Starting Your Own Bookkeeping Business – Want to know the ins and outs of starting a bookkeeping business? This could be one of the best decisions you ever make as you consider your own respectable home business.
Although it will take a lot of effort when starting a bookkeeping business, once you’re established there are many benefits:
Starting Your Own Bookkeeping Business
Make sure you have the seven character traits. Know your big why. Then find a practical bookkeeping course that rolls up your sleeves. One that rocks you and shows you how to be a great bookkeeper in a picture-by-numbers format.
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However, there are a few questions that should be running through your mind. And, you need to know the answers BEFORE you dive into the bookkeeping business pool.
Our comprehensive bookkeeping business course, Bookkeeper Launch, is designed to be completed in ten (10) weeks. Some students even land their first client while still on the course! I know, crazy.
While we design Bookkeeper Launch for you to start a bookkeeping business in 10 weeks, it’s really up to you. If you can focus full time on getting your bookkeeping business up and running, it will take you a lot less time to get up and running.
Look, bookkeeping is a simple job. But that does NOT mean it’s easy. Nothing in life of lasting value is easy. Again, it’s a short-term sacrifice for a lifetime benefit.
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Bottom line: you can be up and running in just ten weeks. Everything depends on you mi amigo! You are in control of your own destiny.
And remember that bookkeeping is the number 1 most profitable business. This is a virtual bookkeeping business, so you will definitely need:
In addition to these three key items, here are other startup costs you can expect when starting a bookkeeping business:
BTV… when you start a business entity, there are several flavors. To understand what might work for you, check out this helpful post on the best business structure from FitSmallBusiness.com.
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Okay, if I did the math right (please tell me I did, or I might have to find a new line of work) – that means your estimated startup costs are about $1,404.
If you are a frugal person, I know you can reduce that amount. And some of the items I listed above you can immediately postpone the purchase.
But not your bookkeeping job! Get started for less than $1,500…in the world’s #1 most profitable business. Kidding aside, that’s pretty cool!
What about a business plan? Do you need a business plan? That is entirely up to you. Business plans have both advantages and disadvantages.
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If you can really use your business plan as a roadmap to get started, then create one. However, most people create a business plan and put it on the shelf, never to look at it again.
My suggestion is to check out Bookkeeper Launch. It’s a business plan in a step-by-step, week-by-week format. More than 14,000 other women and men have used it to start their bookkeeping business.
To help him complete the job to the best of his ability, in the shortest possible time, to deliver a high quality finished product.
Before you dive into your discovery of the EXACT tools, technology, and professional certifications you need to start a bookkeeping business, you need to adopt a critical mindset.
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Bookkeeping is an honorable, time-tested PROFESSION. While there are currently no laws or regulations in the United States that require you to be licensed, you must still adhere to this truth:
“AS A BOOKKEEPER, I AM A PROFESSIONAL. AS AN ACCOUNTING PROFESSIONAL, I MUST CONTINUE TO DEVELOP MY CHOSEN CRAFT AND EACH DAY I STRIVE TO BECOME BETTER THAN THE PREVIOUS.”
Keeping with this professional’s mentality, let’s now shift our focus to the exact tools, technology, and certifications you need.
Above, in the “how much does it cost to get started” section, we’ve covered some of the specific pieces of technology and tools you need to start a bookkeeping business.
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As a great bookkeeper, your main tool is accounting software / bookkeeping software. (BTV: From now on I use both terms: accounting software and bookkeeping application.)
There is an accounting software that I am in LOVE with. It is the best accounting app in my experience. More on that in a moment.
To begin, I want to give you some qualifications on ANY accounting software you use to serve your accounting clients:
Now that you know the criteria by which to judge bookkeeping and peripheral applications, let’s talk about a workhorse application that I love.
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When you start a bookkeeping business with QuickBooks Online, you want to become certified. The benefits of obtaining this certificate include:
Now, just because we’ve learned how to start a bookkeeping business using QuickBooks Online, your learning and growth doesn’t stop there. Next, you want to get your professional certification.
Yes, small business accounting software is wonderful. It takes care of the daily number crunching and data entry, but that’s ALL they do.
However, accounting software cannot replace YOU. You are a great human being and you use financial transaction reports provided by accounting applications to help your clients grow their business.
Start Your Own Bookkeeping Business
This is a win-win for you and your client. They get better service and YOU make more money.
Accounting software eliminates a lot of work that was required to complete… even just 5 years ago… and frees you to provide superior service at superior prices.
The ability to go beyond virtual bookkeeping is crucial if you want to become a great bookkeeper and earn a great living.
The late Zig Ziglar – one of the most brilliant people in the field of motivation and human relations – said, “People won’t care how much you know until they know how much you care.”
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That care will never be replaced by a machine or an app. This is all you as a great bookkeeper!
Accounting applications can crunch the numbers, but only a great bookkeeper can interpret the data and translate it into simple language that the client understands. And do these things in a kind and caring way.
There are many ways to get a new job. What works for you may be different from what works for someone else. You can start virtually. Or, you can start in person. In fact, you should do both: start virtually and start in person.
Talk to people! Tell family, friends, acquaintances, business owners and anyone else you can. You’ll be shocked at how productive this is!
Ways Your Firm Can Find New Clients
Use social media like crazy. There are many social media platforms that you can use. My favorite social media platform for landing bookkeeping clients is LinkedIn®.
We all know that social media can be a waste of time. However, LinkedIn® is different. It’s a social media platform where serious business owners hang out. It is a purpose-rich social media platform. Take advantage of it. You’ll thank me later.
Another way to get new clients is through referrals. Commercial bankers are great. Also, some certified public accountants (CPAs) do not provide bookkeeping services. So see if you know someone who is a certified public accountant and contact them.
I can’t stress this enough: first define your ideal client. Life is too short to work with individuals who drain your soul. By defining your ideal customer both qualitatively and quantitatively, you’ll save yourself a lot of pain down the road.
How To Start A Bookkeeping Business From Home
At the core of small business accounting is the monthly preparation of three main financial reports:
In addition to preparing these three main financial reports, you can also offer additional services such as:
Now, in order to perform these services for your clients, you need to know the best accounting and bookkeeping practices, such as:
NOTE: Accounts Payable is a big pain for business owners. If you are able to remove the pain of debt, you become valuable. But it’s important to note that you should never be in charge of approving payments. Only the business owner can be the one who does this in the process of calculating liabilities.
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My first recommendation is to take our free training on how to start a virtual bookkeeping business.
The bottom line is: take action. If you determine that starting a bookkeeping business is right for you – JUST DO IT! Believe in yourself and you will win. Do you know what every business needs? Someone to do the books! If you’re a person who enjoys organization and has decent math skills, that someone could be you! I’m serious, bookkeeping can be a lucrative business: bookkeepers are always in demand, and bookkeeping itself is often something that business owners don’t have the time or confidence to do.
Virtual bookkeeping jobs are widely available but often overlooked. Many people don’t think they have the skills necessary to get the position. Despite its close accounting cousin, bookkeeping positions are often considered entry-level. While being detail-oriented and having the ability to stay on task is key – you don’t need to be a CPA to be a bookkeeper.
Experience is important for so many careers, but for bookkeeping experience isn’t make or break. Of course, it certainly helps if you have previously worked in financial transactions, but it is not required. If you have previous experience in small business accounting, that experience can make a big difference when
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