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Starting a "Bookkeeping Service Business"

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More new businesses are being built with each passing day, and entrepreneurship is at a new high. But, as much as we love every thrill of starting a new business; accounting, bookkeeping, and other paperwork and numbers related jobs are always a daunting task to process especially for young, passionate entrepreneur. Why not fill the gap instead by offering an independent bookkeeping service for small business?

Independent bookkeepers are always in demand, and the industry steadily grows with each passing year. If you have training as an accountant or bookkeeper and are dependable, honest, and good with numbers, this business is a very promising one with minimal startup cost.

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Here are a few things to help you start a bookkeeping service:

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1. Startup Cost
Monetary wise, the startup investment needed is minimal. You'll only need a computer and related software licenses. Some accounting and bookkeeping software offer partnership programs, and you can earn additional income by offering accounting software to your clients. You'll be surprised how a lot of business do not have their own accounting software yet.

2. Finding Clients
In this digital era, a website and social media accounts are a must, and will be one of your main marketing weapons. You can also go traditional and write business proposals to offer your service to potential clients, as its proven to be highly effective. Build relationship and network with local small businesses, you'll never know who'll need your service in the future.

3. Acquiring Your Bookkeeping Skills
Many community colleges offer bookkeeping courses, and a lot of guides and lessons are available on the internet. If you're in the U.S. and serious about being a professional bookkeeper, you may consider getting a certification by passing Uniform Certified Public Bookkeeper Examination. However, you will need to compete for one year or 2,000 hours of bookkeeping experience before you can take the test. Although not required by law, being certified will help your overall credibility and can help you get more prestigious clients.

4. Licenses and Permit
As mentioned before, most states don't legally require a special bookkeeping license, however, getting a special license can help improve your credibility and marketability. Consult your local authorities for other business licenses and permits needed depending on your location.

5. Pricing
You can either charge a fixed rate or an hourly rate, depending on clients and your preference. Both have their own ups and down, for example, a fixed rate might make it difficult to estimate the time needed to complete the job and you might end up losing profits. On the other hand, charging an hourly rate might also cause problem and tension when the job took to long to finish. Make sure each project is estimated properly and all details are mentioned on a written contract before you start the job.

Earning Potential

A U.S. national earning average for a bookkeeper is $35,787 annually. But your earnings as an independent bookkeeper can vary depending on location, your price rate, and how many clients you can get regularly.

A bookkeeping service business is a low investment business with a promising potential and reasonable competition within the industry.