Taxsmart Franchisees will be well aware of issues within the Taxsmart Accountants Franchise Group – We at MAS Tax Accountants we think its prudent to discuss what this means for the industry , our firm, our clients and your future.
Firstly let me be clear – Taxsmart Accountants and MAS Tax Accountants are not related and share nothing apart from the fact we both have Tax in our names and are national accounting firms and tax agents.
I can say at MAS Tax Accountants we are;
- A national accounting firm with over 40 offices around Australia, it is our aim to grow to around 60 offices and corresponding turnover of around $20 – $30 million as this will give us the geographic reach to cover most of Australia effectively while still staying cost effective for normal Australian Tax Payers.
- Growing quickly year on year (and with around 10,000 clients as of today), we believe this is a result of our focus on providing efficient and innovative services to our clients.. Our franchisees typically have 10-20 years experience before deciding to open their practice with our help and best of all as they are the owners they will more than likely be there next year and the year after that!
- On track, profitable and solvent. We have a clear business plan as a group and recycle the majority of revenue back into knowledge and system development.
- A fully resourced business with multiple offices and staff members across the main areas of tax and compliance, marketing and financial services.
What does this mean for the industry as a whole?
Well certainly the dim future of some accounting/tax franchises does not reflect a wider systemic problem with the industry in our firms opinion. Any failure by professional firms may result in scrutiny placed on the industry by the regulators but our industry is regulated fairly and evenly at the moment anyway and in an industry like ours regulation to maintain the publics trust in Accountants and Tax Agents is very important.
Author Alan Maddick 17/04/2015
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