"Literally, every single business in the world needs a bookkeeper. It might as well be you!"
If you’re ready to find a new career working from home, on your schedule, a bookkeeping business could be the answer.
Here's an overview of what you need to know before making the commitment.
Bookkeeping is the process of summarising and categorising business transactions into reports for business decision making and for lodging mandatory tax returns as required by Taxation Law and Corporations Law.
Bookkeepers do most of the day to day transaction processing for small businesses, like collecting income and paying and recording supplier bills, while accountants are more inclined to focus on the income tax preparation, preparing GST Business Activity Statements and making the end of financial year adjustments.
Before you decide to open any business you must know the numbers. Writing out a business plan is a great first step.
According to the Australia Bureau of statistics
At June 30 2019 there were 2,375,753 actively trading businesses in the Australian economy.
In 2018-19 there was a:
· 15.4% entry rate, with 355,722 entries.
Bookkeeping is one of the most profitable professions due to its' relatively low start-up and operating costs.
The Taxation Office is never closing for business and so businesses will always be required to calculate their taxes and lodge their taxes to the government. Of the 13.9 million tax returns lodged in Australia, approximately 71% get help from a professional to prepare their taxes.
Bookkeeping and accounting are part of a needs-based industry.
Every business owner you know and people in your family and people on your street and people in your social circles need their taxes prepared.
To be a successful bookkeeper you must start to specialise and become an expert in your field. Whether it's construction payroll, retail stock monitoring, hospitality accounts payable it depends on what you find yourself attracted to.
If you already have experience working in the finance industry, it could make sense to flow on from the industry experience you've already acquired.
If you haven't worked in finance before that's OK too. There are basic entry-level bookkeeping roles for hard workers prepared to learn the tools and systems so they can have a skill for life.
Put in some time upfront getting skilled so you can work from home for years to come.
No experience or qualifications are required to start learning how to become a bookkeeper. That said, not everyone will make it as a bookkeeper.
The desirable qualities for bookkeepers include:
If you're not planning to provide tax advice then you can start working in roles such as debt collection and accounts payable bill management with little to no training.
The secret to managing bookkeeping for multiple companies each week is achieved through systems. We systemise our client work by applying the SASS Profit formula, as taught to our bookkeeping students in the Blissful Bookkeepers Online Programme.
SASS stands for Simple, Automated, Specified, Systemised. Procedures you can repeat and become competent at fast.
There are so many accounting tools on the market now. You can choose to work with all and any of them but we've found the key to profitability is specialising in just a few cloud tools. We dive into this further in our programmes.
Your message is so important online. Being a specialist in your field will speak more directly to your ideal customer. Why would you want to target a specific type of customer for your virtual bookkeeping business?
Because if, you have interests outside of work then knowing what type of work you like and how you’ll get it done methodically is incredibly important for not allowing your business to take all your time.
There are two general ways to get clients.
1. Organically through family, friends, networking and referrals and
2. Through paid advertising online
You can also apply for bookkeeping roles directly through websites like seek.com or through becoming a freelancer with an accounting firm.
The essential steps to becoming a freelance bookkeeper are:
Learn the skills either online through an online programme or through your local college
Either apply for bookkeeping roles with an accounting firm so you're exposed to a large variety of companies and your work will be reviewed for accuracy or get some business cards and tell all your friends and family you're starting your own bookkeeping business and spread the word.
Decide the industry and accounting software you want to become a specialist in and start building your client base around those clients. Talk to your potential customers and existing customers so you know what they want.
Know your own numbers and set profitable pricing so you can stay competitive while still paying your rent. For Australian and Kiwi bookkeepers charging anywhere from $65 plus an hour is pretty standard.
Before you start working as a bookkeeper, it's important to have a business name. You can register for a business name through the www.abr.gov.au.
You'll also need to protect yourself and your existing assets with an insurance policy. Click here for help with your bookkeeping insurance in Australia or click here if you're a New Zealand bookkeeper. You may also decide to start your own company. Visit ASIC.gov.au for more information.
Be sure to open a separate business bank account for all your business-related income and expenses in your business name. Just ask your bank manager what information they require. They may ask for your business name certificate or your Certificate of Incorporation if you've started your own company.
And once you've decided you want to make your bookkeeping business legit, apply for an ABN if you're planning to work for Australian small business owners.
Even if you’re not sure about starting a bookkeeping business, the step-by-step processes and strategies you’ll learn inside our programmes is designed to help every person make faster progress as a small business owner.
Becoming a Blissful Bookkeeper is a holistic journey. I want to help you become happy not only financially but in all your personal and business relationships.
Freelance bookkeeping online working from home is in demand more now as business owners need to get their taxes lodged, and you can earn up to $65 per hour.
If you want to know how to become a bookkeeper, Kim Hinkley of Blissful Bookkeepers specializes in mentoring and teaching you how to start your own virtual bookkeeping businesses working from home without experience.
This free 3 part video series will show you the complete blueprint to starting a bookkeeping business and the nuts and bolts about bookkeeping.
Get your bookkeeper home business FREE 3-part video series today and start earning $65+ per hour!
Click the link below to register for the first new live training
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