Bookkeeping Express expands as small businesses attempt to control accounting costs
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By Mark Adkins, Business Opportunities Journal. Mar/Apr 2009. McLEAN, VA. A newly franchised bookkeeping business, Bookkeeping Express, is signing new franchise agreements. The new franchise is positioning its services as the perfect answer for small business clients who wish to control the traditionally large expense of accounting services. “The economy has given way to a rebirth of the bookkeeping industry,” said Greg Jones, CEO of Bookkeeping Express. “We are serving an intense need, providing small to mid-size business owners with the ability to work ‘on’ their business and not ‘in’ it at a critical time.” By utilizing the services provided by Bookkeeping Express, small businesses can involve tax accountants later in the tax filing process, thus potentially reducing their fees. Jones, a serial entrepreneur with several business ventures under his belt in the telecommunications and restaurant industries, saw an untapped demand for the bookkeeping chain, and launched Bookkeeping Express this past fall. So far, he says, “business is booming.” Launched in late-summer 2008, Bookkeeping Express has eight franchised locations operating now. The company has signed franchise agreements in Washington D.C., Philadelphia, Pennsylvania, Montgomery County, Maryland, Warren County, Pennsylvania, the entire state of North Carolina, Richmond, Virginia, Northwest Indiana, Tallahassee, Florida and elsewhere. The history of the company dates to its founding in 1984 in California. It grew to over 150 locations through licensing agreements. In 2007, Jones, along with Bob Stocker and Merritt Green, purchased the company and launched the new business model in McLean, Virginia in January of 2008. To date, Bookkeeping Express is registered to franchise in 41 states. The new model looks toward franchising, instead of licensing, for its growth. The previously existing licensed locations were invited to join the franchise system, but have in most instances remained under the licensed model. They do not share the same branding. The logos, systems, technology and service standards are different. Jones recently announced the company’s aggressive national development plans which call for more than 400 new territories. The company had initially focused its efforts in the Mid-Atlantic region and California. It is now broadening its efforts to include the rest of the United States. “During my years as a small business owner and after launching several new businesses, I have seen owners and managers either pay through the roof for high priced accountants to do their books of flail with inefficient bookkeeping services,” Jones added. The company is seeking to handle many of the tasks that small businesses either do not wish to handle, or are ill-equipped to manage. For example, Bookkeeping Express sets up charts of accounts and general ledgers, enters monthly data, processes accounts payable and accounts receivable, and produces monthly reports and tax reporting. The company believes that the market is huge, looking to over 28 million small businesses around the United States as potential clients. As part of the Bookkeeping Express franchise model, all locations will offer the BKE Connect system, which allows businesses access to all bookkeeping files remotely through an outside server, as well as a dashboard that visually ‘sums’ up the business operations for thorough analysis. Master or Area Development territories that can be operated out of home-based or commercial space locations are available. The company says that per territory start-up fees run under $50,000. Pointing out that there is not another national bookkeeping chain, the company says that the opportunity is attracting entrepreneurs in part because it involves low overhead, has a low cost of entry, and is unique. | BOJ |
