If there’s one thing everyone should do, it’s keep track of their money…and if you run a business, staying on top of your finances is essential. It is for this reason that bookkeeping can make for a very lucrative career.
Not only is there a huge money-making potential in the bookkeeping industry, many bookkeepers can do freelance work out of their own home. Here are some tips on how you can start a bookkeeping business as a way to make extra money or as a full-time career.
What Skills Do I Need to Be a Bookkeeper?
If you think bookkeeping could be a good career for you but you’re not sure if you have what it takes to make it work, here are some things to consider.
You don’t really need to be great with numbers to be a skilled bookkeeper. There are plenty of programs like QuickBooks that make bookkeeping easy. However, it is a good idea to familiarize yourself with these programs before starting to take on professional clients.
It’s also not a bad idea to take a bookkeeping course before embarking on this career path. A course will give you a solid overview of the world of bookkeeping, so you have a good idea of what you are doing if any unusual circumstances arise. It will also look good on a resume or portfolio.
There are plenty of online courses you can take that are relatively inexpensive and will not take up a lot of your time to complete. Research carefully to find a course that is right for you.
What Will I Need to Start My Bookkeeping Business?
In addition to taking a bookkeeping course, you will also need to make sure you have the proper supplies to run your business in a professional manner.
You will need to have computer with a high-speed internet connection as well as bookkeeping software like QuickBooks or a similar program. You will also need to have other office supplies such as a printer and file cabinets to stay organized.
Remember you are dealing with people’s financial information, so it is very important to stay organized and have multiple copies of all your files.
What is a Bookkeeper’s Schedule Like?
Bookkeepers may be needed year-round, but most of your work will come at the beginning of the month when you will need to reconcile accounts. Because this is the case, it is easy to work other jobs while bringing in extra money bookkeeping. Just make sure to keep the beginning of the month pretty open!
How Do I Market My Bookkeeping Company?
Bookkeeping is not like other industries in that you never want to outright market your services. Getting work in bookkeeping is more discreet. However, here are some great ways you can get your name out to grow your client base.
- Do Pro Bono Work: This is a great way to expand your resume and you never know what connections you will make.
- Provide Free Resources: Writing a blog, sending out newsletters and posting tutorials and how-to videos online can help you get your name out. You can also make extra money by selling advertising space, and through sponsorships or affiliate marketing when blogging or vlogging.
- Incentivize Referrals: Encourage your clients to write positive reviews online and refer you to other businesses and individuals that may need bookkeeping services.
- Online Networking: The internet provides several ways for professionals to network. LinkedIn is a great resource that can help you grow your business. You can also join relevant groups on Facebook and other social media platforms to connect with professionals and get your name out.
- Face to Face Networking: Even though the internet provides several opportunities to network with others, nothing can replace the personal touch. Try joining networking groups and attending conferences to meet other people in your industry and learn about potential opportunities.
- Align Yourself with Bookkeepers and Accountants: The financial industry is pretty supportive. Tell acquaintances in the industry you are looking for work and they may be able to refer you to clients.
How Much Does A Bookkeeper Make?
Bookkeeper salaries vary but top paid bookkeepers can make as much as $60 per hour. When you compare this to the relatively low overhead it takes to launch your business, you can be making a considerable profit.
How Can I Increase My Income?
If you are working as a bookkeeper and want to make even more money in the industry, you may be able to do so through Workflow Max. This software management company offers accountants and bookkeepers opportunities to work as Advisors. As an advisor, you can own subscriptions and generate an additional income stream.
Another option for making more income is to become proficient in the software programs you use. Once you reach expert level, you can teach others how to use the software. You will also be able to charge clients more by advertising yourself as an expert.
Bookkeeping is an exciting career path with twists and turns that are likely to occur at any moment. It also makes for a great work at home opportunity with the potential of bringing in a substantial income. How will you be using this skill to help your bank account grow?