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Cooking The Books: Starting A Bookkeeping Business

Starting A Bookkeeping Business
Cooking The Books: Starting A Bookkeeping Business

Find Clients And Cook Their Books, The Right Way!

Are you thinking about starting a bookkeeping business; if so, there are many reasons you might want to start one as a home-based business.

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Perhaps you’ve worked as an in-house bookkeeper and you are ready to set up a business yourself.

Or, you are looking to start your own company because you have a natural affinity with numbers and organization.

Running your own bookkeeping startup business is a very fulfilling practice, but what do you need to know? 

Understanding The Differences Between A Bookkeeper And Accountant

If your background involves accountancy, you have to recognize the differences.

A bookkeeper keeps track of money coming in and out of a business by maintaining accurate financial records.

If you are looking to help businesses, it’s not just about the cash flow, but about making sure that you can help a company prepare for their tax returns, and efficiently run their finances. 

The Key Characteristics Of A Bookkeeper 

Some of the following will serve you in good stead:

  • Being accurate in your work. 
  • Understanding financial topics effectively. 
  • Having a variety of services, such as offering commercial brokerage services to help companies get the best deal with regards to their insurance or purchasing equipment and other assets. 

Conversely, an accountant will perform numerous roles for their clients, including addressing the financial situation of the business, preparing financial statements, or being a trusted advisor. 

As you can see, there are a number of different services relating to both roles. 

How You Can Start A Bookkeeping For Startup Business

If you’re ready to start your own bookkeeping business, here are some of the key components to address.

Addressing The Business Plan

Before you start to set up any practice it is important to conduct relevant research.

From a business perspective, you need to look at who your clients would be.

Businesses in the startup sector tend to either comprise micro-businesses (9 employees or fewer) or small businesses (15 employees or fewer).

Additionally, you may want to work with sole traders.

You will need to also address the services you are offering your clients.

There are a wide variety of services you can offer, including maintaining budgets, payroll management, paying supplier invoices, recording receipts, and so forth.

Every client will have their own unique set of needs. 

Setting Up The Business

Registering as a self-employed entity or a limited company is crucial, and from there, you will have to address the costs to set up the business to meet your needs.

For example, you will have to decide if you are going to work at home or set up an office.

As well as ensuring that you are able to function as an effective business entity, which may mean you will need funding in the shape of a short term installment loan to ensure you have everything in place.

How To Find Clients

It’s important to learn how to market yourself effectively.

You will potentially need your own website, and learn how to promote yourself through important networking skills.

However, these are all smaller aspects of the bigger picture.

The best thing for you to do is to concoct a bookkeeping business plan, which will focus on key components of your business within a specific timeframe, for example, a 1 or 5-year plan.

You may also want to look at how you are going to continue further beyond.

Do your research so you can become clear on the path you would like to take. 

Qualifications

It is important to make sure that you gain relevant industry knowledge.

There are so many bookkeeping courses available, and you may need to get a qualification from one of the big accounting bookkeeping organizations.

Becoming a bookkeeper is not just about turning up for the courses, but about passing exams, applying for practice licenses, and understanding that the industry is continually evolving. 

Understanding The Rules And Regulations

Once you pass your exams and obtain your qualifications, you have to comply with a series of rules and regulations, which vary depending on the country you live in.

You have to make sure that you are applying for a practice license or complying with professional conduct regulations. 

Other Aspects To Consider

Running a business means you will need to obtain bookkeeping insurance, professional indemnity, or possibly public liability insurance.

These are crucial because they will help you protect your financial interests and minimize any disruption to the company. 

Conclusion

As you can see, setting up your own bookkeeping startup business can be very rewarding.

You will be providing an essential service to clients so they will run the business effectively and smoothly.

The right bookkeeping tools will make a big difference in the quality of service and, also making sure that you are offering the right service for startups will make a massive difference to your reputation.

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