In recent times, there has been a shift in the way bookkeepers both perform their jobs and add value to their clients. The recent rise in the online accounting applications is gradually becoming a norm in the industry and has allowed accounting firms and individual accountants to become virtual bookkeepers. They are able to communicate and work with client virtually with their online bookkeeping business without having to be physically present in the client’s office.
Besides the several applications that make the job easier and faster, there is also the benefit of not having to travel down to your client’s office to get the job done. Also, your reach can be more extensive, extending beyond your own geographical reach.
I would love to share some tips on how to start an online bookkeeping business from the comfort of your home. Most of these tips I learned from a friend of mine who happens to be a certified accountant. However, they have been useful for my own online bookkeeping business too.
I am not the type who is particularly interested in the online bookkeeping business because I wasn’t good at Mathematics from the word go. But this friend of mine loves anything that has to do with money, finances, and accounting.
I was having a chat with this friend of mine recently when it crossed my mind that I could take some tips from him and share with you. Especially for those who would love to do bookkeeping and accounting and for those who would love to do bookkeeping for small business.
It is quite possible that you do bookkeeping for just one company or employer, that way, your income would be limited to just that one client and that may not be enough, considering the reality of the world’s economy today. But you can offer online bookkeeping business services. From your home and of course, for multiple clients. That way you can increase your income by several folds.
Starting An Online Bookkeeping Business
Starting an online bookkeeping business is not a difficult task. All it takes is for you to get it right from the very start and getting the essentials right. Once you acquire the basic skills that you need, you can just start your business right away.
If you are wondering how or from where you would start the bookkeeping business, this post is meant just for you. I have gotten some tips on how you can run your bookkeeping business effectively. I know some of the questions you might want to ask and I have gotten the answers for you.
FAQs About Small Business Accounting
Do I Need A Degree To Start My Online Bookkeeping Business?
No, you do not need a degree to start. There are programs that you can learn and courses you can take online in bookkeeping and accounting.
What Are The Basic Tools/ Types of equipment I Would Need To Get Started?
Basically, as with any virtual business, you would need a good PC and internet connection. Some other things you would need are the accounting software, Google Docs, and Sheet, a good scanner and protection for your computer.
How Much Am I Possibly Going To Earn As An Online Bookkeeper?
It is possible for you to earn a full-time or part-time. Earning is dependent on clients. An average client will bring in about $300 in a month. So, the income you want to earn will determine the number of clients you would target.
How Do I Have Access To The Courses?
I did my research for you and I found one very good course you can take on virtual bookkeeping. You can (and definitely should) check it out here.
What Am I Going To Learn If I Take The Courses?
You would not only learn the bookkeeping skills, you would also learn the needed skills to run your bookkeeping and accounting business and to do some marketing along with it. Interesting, isn’t it? The amazing part is that as soon as you’re done learning the bookkeeping skills, you would be ready to also start your business.
Benefits Of Starting Your Own Virtual Bookkeeping Business
1. Low Start-Up Cost
It doesn’t cost much for you to start this business. I already listed the things you would need to start and they cost very little!
2.Freedom To Work Anywhere
You are free to work remotely. Thus, you can have time for your family and still be earning an income. You do not necessarily have to leave your home early in the morning to go to an “office”.
3. You Determine Whom You Work With
There is freedom for you to determine who you work with. If you do not like someone, you can simply refuse to work for the person.
4. You Are Your Own Boss
Nobody orders you around or tells you how to run the business. You are simply your own boss with virtual bookkeeping.
5. You Determine What Time You Work
It is you that determines the time you work and for how long you work.
6. You Determine How Much You Earn
Nobody sets salaries for you. You get to determine how much you would earn. In saying this, it is important to know that the number of clients you have and work with determines how much you earn.
In my research, I met Ben Robinson, a Certified Public Accountant (CPA). Ben started the online course, Bookkeeper’s Business Academy. After I checked his first three videos, I was amazed! Let me give you some of the things you would learn in those videos.
- What bookkeeping business is
- Characteristics of bookkeepers
- Technologies available that would give you an edge
- Tactics bookkeepers use to get clients.
- Tools bookkeepers use to wow clients.
You can sign up for the free videos here.
Don’t forget that the first three videos are free. After watching the first videos and you feel that you have what it takes to be a virtual bookkeeper, subscribe to the full course.
Let me also give you two things that you would need to take heed to in the process of setting up your virtual accounting business.
1. Carefully Choose Your Accounting Application
There are several accounting applications that you can use for your business. Ensure that you have as many as possible. There are some that work online such as QuickBooks Online, Xero, Kashoo, etc. You may have some clients who would want that.
But you may also have some clients who would not love those types of application. There are some also that would work, although they may consume more time and energy. Some of these include QuickBooks Desktop, Simply Accounting, etc. I would advise you to have both kinds so that you would be able to satisfy your client.
2. Master How To Manage Clients
In any business, the customer (or the client) is the most important. Thus, in your business, you should learn how to manage them. You can have a guideline that would tell the client how your business runs. It is highly important that you let the client know these guidelines on time so that you can have a good working relationship.