From Bookkeeper to Business Owner

starting your own bookkeeping business

It’s important that you are thinking of your own business as a complete solution to your client. You are not just providing accounting and bookkeeping services, you are providing much more than that. In fact, using online, automated accounting technology was one of the keys to my success. Public accounting firms cannot provide a modern bookkeeping service without it. Think about what you want your bookkeeping business or accounting firm to achieve by that target date. Great news, because this step-by-step guide will cover the critical 7 steps you’ll need to follow to set up a modern bookkeeping practice and to land your first clients. Like a business bank account, a business credit card allows you to differentiate between personal and professional spending.

Can you make a living as a bookkeeper?

The average full-time bookkeeper earns nearly $40,000 per year (almost $19 an hour), according to the U.S. Bureau of Labor Statistics reports. But Robinson pointed out that as a freelancer or contractor, you can actually earn a higher hourly rate while working fewer hours.

You can also choose to become a certified public bookkeeper to market yourself better as a bookkeeping professional. Now that we’ve provided you with a roadmap to get your bookkeeping business started, I want to challenge you to pick a date for when you would like to be ready to take that first client. 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. New bookkeeping businesses will typically use a credit card to float working capital expenses, earn rewards, and manage employees.

Can You Start a Bookkeeping Business with No Experience?

Getting the right training and setting up a profitable business from the onset is critical to your success. There aren’t formal certifications or training necessary (although, it’s never a bad idea to become certified). You can become a specialist in one accounting application for increased marketability. Alyssa Gregory is an entrepreneur, writer, and marketer with 20 years of experience in the business world. She is the founder of the Small Business Bonfire, a community for entrepreneurs, and has authored more than 2,500 articles for popular small business websites. Angie Nelson began working from home in 2007 when she figured out how to take her future into her own hands and escape the corporate cubicle farm.

  • is currently the best bookkeeping course for getting your business off the ground.
  • Smart accounting software will also allow automatic data entry, daily bank reconciliation and payroll.
  • My firm will be offering both bookkeeping and payroll to start with, and I plan for next year to also offer taxes.
  • Their Launch program will walk you through setting up your business and teach you the tools to run it.
  • Quality of service will help grow your business in the long run.
  • I also use a wired internet connection as opposed to wifi as much as possible.
  • One thing to note as you’re figuring out what to charge is what tasks you are doing for each client and how much time each of those tasks typically take.

I saw your post and was looking to use onpay as well but wanted to see if you experience so far was good. If I had any choice from the beginning, I would have gotten a MacBook . If you are used to Windows, it can definitely be an adjustment, but I think it is totally worth it. Reconciled provides a cost-effective and enhanced alternative or supplement to an in-house team.

Market Your Services

You’ll set up a long-term vision of what you want your own business to achieve and work backward to arrive at immediate priorities to focus on. Your costs will increase considerably if you how to start a bookkeeping business intend to hire an employee right away, but otherwise, you can expect to be up and running for around $1,500 to $2,000. Work on your target market at the same time as your niche and UVP.

How To Start A Bookkeeping Business (2022 Guide) – Forbes

How To Start A Bookkeeping Business (2022 Guide).

Posted: Thu, 18 Aug 2022 07:00:00 GMT [source]

Check out our guide to the best credit cards for startups to find one that fits the bill. It’s important to separate your business finances from your personal finances. While most people think they should wait until the business starts to generate cash flow, it’s important to track expenses immediately so that they can be deducted as startup costs.

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I asked her what advice she had for someone who is thinking about getting started in this industry. Overall, the Bookkeeper Business Launch course is a solid program if you want to start your own business. You should invest in a quality bookkeeping course that teaches you the skills you need to be a successful bookkeeper. Bookkeepers are in demand as most businesses and freelancers need to keep records to calculate taxes and manage finances. We have partnered with the most trusted insurers to help small business owners like you get the right coverage for your business. But the good part is that it’s easy to register your business as a sole proprietor. You just need to fill out a simplified application and we’ll take care of the legal formalities at a much more reasonable rate than hiring a lawyer.

  • You also have the option to create a virtual business with bookkeeping.
  • With the right marketing in place, the leads will come to you, not the other way around.
  • The earning potential of bookkeepers and their businesses proves that it’s certainly a profitable area.
  • It could be expensive to purchase and update various accounting software.

However, you will need to follow the basic guidelines laid out by GAAP if you plan on running your own bookkeeping business. Anyone operating in the US needs to make sure that they’re aligned with GAAP when working on financial reporting. GAAP forms the basis for all bookkeeping businesses and outlines the assumptions, principles and standards used to analyze transactions. GAAP standards were created and are regularly updated by the Financial Accounting Standards Board .

Now you need to find new clients with a simple, repeatable sales process. 3) You’ll then need a mechanism to convert these web visitors into prospective future clients and then eventually into new clients. You’ll do this with a CTA (Call-to-Action) which asks your visitor to take some kind of action. This is a no-no on social media and this will turn people off. Ensure that you provide a brief background of what you did at the company as well.

starting your own bookkeeping business

You’ll also need to learn some basic Search Engine Optimization practices or hire someone to help you. Regardless of the type of business structure you choose, you should open a separate account for your new business.

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