Do you want to start a freelance bookkeeping business? If yes, find here a detailed business plan guide on starting this business with no experience from home.
An individual can start a freelance bookkeeping business right from home with a small startup capital investment. Every company small or big need business accounting.
For the successful operation of business proper accounting is a must. However, most small business enterprises find it very difficult to have a permanent accountant for affordability reasons.
Generally, micro and small companies do not need to have a full-time accountant as the scope of work is not much. Here lies the opportunity of the freelance bookkeeping business. If you have a knack for numbers, you must consider this profession. Get the relevant certification and training required to establish yourself as an expert on the subject.
What Does a Bookkeeping Business Do
As a freelance accountant, you will work on a contract or assignment basis. First, you need to select the services you will be providing to your clients. Second the rates of your services.
Depending on the need of the company, a bookkeeper provides several numerous services. Generally, it depends on the business model of the company, business volume, number of employees, etc. Here, we put a list of some services that bookkeepers provide to the company in general.
- Daily account management
- maintaining up-to-date records
- Preparing taxes
- Managing daily bank transactions
- Preparing invoices and managing accounts receivable
- Preparing financial statements
- processing payroll and salary sheets
- Preparing the books for auditors
- Bank reconciliation
- Helping in preparing company budget
- Preparing financial plans
- Helping in getting loan and funding
Is a Bookkeeping Business Profitable?
Of course, this business is profitable. If you are properly trained and knowledgeable enough, then you will get satisfied clients for your business. As you start the business from home, you have less overhead. You don’t need to pay the rent for offices and other expenses related to a commercial property. However, if you work with numerous clients, then you will need to employ manpower for your firm.
generally, bookkeepers work with accounting software. Tally and Quickbooks are the most effective option for this. Also, you can maintain several accounts with the help of these software solutions.
How to Start a Virtual Bookkeeping Business
Apart from working with your local clients, you can provide the service virtually too. Generally, virtual bookkeepers meet their clients online. And it is definitely a great self-employment opportunity too.
As a virtual bookkeeper, you will need to maintain the time schedule strictly. You can charge for your work in two ways. Either as an hourly basis or job basis.
Here you can offer only specific jobs too. Software plays an important role in this business. You must have the right accounting software and video conferencing software too. Also, you will need a good quality PC for your daily work. Ensure that it has good storage capacity.
How to Start a Bookkeeping Business without Experience
No experience as a bookkeeper and you want to start this business? YES, you can. You can do it with the help of technology. Nowadays, you don’t need any formal qualifications to start working as a bookkeeper. Only you will need to have a proper software solution to work with. And once you get the right one, start training. You must know the features properly. So, that you can use it to the optimum level.
Nowadays, these solutions provide almost everything you need to provide bookkeeping services to your clients. Also, you can join online communities on social media platforms.
3 Steps Guide to Start a Bookkeeping Business
Choose Proper Software for Freelance Bookkeeping
Choose the software you can customize to your clients’ needs, that’s easy to use and inexpensive. Obtain training in the required accounting software programs. Check this article to find the best accounting software available.
Pricing For Freelance Bookkeeping
In most cases, your expertise and experience decide the rate. The more the experience, more the rate. You can charge either by the hourly or flat monthly fee. However, it is advisable to know from the existing freelancers how much they charge as charges vary depending on location and availability.
Network Network Network:
The key to success in this business is networking. Join the local chamber of commerce or business organizations and introduce yourself. Send your bio-data to as many employers as possible mentioning your range of services.
Make them understand the benefits of having freelance bookkeeping compared to having a full time one. Sign contracts as many you can deliver.