Starting a Bookkeeping Business With No Experience
Although accounting is a full-fledged business that you can start with no experience, it definitely helps to have worked in a money-related job before. Whether you work as a small-scale accountant or as a controller for a company, that experience will go a long way in getting clients for your own business. Do you have any experience? That’s fine too! You can still start this career with very little start-up costs. Check with your local community college for continuing education classes in accounting, or check out courses available online. Launching a bookkeeping business is a great opportunity to get started as a virtual accountant. Here let’s discuss and explain starting a bookkeeping business with no experience.
How to start an accounting business with no experience.
Research and business planning
It is very important to research the industry you are considering entering. You need to find out what kind of competition there is, who your customers are, where they are located, etc. This research will help you determine your marketing plan and whether or not this particular industry can support your new accounting business. However, remember that the fact that someone else has done similar research does NOT mean that you can’t do better than them. The key here is to be creative, think outside the box, and gain an edge over the competition by having a better marketing plan than they do.
Make startup costs
The good news is that starting an accounting firm doesn’t cost much. You can do homework directly from your computer. On the other hand, there probably isn’t enough of a laptop.
Create accounting software
Since most clients require you to use their accounting software, you must purchase or subscribe to the necessary packages. These can be expensive, which is another strong reason to focus on just one piece of software. QuickBooks, for example, ranges in price from $15 to $150 depending on the package you choose, and since you’re a professional, you’ll want to go for the premium option.
Get training/certification classes
If you are new to accounting, you may incur some additional costs. If you don’t have the necessary experience, you may want to enroll in accounting training or get certified to demonstrate your skills. We will see this in detail later. There are some non-mandatory but optional fees to consider:
- Business letters
- Office supplies
- Website development and hosting
- An account with your domain email address
- Business plan
- Security software for computers (disk encryption, password management)
- Costs of starting a business
- make a business structure
Related to Starting a Bookkeeping Business With No Experience:
- Starting a bookkeeping business with QuickBooks
- How to Start a Tax Preparation Business From Home
- How To Start A Mobile Tax Preparation Business
- How to Write A Business Plan 101
An accounting firm can be structured in various ways.
The simplest option is to start as a sole proprietor, which means you will be working for yourself instead of your business. Although it is easier to set up a business as a sole proprietor, it is also riskier as you will be personally responsible for any difficulties. For example, if you are sued, you may be forced to file for bankruptcy and lose all your possessions.
Get accounting information
You can’t expect to make a living as a bookkeeper if you don’t know what you’re doing. If you want to gain a deeper understanding of accounting concepts, a training program or book on the subject is a great place to start, but here are a few key points. You must also keep track of all transactions made by the business, including date, description, quantity, and price, in ledgers or other records. To make things easier, this is usually done with online accounting software.
Have personal skills
Accuracy, reliability and order will also be essential as reassuring traits. Because accounting involves working with sensitive information and keeping it confidential, you’ll need to present yourself as a professional they can trust. However, it is only about how competent and professional you are in your work. It would be an advantage if it was also accessible. If you don’t have good people skills and your clients don’t enjoy spending time with you, they may find the bookkeeping experience uncomfortable and want to go somewhere else next time.
Create accounting software
Most businesses use accounting software these days, so knowing how to use it is essential. It helps to know how to use every piece of accounting software available, but in most cases, quality trumps quantity.
Skills to be a successful bookkeeper
- You enjoy the best points of a well-organized system.
- You have a strong desire to see others succeed.
- When you do your taxes every year, you’re secretly excited.
- You want to be able to work from home and mainly in your free time.
- Numbers are not a problem for you (although this is not science-level math at all).
- You are looking for a way to supplement your income.
- You want a successful laptop business that relies on repeat business (not consistent sales).
Before you go, I hope that the above article related to starting a bookkeeping business with no experience will be informational and beneficial for you.