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Ben teaches his students how to earn up to $80 per hour working from home as a bookkeeper. To do this, you have to set how to start a bookkeeping business up your business in a very specific manner. This just ties you down geographically and kills your earning potential.
As a one-person operation, you may find it hard to get back to clients right away, especially during tax season. Sending prospective customers to voicemail when they need your services can cost you business. Go Answer is a bilingual answering service that connects your customers to live customer service agents via phone, text, web chat, or email 24/7. Information provided on Forbes Advisor is for educational purposes only.
Step 4: Set Up Business Operations for Your Bookkeeping Business
Since bookkeeping involves considerable time and attention to detail, many businesses look to outsource the tasks involved. As Ben teaches his students, “the number one tool, and the hub for everything you will do for your client, is a bookkeeping software calledFreshbooks. You might have prior professional experience that can serve as a springboard to gaining new clients and serving them well. When people hear about you for the first time, what do they think? Or will they just see another bookkeeping company that doesn’t stand out from the crowd. I’m looking at switching to OnPay because I think I can get the same service for half the cost. I’ll probably start that this month since we are finally done with January.
- He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University.
- Another aspect of marketing is dialing in your brand, which goes hand in hand with the type of clients you want to bring in.
- Otherwise, it will be difficult to attract those crucial first few clients.
- You’ll need office equipment, including filing cabinets, computers, and printers.
If you live outside the United States of America, but want to work as a bookkeeper for American clients, here’s how. Sign up for QuickBooks Accountant, and they have a free certification you can do. Once you complete it, you are considered a QuickBooks ProAdvisor. It is an industry standard as well, and having various certifications can only aid in your credibility to clients.
What office supplies do I need?
Marketing plan – After your analysis, prioritize and plan your target market and how to reach them. Your marketing plan should also include campaign details and expected results. A bookkeeper would not only keep track of all the money owed to the business. They would also get in touch with clients whose payments were late and take care of collections as needed. Click here to see how Growthink’s professional business plan writers can create your business plan for you.
The exact process and costs for this vary from state to state and depend on the type of business structure you choose. If you decide to go into business as a sole proprietor, you can simply hang out your shingle and start working. However, registering as a limited liability company gives you more liability protection. Now that you understand the fundamental startup costs, let’s look at the steps you’ll need to take to launch your new bookkeeping business.
Earn your certifications
Perform a Google search of bookkeeping services in your town or metro area. Check out their websites to see which services they offer and what they charge. Look at bookkeeping business names to see how they position themselves. Keep in mind you want an attractive rate when first starting out. Your pricing should also reflect your education, experience, and certifications.
- Starting a virtual bookkeeping business won’t help you become an overnight billionaire.
- When prospective clients start a business, a bookkeeper can help them choose between an LLC, a corporation, or other business structures.
- After establishing the purpose of your accounting firm, you’ll need to establish early on in your first year exactly what your ideal client profile looks like.
- Jetpack Workflow is a simple piece of bookkeeping software that probably has one of the lowest learning curves.
You can then work together to customize the package to their specific needs. It’s tempting to offer everything in an attempt to attract prospective clients. But if you aren’t able to deliver on what you promise, you could get yourself into trouble. Start small and don’t over promise on what you’re able to do. Shop around for your software, and don’t just look for in-product features. If the provider has a partner program, it will help you grow your business.