banner-fisino021
makeup-g951d6bbcf_1920
about-img1
previous arrow
next arrow
9781466208148: How to Start a Lucrative Virtual Bookkeeping Business: A Step-by-Step Guide to Working Less and Making More in the Bookkeeping Industry Barton, E T; Davis, Robin E : 1466208147
How to Start a Virtual Bookkeeping Business

Most community colleges offer them, but you can also find them online. You do not need to become a Certified Professional Accountant to be a bookkeeper, though doing so will increase the variety of services that you can provide to your clients. Tim worked as a tax professional for BKD, LLP before returning to school and receiving his Ph.D. from Penn State.

How to Start a Virtual Bookkeeping Business

As a “Third Party Designee,” pursuant to IRS Form SS-4, Easy Doc Filing, LLC prepares and submits applications for an Employer Identification Number (“EIN”) to the IRS on behalf of its clients. Easy Doc Filing, LLC does not verify EIN application submissions and is not responsible for the accuracy of the information provided. You can start earning early as a virtual bookkeeper and create multiple sources of income by partnering with various companies, individuals, and freelancers. You should check with the local authorities to see if you need any licenses to make your bookkeeping business stay legally compliant. Bench PlanIncludesPriceEssentialMonthly Bookkeeping$299PremiumBookkeeping & Taxes$499If your business already has a dedicated CPA, then Bench may be the best option for you.

Tips on opening a business bank account

Sage 300 CRE Most widely-used construction management software in the industry. The content of Part-Time Money® is for general information purposes only and does not constitute professional advice.

  • As part of your social media exposure, make use of professional-leaning platforms such as LinkedInand Pinterest that also work great for lead generation.
  • It’s not compulsory, but you might want to look into insurance for your bookkeeping business.
  • As she got the hang of doing the books for the landscaping company, she branched out into other businesses.
  • You’ll want to open a business credit card account soon.
  • The right business structure depends on your business goals, whether or not you want to raise capital, and the amount of personal liability you want to take on.
  • WordPress is pretty easy to learn and comes with tons of clean, free layouts that you can tweak to work for your business.

And while certification is useful, it’s not necessary to get started, nor is a college degree in business or accounting. Thus, when you delegate bookkeeping work to a virtual company, you can free up some time for your in-house account so that he can focus on other financial aspects of the business. When your accountants have time to evaluate various investment options and run market analysis, he can promote your business effectively. While bookkeeping typically refers to the recording of financial transactions, accounting refers to interpreting and analyzing those recorded transactions. Most virtual bookkeeping services are responsible for recording and synthesizing your financial statements. That way, your CPA can use these statements to help you with taxes and financial planning.

Tip 2 - Create a Knowledge Base of Documented Processes

Even though your bookkeeping service is virtual, you will want to consider both traditional and online marketing tactics. Many small business owners skip this step when starting out but writing a business plan is actually a key component to success. Even if you haven’t started making money yet, it’s important to set up that bank account so it’s separate from your personal finances and ready to go once you do start bringing in the cash. Did you know that bookkeeping is consistently named among the most profitable at-home businesses to start?

How do I find high paying clients?

  1. Know Your Strengths.
  2. Get Clear on Your Ideal Client.
  3. Create a Portfolio Website.
  4. Let Them Find You.
  5. Be Active in Your Community.
  6. Demonstrate Social Proof.
  7. Sell Value Not Price.
  8. Create a Strong Support System.

If we were just trying to help people to start businesses, we probably would not have this success that we have today. Pick a sole proprietorship if you are just starting up with a fixed budget. As your business grows, you can upgrade to LLC as most virtual bookkeepers do. You can, however, consult with an attorney on the best options depending on your vision. Also, consult other business professionals on the pros and cons of each business structure. I am a professional bookkeeper with more than 17 years of experience.

800Accountant Add-On Services

I’m a CPA and I started my career working for a local CPA firm in Atlanta, GA over 15 years https://www.bookstime.com/ ago. My mission was always to help small businesses through my accounting knowledge.

You don’t really need to buy expensive hardware either. Most of these phone services allow you to install an app on your smartphone so that calls are routed there. Down the road, you might want toconsider a help desk softwareto communicate with your client base, but I wouldn’t recommend getting that fancy right out of the gate.

Business Insurance

Additionally, more advanced services like payroll processing come at a premium. Depending on where you live, you might also need a business license. The U.S. Small Business Administration offers a guide to help you register, file and start your business legally. Also, make sure you understand the tax implications of the business format you choose.

How to Start a Virtual Bookkeeping Business

Again, with remote meetings, it’s important that your clients and team can see you very clearly. Based on whether you go with Xero, QuickBooks Online, or both, the next thing you’ll want to do is get certified so that you actually know how to use the software. If you expect to find new clients in different geographical regions, consider getting a local number in addition to a toll-free number.

Easy Steps to Start a Food Truck Business

Similarly, if you just want to work part-time hours, you can do that, too. If you can help a business stay on top of their books and ahead of problems, they’re not going to care about the schools you went to. A bookkeeping business may be for you if you want to work from home and you are good at figures and math, a virtual bookkeeping business may be an option for you.

  • The exact process will vary depending on how you plan on structuring your business and where you’re planning to do business.
  • You might want to carry out training or take a certification to demonstrate your capabilities if you don’t have the experience to back them up.
  • Today, I believe most new clients like a subscription model where they pay one fixed monthly price in return for a total solution.
  • The name of the insurance policy you’ll need is errors and omissions insurance.
  • It will alleviate a business from having to search and pay to expand its in-person team while having access to an abundance of add on services.
  • For example, when I decided to start my own accounting firm, my purpose was to provide small local business owners with an easy, pain-free accounting & bookkeeping experience.

I have zero bookkeeping experience and was worried about my ability to get clients. The classes focus just as much on the business side of things as the bookkeeping knowledge.

Bookkeepers build a business’ financial foundation, helping entrepreneurs make decisions about the future success of their business. 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 How to Start a Virtual Bookkeeping Business 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. There are tons of bookkeeping and accounting software tools available.

What does a virtual bookkeeper do?

A virtual bookkeeper handles your bookkeeping remotely—they may not be in your town or even your time zone. All communication and financial document storage is handled within bookkeeping software. Your virtual bookkeeper categorizes your transactions and prepares financial statements for your business.

After potential clients contact you, you’ll schedule a meeting for your initial consultation, aka discovery call. If you’re just starting your own cpa firm, you may not have any, but add some later when you do get them. 2) To get clients, showcase a simple “how it works” process so that visitors know the steps they’ll need to follow to reach the benefits and outcomes that you have listed above. Meaning, technology cannot be ignored if you want to get bookkeeping clients, or even land your first client. Every core offering will contain professional services and accounting work. 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. Start with registering your business and building a website to get your first clients.

For our Canadian readers, is virtual bookkeeping available only for U.S. citizens?

Take your business expenses, like internet and software subscriptions, as well as your personal expenses, such as food, rent, and utilities, into consideration when deciding how much you’ll need. Bookkeepers handle sensitive data for their clients, and an error on your part could be costly. Worst-case scenario, it could result in you getting sued. Errors and Omissions insurance protects you and your assets if that happens.

How to Start a Virtual Bookkeeping Business

It can be an enjoyable and fulfilling career path for the right person. In the US, you need a general business license or permit to start your bookkeeping business. I recommend checking with your state board to see exactly what licenses are required for your virtual business.

How To Become A Bookkeeper At Home (Even If You Have No Experience)

This will likely be your most important marketing asset. Your website is where you can drive all your traffic from other marketing channels.

  • Keep your skills up to date, evolve the depth in which you know your preferred platforms and stay apprised as their features change, as well.
  • Study the requirements and track your progress toward meeting them.
  • This is where having the right tools and training can propel you to success and teach you the ins and out of running a profitable bookkeeping business.
  • For example, if you’re on the first page of Google for the above keyword, you’ll get 1000’s of hits to this single blog post each year.
  • You can use a business formation service to help you decide which structure is appropriate for you and file all necessary paperwork with the state.

Market your skills correctly and you'll have a large client base. Since you are starting a bookkeeping business, I’m sure that you have already given some thought―or made a decision―about which accounting software to use for your business. As you know, there are hundreds of options from which to choose.

Tax ID (EIN) Filing

Because growing a business is so much more than just growing a business. The capital covers purchasing hardware equipment such, as a laptop, and subscribing to various bookkeeping-related software like QuickBooks. Bookkeeper Business Launch, a complete educational training, takes about 3-5 months to complete, and another month to start getting clients. On average, the modules take 10 hours per week to complete. What I like about freelancing websites is that you’ll find jobs regardless of your skills and experience.

Leave a Reply

Your email address will not be published.