly have times when no franchisees are showing as available to take referrals (e.g. up to capacity or doing the work). So we resort to sending out emails to say a referral is waiting.

In addition to the CheapAccounting.co.uk fees are there any other outgoings?

A franchisee will need circa 1k p.a. for Professional Indemnity Insurance, accounting, tax and accounts production software; all the things you would need to have in place if you were running any Accountancy Practice. There are no other "compulsory" outgoings.

Who owns the client?

The client is owned by the franchisee; the franchisee does the Letter of Engagement, Terms of Business, Proof of identification etc. The client pays the franchisee directly.

The franchisee is running their own Accountancy practice building income as well as Practice Capital value.