Starting a Bookkeeping Business
This article briefly discusses the bookkeeping business. Find out some of the things you need to know in order to start your own bookkeeping business.
The professional guidance and service of qualified and skilled bookkeepers has become a necessity seeing as nowadays most small business owners and managers have minimal or no accounting background at all.
In case they do have knowledge of financial record keeping, many entrepreneurs are disinclined to do their own accounting simply because they don’t have the time to sit down and deal with this tedious process. This is good news for the independent bookkeeper.
On top of this, because of the advent of the trend of small business start-ups, the demand for their service has more than doubled through the years. This makes opening your own bookkeeping business a solid and good idea. You are guaranteed a market because most entrepreneurs are wise enough to know that if they are not careful and plan their finances, they might end up losing their business in the long run. They need the assistance of a professional bookkeeper to free them from the tedious task of financial record keeping and allow them to focus on making their business grow.
Bookkeeping is defined as the systematic recording of business financial transactions. Businesses are required to accomplish their bookkeeping on a regular basis. No one is exempted since this is a law-mandated duty. They are required to account in detail their income and expenditures as well as their payroll. Bookkeeping enables the government to ascertain how much a business should pay for their taxes, licenses, and other miscellaneous fees.
The successful bookkeeper
To become a successful bookkeeper you must be thorough and have a keen eye for detail. You must also be reliable and ensure that your reports are accurate. You must adept in using a spreadsheet or accounting software. This skill will work for your advantage because it will enable you to work much faster leaving you with time left for your next client.
Ideally, someone with a degree in accounting is the best person for this job. Although ideal, a college degree is not a requisite. If you have actual work experience on financial record keeping then you can take on clients as is without the need for additional training. If however you are unfortunate enough to lack such background but do enjoy working with numbers, you can get the needed bookkeeping skills from a number of sources.
The time factor
Owning an accounting or bookkeeping business makes you your own boss. This allows you the freedom to set your hours and give you time to spend on matters that are of value to you. If you can’t quit your day job just yet, you can work on your bookkeeping practice on a part-time basis. On average, you need to spend approximately eight to ten hours for a client with a small business. You can easily find a way to spread the time required in your workweek without making your full time job suffer.
What about the start up cost?
You might be surprised to learn that the start-up capital for this business is rather small, provided you already posses the skills needed for the trade. All you need to spend on is advertising. You might not even have to if you are crafty enough. There are several ways you can promote your business for free. For starters, you can try handing out flyers during your free time or you can try posting your services on community or church bulletin boards.
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