Professional accountants, tax practitioners and payroll experts don’t have to work at companies in South Africa. With the entrepreneurial spirit in revival mode in South Africa, many such professionals are seeking ways to own their own businesses in offering essential tax, payroll and accounting services to small- and medium-sized companies.
With ongoing industrial unrest, annual changes to tax tables, regular amendments to acts such as the Basic Conditions of Employment Act, tax laws and the Labour Relations Act, businesses hardly have time to keep up with changes in legislation and to ensure compliance with all the SARS requirements.
They need to focus on core business activities and the cost to company in employing people to handle payroll, tax administration and accounting is simply too high. Add to such the eminent risk of in-house fraud, cost of forensic investigations and the risk of losing integrity in the market place, it makes sense for companies to look for ways to reduce their risks, costs, and resource allocation.
The growing trend seems to be that of outsourcing the essential office functions of tax administration, payroll management and accounting to entrepreneurs that have made use of The Tax Shop franchise opportunities. These entrepreneurs benefit from the support they receive from The Tax Shop, the brand associated with excellence and the business concept development offered.
Such professionals are able to help client companies to meet their tax, payroll and accounting reporting compliance requirements. With smaller businesses often struggling with all the complex calculations and the piles of paperwork associated with tax returns, the professionals address a much needed service in South Africa. They are able to help the companies make salary payments on time, generate accurate payslips, handle annual tax returns, process VAT calculations, and ensure that all deductions are paid to the correct statutory bodies.
The Tax Shop franchise opportunities give the professionals excellent tools and platforms to offer their clients. In so doing, The Tax Shop helps the franchisees to reduce their own overheads, streamline the functions they offer to clients and improve control over the outcomes. The franchisees, for instance, gain online accounting management solutions that they can offer to their clients. This enables the clients to view, add, and collaborate on documents with the tax practitioners from the comfort of their offices.
In effect, the franchisees gain a competitive edge over independent practices still working with loads of paper trails. The franchisees can give their clients 24/7 access to accounting information and provide them with a way to have secure backups without additional need for in-house expensive servers. With the payroll online system available to the clients, the client companies can offer their employees access to their leave applications and personal details. It, in turn, streamlines the leave application process for clients – all benefits that make The Tax Shop franchise opportunities even more desirable for professionals.
National branding and marketing, a strong online presence, proven business model, range of policies and procedures, support and training are all benefits that franchisees receive. The franchise license fee is affordable and it is one of the few businesses that can be highly successful right from start-up. A 10% royalty fee is charged on the turnover of the business and 7% management fee is payable for the cost of the software, The Tax Shop services, and information updates. The franchisee pays 3% on advertising, which covers the national marketing efforts.
Franchisees can choose in which zones they want to operate with the general density being that of 1:100 000 clients in every operating zone. This makes it possible for more than one franchisee per zone as there are more than enough clients to service in each zone.
The number of shops per zone allowed is calculated based on the demographics of the people in the zone, the size of the geographic zone, and economic activity level in each zone.
The ongoing support that is provided is at the heart of the success experienced when making use of The Tax Shop franchise opportunities. With unlimited backup, full support from head office, extensive national marketing and numerous training courses the franchisees can focus on their marketing, business management and range of services to their clients. The next step is to read the frequently asked questions division and to get in touch with The Tax Shop where we’ll explain the process in detail.