How to Start a Successful Virtual Bookkeeping Business in 2023

Bookkeepers need certification (which we’ll go over later) and a working knowledge of accounting software, best practices, laws, and, in some cases, the tax code. In fact, you’re onto something that could turn out to be quite lucrative for you in the short and long term. Top individual full-time bookkeepers can make well over 6-figures. Even part-time bookkeepers stand to do well in today’s economy. No two businesses are alike.Every plan is tailored to your specific bookkeeping needs.

For some, it begins working with clients on the side, a supplemental income. Perhaps they are friends or family or just those asking for help. At some point, it moves from being a favor to a serious endeavor. For others, the need to take on clients was necessary, a way to do more of what they love but also a viable way to bring in a much-needed income. For others, this is the life long dream of having their own firm, being their own boss, helping business owners. The earning potential of bookkeepers and their businesses proves that it’s certainly a profitable area.

Step #1: Pick a Business Name

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. The digital age has brought endless possibilities to start online businesses of all shapes and sizes, so there’s something out there for all types of people. A guide to help you work through the big decisions around starting a bookkeeping business. Work through the big decisions around accreditation, services to offer, fees to charge, and how to find clients. Xero does not provide accounting, tax, business or legal advice. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

You can ask your friends, family, and previous clients for referrals. You can also market your services on your own website, as well as through paid ads and email marketing. You https://www.bookstime.com/articles/what-is-a-voided-check can accept payments for your bookkeeping business via physical checks or online. You can set up a Pay Virtual Terminal, send Pay Links, or request payments with Pay Checkout.

Get your bookkeeping software

We also review your plan quarterly to make sure we have you covered as your needs change. However, there is a long list of available options and each has it’s own advantages and disadvantages that you need to be aware of. If you are not 100% sure that you can do this properly, you should hire experts to assist you. The challenge isn’t how to make more money, it’s how to make and use money to live a life you love, with time and space for yourself. If you’re still unsure of whether bookkeeping is the right choice for you, let’s break down some of the advantages and disadvantages.

• You can start earning early as a virtual bookkeeper and create multiple sources of income by partnering with various companies, individuals, and freelancers.
• To establish a successful virtual bookkeeping business, it’s essential to hone your skills and expertise in bookkeeping.
• To do that, there’s no better way than attending local networking events.
• For a beginner in the online bookkeeping business, you can set your payment rates on the lower end of the scale.
• Most startups and small businesses cannot afford to spend such high amounts on hiring a bookkeeping firm.

Also, don’t forget to mention you’ll be on the lookout for clients for the accountant’s business. Have an expense log ready, and track expenses paid through personal accounts. Set up separate accounts for your business, just like you’d want your clients to do. The tricky aspect of this type of pricing is that it’s easy for the scope to expand.

How do bookkeepers get clients?

This is a personal decision with your services being influenced by your interests. Let’s begin with the basics of starting a virtual bookkeeping business from home. It is not that difficult to become a virtual bookkeeper as there are no formal qualifications required to start your remote bookkeeping services services. However, if you are well-trained in this field, it will help you deal with the finances of other businesses and to know what you are doing. If you aren’t able to communicate well with clients, you may be a good bookkeeper, but not a good entrepreneurial bookkeeper.

This question will clear out and squeeze down the client’s list. While marketing was the final solution to everyone ten or fifteen years ago, it doesn’t work today. Just like you won’t want to be friends with just anyone, you shouldn’t want to take on just anyone as a client.