How To Start Your Own Bookkeeping Business From Home – 3 Skills You Need to Start a Successful Accounting Business (and How to Learn Them) Podcast for Accountants September 27, 2021
In this episode of the Profits + Prosecco Podcast, I’ll talk about the basic skills you need to start an accounting business. There are three fundamentals that are essential to being a successful bookkeeper. If one of your goals is to be a part of this industry, stay tuned!
How To Start Your Own Bookkeeping Business From Home
But before we dive right in, welcome to the Profits + Prosecco podcast! I’m your host, Katie Ferro, CPA, renovator, founder of Checked Out Bookkeeper, mother of three young children, and Kajabi enthusiast.
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This podcast is for entrepreneurs looking to change their lives through their profitable business and accountants and bookkeepers who want to escape the 9-5 and start a simple scalable accounting business like I did.
In this episode, you’ll begin learning the skills you need to build an accounting business. For even more interesting details, listen to the full episode 46 of the Profits + Prosecco Podcast on your favorite streaming platform.
Accounting is a skill you can learn relatively quickly. Although you need to know some areas, you don’t need to know them all. These three sections are Accounting Basic, Tax Basic and Accounting Basic.
Accounting and taxes are their own complications. Accounting may include sales tax, inventory, cost accounting, asset depreciation, etc. Tax on the other hand is very deep and I learned that from working at a CPA firm. Taxes can be very complicated, depending on how a company is set up.
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You don’t need to be an accountant or a tax expert in depth in the relevant fields, you just need to get to know them and respect their complexities.
Become a Bookkeeper covers accounting, tax and bookkeeping all in one. It teaches you these concepts in three phases: Learn, Shadow, Apply.
This process ensures that the knowledge is solidified to the point where you actually understand it and can apply it. You’ll be guided through a book of accounts covering service-based businesses, and I’ll even review the lessons and let you know how they apply to you.
BABs help you understand the basics of accounting, but through the lens of how it relates to you and your desire to start an accounting business. I’ll also teach you the basics of self-employment taxes, such as how they’re taxed, what deductions they’re available, how they work, and how to pay your clients.
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When it comes to accounting basics, I will go over the entire accounting process and the purpose behind it. I’ll provide you with resources and checklists to make sure you know exactly how to efficiently flow data and create a good system.
In this program, you’ll receive a workbook, checklists, flow charts, cheat sheets, readings, and guides to help you as you begin taking on clients. If it’s not obvious by now, BABs can set you on your way to a successful accounting business
I hope this episode helps set you on the right path to becoming an expert bookkeeper, as well as how to learn those essential skills. If this sounds like what you’ve been waiting for, you can apply and sign up to be a bookkeeper today!
If you enjoyed the episode, please take a second to rate and review. Every review helps us reach and inspire more entrepreneurs and accountants like you.
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Don’t forget to take a screenshot, share it on your Instagram stories and tag me @orderlyaccountingbykatie. Best wishes for your inevitable success and I’ll see you on the next episode! Want to know what it takes to start an accounting firm? This may be one of the best decisions you make when considering your own reputable home business.
While starting an accounting business takes a lot of effort, once you’re established there are many benefits:
Make sure you have seven personality traits. Know your biggest reason. Then find a practical accounting course that will roll your sleeves up. One that shows you how to become a great accountant in “paint by numbers” format.
However, there are a few questions that are swirling in your head. You need to know the answers before entering the accounting firm.
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Our comprehensive bookkeeping course, Bookkeeper Launch, is designed to be completed in ten (10) weeks. Some students land their first client while still on the course! I know, crazy.
We designed Bookkeeper Launch to help you start a bookkeeping business in 10 weeks, and it’s really up to you. If you can focus full time on starting your accounting business, it will take less time to start.
Look, accounting is a simple business. But that doesn’t mean it’s easy. Nothing of eternal value in life is easy. Again, it’s a short-term commitment for a lifetime.
Result: You can be up and running in as little as ten weeks. It’s all up to you my friend! You control your own destiny.
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Remember, accounting is the #1 most profitable business. This is a virtual accounting firm, so you will definitely need:
Aside from these three main factors, here are other start-up costs you can expect when starting an accounting business:
BTW… There are several flavors when you prepare a business module. To understand what can work for you, check out this helpful post on the best business plans from FitSmallBusiness.com.
OK, if I did my math right (please tell me I did it differently, I might have to find a new line of work) – that means your estimated initial cost is about $1,404.
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If you are a thrifty person, I know you can deduct that amount. Some of the things I’ve listed above you can stop buying immediately.
But not your accounting firm! Get started for less than $1,500 … at the #1 most profitable company in the world. Kidding aside, it’s pretty cool!
What about a business plan? Do you need a business plan? It is entirely up to you. Business plans have both advantages and disadvantages.
If you can actually use your business plan as a road map to getting started, create one. However, many people create a business plan and put it on a shelf, never to look at it again.
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My suggestion is to check out the bookmaker launch. It is a business plan in step-by-step, week-by-week format. More than 14,000 other women and men have used it to start an accounting business.
Helping him complete the task to the best of his ability in minimum time to deliver a high quality finished product.
Before you can find the right tools, techniques, and professional certifications to start an accounting business, there’s an important mindset you need to adopt.
Accounting is a respectable, time-tested profession. While there are no laws or regulations in the United States that require you to have a license, you should still follow these truths:
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“As a bookkeeper, I am a professional. As an accountant, I must continue to develop my choices and every day I must be better than the last.”
With that professional mindset firmly in place, let’s now turn our attention to the right tools, techniques and certifications you need.
Above, in the “How much does it cost to start” section, we covered some of the specific technology and tools you’ll need to start an accounting business.
As a great accountant, your tool that you use is your accounting software / accounting software. (BTW: From now on I will use both terms: accounting software and accounting software.)
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I have an accounting software that I like. It is the best accounting program in my experience. More on that in a moment.
To begin, I want to provide some qualifications for any accounting software you use to serve your accounting clients:
Now that you know the criteria for judging accounting and Edge applications, let’s talk about the work program I love.
When starting an accounting business with QuickBooks Online, you want to be sure. Benefits of obtaining this certification include:
Start Your Own Bookkeeping Business
Now, just because we’ve learned how to start an accounting business with QuickBooks Online, your learning and development doesn’t stop there. Next, you need to get your professional certification.
Yes, small business accounting software is fantastic. It handles daily mass and data entry, but that’s all they do.
However, accounting software cannot replace you. You are a great person and use the financial transaction reports provided by the accounting software to help your clients improve their business.
It’s a win-win for you and your customer. They get better service and you earn more money.
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Accounting software removes much of the tedious work that was required to be completed even 5 years ago … and frees you up to provide a premium service.
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