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How to Start a Bookkeeping Business From Home Part-Time Money®

how to start bookkeeping business

Businesses of all kinds will always need bookkeeping services. If you’re considering becoming a bookkeeper, read our guide to learn how to start a bookkeeping business in 2022. We’ll cover everything from the legal side of registering a new business to pricing, marketing and more. Marketing is one of the most difficult things for accountants and bookkeepers to master. Whether this is your side gig or full-time business, you can get a website customized for your business with a company that offers specialized marketing services, like CPA Site Solutions. It will have one of their webmasters reach out to you for a quick 15-minute conversation before it goes on to create your website fitted with your logo, images, and content. After completing your business plan, you will have a good idea of what your estimated startup costs will be.

  • You need to check the exact rules and regulations in your region to incorporate and run a bookkeeping business.
  • As a business owner, you will now be responsible to pay your taxes quarterly.
  • It is claimed to be the world’s leading referral organization’.
  • No, a separate office isn’t necessary for a bookkeeping business.
  • With Bill.com, I’m able to process my clients’ bills in the cloud and then give them the green light to pay their bills virtually.

Hubdoc is all about saving me time and increasing my gross margins. I think you get this one by now, but I use QuickBooks Online exclusively with my clients by providing on-the-go bookkeeping services. I am in their QuickBooks Online account at least once a week. To do this, you have to set up your business in a very specific manner. This just ties you down geographically and kills your earning potential. Start-up costs in this field are minimal, and most independent bookkeepers charge between $25 and $40 an hour. Some bookkeepers also prepare financial statements and do tax work as well.

Get your bookkeeping software

Where are you going to save all those files once you get them? Well, you do get 30GB included in your G Suite if you go that direction.

The answers to these types of questions will more than likely drive the types of clients you end up working with. When you’re first starting out, your goal needs to be landing your first client. Once you’ve checked that box, you can begin developing your skills and refining your specialty. Now that you have learned how to start an online bookkeeping business, you should take the first steps towards becoming a renowned bookkeeper and getting clients. You can use it to organize and track work progress and create a portal to access your client’s books without leaving your home. Luckily, both Xero and QuickBooks offer practice management software that can be integrated into the main accounting software. If you have extra certifications that highlight your professional skills, you should certainly mention them in your business plan.

Q: What does a bookkeeper charge?

If anyone sues your business, they are suing YOU personally. Your choice of business structure will affect many aspects of your business, from liability to taxes. Before you start marketing and branding your business, you’ll need to ensure your name is available. Most states prohibit or restrict businesses from adopting names that are already in use.

How do I start a bookkeeping business with no experience?

Do an online course, or work at some local bookkeeping firm, as the skills are necessary to land a position. There are several such jobs available online, often overlooked. Being an entry-level job, you can apply for such jobs online without any prior work experience.

Here is a guide to business structures to get you started and explain the different types of structures you can choose from. Think about how much you want to charge for your bookkeeping services. To become NACPB-certified, you have to take various courses in bookkeeping, payroll, QuickBooks Online and be familiar with accounting principles. This bookkeeping certification is ideal if you don’t have any formal education in the bookkeeping and accounting field. But getting more education will give you more credibility, proving you have the necessary knowledge to do bookkeeping, payroll, and even tax returns. This is precisely why I recommend adding to your credentials to put your best foot forward.

How To Start a Bookkeeping Business in 2022 [Step by Step]

There’s no shortage of business accounting software to use. Some popular options include QuickBooks, Xero, FreshBooks and Zoho Books, among others. You can read more about our ratings for various business accounting software here. You should be familiar with more than one software as some of your clients may have a preference in terms of the accounting software that they’d like you to use. Tim worked as a tax professional for BKD, LLP before returning to school and receiving his Ph.D. from Penn State.

Do bookkeepers do payroll?

Bookkeepers also, at times, fulfill payroll and human resource functions. Your bookkeeping service might have a payroll offering, or they might assist you in the processing of paychecks or tax payments and forms.

Steve has written more than 8,000 articles during his career, focusing on small business, careers, personal finance and health and fitness. Steve also turned his tennis hobby into a career, coaching, writing, running bookkeeping for small business nonprofits and conducting workshops around the globe. Cathy Iconis, CPA is the creator and facilitator of the weekly tweetchat #QBOchat and the website QBOchat.com – a community for QuickBooks Online Users.

Bookkeeping/Accounting Software

You’ll be able to tweak your name according to length, tone and appeal in order to find the perfect fit. It’s a great solution for business owners, because it allows them to create unique name concepts based on their own branding and the requirements of their industry. If you haven’t done it before, you can always seek advice on how to write the perfect business plan. We’ve created a guide to help you on your way, including a breakdown of everything you’ll need to prepare for the world of bookkeeping.

how to start bookkeeping business

Have comfortable seating for clients and set up your computer so that you can show them screens if necessary. In reality, even CPAs need a decent working computer and internet connection to calibrate proper data input on their archives. I appreciate your primer on your innovative online project, we could use your financial expertise for some help. I use a ton of others now and have used even a ton more in the past.

Accounting Software Certification

As you start investing in your bookkeeping business, be sure to choose software that not only helps you comply with all state and national laws, but also makes your workload lighter. Wages – These tasks are labor intensive and require firms to hire a significant pool of skilled labor to meet service agreements. Consequently, wages and salaries constitute the largest expense for this industry. This is trending downward, though, as businesses invest in labor-saving software systems. When it comes to the success of any business, it’s all in the planning.

  • To connect with them, I had to lead with doing bookkeeping and then show them how much more I can do.
  • I took longer because it wasn’t a traditional route of just using social media (10 years ago!).
  • Although not compulsory, you should consider insuring your bookkeeping business to protect yourself from costly liability in case you make a mistake on your customer’s books.
  • Think about any office space, software, technology, programs, systems, and pieces of equipment that might be needed on a daily basis.
  • Market your skills correctly and you’ll have a large client base.

Ben is a great teacher and he knows how to break down the content so that anyone can learn it. I actually got my first client before the class even ended. People who knew I had been laid off were asking me about my “job seeking” prospects and I would tell them that I was starting my own bookkeeping business. Probably about half the people I told said that they needed or they knew someone who needed a bookkeeper, so I was already handing out my business cards. That first client was all I needed to gain the confidence to get my next client, which came a few weeks later. I project I will reach my income goal within three months.

Accordingly, Sage does not provide advice per the information included. These articles and related content is not a substitute for the guidance of a lawyer , tax, or compliance professional. When in doubt, please consult your lawyer tax, or compliance professional for counsel. This article and related content is provided on an” as is” basis.

  • I personally recommend investing in bookkeeping software to more easily manage your clients and their information.
  • Personally, our health insurance goes through my husband’s employment, so I don’t pay anything for that through my business.
  • Study the requirements and track your progress toward meeting them.
  • For each process, create a step-by-step account for what needs to take place from the beginning of the process until the very end.
  • By clicking on “Learn More”, you’ll be prompted to set up a meeting with them.

On average, a virtual bookkeeper earns over $42K per year and you can do that as well. The business structure you choose will directly affect the amount of taxes you pay and the extent of your liability protection if your business is ever sued. I recommend looking into sole proprietors and LLC options. The latter gives you the flexibility to bring in more people in the future. Now that you’re aware of what regulations to follow, it’s important that you earn the required licenses to start a virtual bookkeeping business. Key Performance Indicators, or KPIs, help business owners determine how their business is progressing over time.

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