Ron and Ed welcomed accounting thought leader Max Emma, CEO and Chief Bookkeeping Officer of Booxkeeping Franchise. BooXkeeping is a nationwide provider of affordable outsourced bookkeeping services to small and medium-sized businesses. We will talk to Max about his business model and why outsource bookkeeping will continue to grow. Booxkeeping Franchise is a low-cost and easy-to-operate bookkeeping business solution for aspiring entrepreneurs. As the CEO of BooXkeeping Franchise, Inc., They find potential franchisees and offer them a turn-key opportunity to join the BooXkeeping family and benefit from our innovative accounting services, proven systems, and ongoing support. Their goal is to offer franchising opportunities in all 50 states by 2025 and to bring new life to one of the world's oldest professions.

About Max Emma
With multiple years of experience as the CEO and Chief Bookkeeping Officer at BooXkeeping Corp., Max Emma leads a team of professional accountants who provide high-quality and reliable bookkeeping services to a variety of businesses nationwide. He created a unique structure for BooXkeeping Corp., where each client gets two to three accountants working on their behalf, ensuring the highest accuracy and efficiency for their finances. Max also oversee the preparation of the income statements and balance sheets that are critical for our clients' success and growth.

Use these show notes to follow along with audio…

Segment one:

Today’s show is really special in that we are welcoming Max Emma, co-founder of Booxkeeping. He is our newest sponsor and guest on today’s show. His origin story begins in the former Soviet Union. Hear more during the first segment.
Max started working with Qualcomm and has been through the construction industry, the landscaping industry, and ultimately the bookkeeping industry
A few years ago Booxkeeping became a franchisor after Max had a “crazy” idea that he could do it. With his entrepreneurial background, of course he could!
Max’s team offers customers a fixed price, the same team on each account, and at least two people doing the work that minimizes the possibility of errors. Franchisors have responded really positively to this.
Billing at a fixed price was an EARLY innovation for Booxkeeping and Max talked about exactly what you would expect in terms of benefits. The model pulled cash forward and reduced receivables.

Segment two:

Max has noticed over the years that it takes less time to handle bookkeeping tasks due to advancing technology. His company has embraced this in their pricing philosophy and pass along rate savings to the customers.
Max started the Booxkeeping business - before franchising - by white label bookkeeping for CPA firms. That is still a large part of the original firm’s revenue model.
Ron asked about the penetration pricing strategy employed by Booxkeeping Franchise today. “Absolutely” was Max’s response and he went on to explain how the pricing is tiered.
From a tech stack perspective, Booxkeeping supports Sage, Quickbooks, Xero, and even Netsuite. They do not discriminate but do have a singular system that was developed exclusively for their internal operations.

Segment three:

The general idea behind Booxkeeping is that a CPA firm can buy the service and outsource the bookkeeping work themselves.
March of 2020 is when franchising was started for Booxkeeping but it took 14-15 months to really get started due to Covid.
The very first customer of Booxkeeping Franchise was the very first employee at Booxkeeping! Talk about “what comes around goes around” :)
The Booxkeeping franchise fee is $29,995, $19,995 if you have an existing bookkeeping firm and also a 30% discount for active military, veterans, and first responders. Check out more info here: https://www.booxkeepingfranchise.com/

Segment four:

What is the future for the bookkeeping industry? From Max: More and more outsourcing will continue to be the trend. Businesses will continue to need day to day numbers.
The first Booxkeeping Franchise customer 7x her revenue after getting started. She didn’t learn accounting. Instead, she learned how to sell, how to network, what to say, and what not to say
Max Emma provided a book to Ron called, “10x Is Easier Than 2x”. Ron found it extremely profound. More here: https://www.amazon.com/10x-Easier-Than-World-Class-Entrepreneurs/dp/140196995X
A big THANK YOU to Max Emma of Booxkeeping Franchise for being both a TSOE sponsor AND a great guest! Check out more information about his company here: https://www.booxkeepingfranchise.com/

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