Should You Start A Bookkeeping Business?
Are you a certified public accountant? Would you like some extra cash? Maybe it's time to start your own bookkeeping business.
Small business owners in your area would be happy to outsource their bookkeeping duties to a professional accountant with a head for numbers. The reason is simple: Business owners are busy people. They want to spend their time prospecting for new clients, developing new products, hiring skilled employees or marketing their businesses.
They do not want to spend their time generating cash-flow statements or determining just how short they were on their revenue projections two months ago.
Those are the kind of duties that they'd like to outsource to an outside bookkeeping businesses, perhaps even to the one you might run some day.
The good news is that any certified public accountant can start up a bookkeeping business [http://clockworkaccounting.com/bookkeeping-business/]. Accountants already have the financial savvy that is necessary to succeed in this industry.
The key, then, is committing to your new business venture and taking the steps to advertise it.
First, look at the "committing" part. Running a small business, even a tiny one from your home, takes a lot of time. This can be especially challenging if you already have a full-time job. You have to be committed to the success of your business. This might mean plenty of late nights. It might mean working through several weekends in a row. The rewards for these sacrifices, though, can be substantial.
Then there's the promotional aspect. Most accountants aren't familiar with self-promotion. But when you start your own bookkeeping business, promoting yourself is a key factor for future success. You have to be willing to attend networking functions. You have to be willing to spread the word about your business to your family members, friends and co-workers. And you might even have to shell out some upfront money for advertisements in your local newspaper.
It is true that many accountants frown upon performing bookkeeping tasks. In schools, budding accountants are taught that they are to become more than bookkeepers; they should become decision makers and business leaders. However, they are also taught all of the technical accounting in their financial accounting classes. This technical accounting makes them perfect candidates for starting a bookkeeping business.
If you just graduated from the university with a bachelors or masters degree in accounting you may want to polish up your accounting software skills before starting this type of business. Although schools teach double-entry accounting very well, they usually don't teach students how to use any software other than spreadsheets. Taking an online class or two on any of the accounting software out there can go a long way.
When you start a bookkeeping business you probably aren't going to make a lot of money. Just like any type of business, it is necessary to build up a reputation before charging larger amounts. Some people are only willing to pay around 10 dollars an hour for their bookkeeping, while others pay around 50 dollars an hour.
Starting a small business, even one in an industry that is perfect for you, is never an easy task. But in today's weak economy, having several sources of potential income is a necessity. If you're a numbers whiz, consider setting up your own bookkeeping business. It might end up becoming your financial safety valve.
Small business owners in your area would be happy to outsource their bookkeeping duties to a professional accountant with a head for numbers. The reason is simple: Business owners are busy people. They want to spend their time prospecting for new clients, developing new products, hiring skilled employees or marketing their businesses.
They do not want to spend their time generating cash-flow statements or determining just how short they were on their revenue projections two months ago.
Those are the kind of duties that they'd like to outsource to an outside bookkeeping businesses, perhaps even to the one you might run some day.
The good news is that any certified public accountant can start up a bookkeeping business [http://clockworkaccounting.com/bookkeeping-business/]. Accountants already have the financial savvy that is necessary to succeed in this industry.
The key, then, is committing to your new business venture and taking the steps to advertise it.
First, look at the "committing" part. Running a small business, even a tiny one from your home, takes a lot of time. This can be especially challenging if you already have a full-time job. You have to be committed to the success of your business. This might mean plenty of late nights. It might mean working through several weekends in a row. The rewards for these sacrifices, though, can be substantial.
Then there's the promotional aspect. Most accountants aren't familiar with self-promotion. But when you start your own bookkeeping business, promoting yourself is a key factor for future success. You have to be willing to attend networking functions. You have to be willing to spread the word about your business to your family members, friends and co-workers. And you might even have to shell out some upfront money for advertisements in your local newspaper.
It is true that many accountants frown upon performing bookkeeping tasks. In schools, budding accountants are taught that they are to become more than bookkeepers; they should become decision makers and business leaders. However, they are also taught all of the technical accounting in their financial accounting classes. This technical accounting makes them perfect candidates for starting a bookkeeping business.
If you just graduated from the university with a bachelors or masters degree in accounting you may want to polish up your accounting software skills before starting this type of business. Although schools teach double-entry accounting very well, they usually don't teach students how to use any software other than spreadsheets. Taking an online class or two on any of the accounting software out there can go a long way.
When you start a bookkeeping business you probably aren't going to make a lot of money. Just like any type of business, it is necessary to build up a reputation before charging larger amounts. Some people are only willing to pay around 10 dollars an hour for their bookkeeping, while others pay around 50 dollars an hour.
Starting a small business, even one in an industry that is perfect for you, is never an easy task. But in today's weak economy, having several sources of potential income is a necessity. If you're a numbers whiz, consider setting up your own bookkeeping business. It might end up becoming your financial safety valve.
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