In today’s fast-paced world, having a side hustle is no longer just an option—it’s practically essential to boost your income and achieve financial stability.
One such opportunity that offers incredible potential for growth and flexibility is bookkeeping. With the ability to work virtually and earn up to $70 per hour, it’s easy to see why this profession has become increasingly popular in recent years.
So whether you’re an experienced accountant or just starting out, let’s dive into why a bookkeeping side hustle could be the perfect way for you to make more money while mastering new skills.
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What is A Bookkeeping Side Hustle?
A bookkeeping side hustle refers to the practice of offering professional financial record-keeping services as an independent contractor or freelancer while maintaining a full-time job or other primary source of income.
It involves offering accounting and financial management services to clients outside of one’s day job or primary business, typically using accounting software like Quickbooks.
In essence, individuals offering bookkeeping services manage and maintain a company’s financial records by recording transactions, producing financial statements, reconciling accounts, and preparing reports for tax purposes. As a result, small business owners can focus on running their operations without getting overwhelmed with their finances.
Accounting has undoubtedly vast and lucrative development and career prospects. According to the Department of Labor Statistics, the number of accountants is predicted to increase by 6.9 percent on average between 2020 and 2030. Over that time, around 96,000 new job opportunities should be available in the United States.
Estimates show that the employment of auditors and accountants will grow by 6% between 2021 and 2031, which is about average for all occupations.
As a virtual bookkeeper or freelance bookkeeper, you can charge competitive rates for your services while keeping overhead costs low.
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Benefits of a Bookkeeping Side Hustle
Additional income
A bookkeeping gig can potentially generate up to $70 per hour, supplementing your existing income.
Flexibility
Freelance bookkeeping offers the ability to set your own schedule and work virtually, providing greater work-life balance.
Low start-up costs
Launching a virtual bookkeeping business requires minimal initial investment in software, equipment, and training.
Skill development
Running bookkeeping services allows you to develop new accounting skills or sharpen existing ones in a professional context.
Business ownership
Operating your own business gives you the opportunity to build client relationships, make key decisions, and reap the rewards of entrepreneurship.
Networking opportunities
Connecting with other business owners as well as accounting and auditing clerks can help expand your professional network and grow your own bookkeeping business.
Niche specialization
Focusing on specific industries or types of clients allows you to tailor your services and align them with unique market needs.
Scalability potential
As demand for your services grows, a bookkeeping side gig can evolve into a full-time business venture or an expansion into other accounting-related opportunities.
Job satisfaction
Assisting small businesses in managing their finances effectively can provide a sense of accomplishment, knowing that you’re making a positive impact on local economies and people’s livelihoods.
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Essential Skills For Starting A Bookkeeping Side business
Starting a bookkeeping side hustle requires certain skills to succeed. Here are some essential skills you need to have:
Accounting Fundamentals
A basic understanding of accounting principles is crucial when starting a bookkeeping business.
This includes knowledge of financial statements, financial reports, and financial transactions.
Bookkeeping Software
Familiarity with popular bookkeeping software, such as Quickbooks, is essential. You should be comfortable navigating and using these tools to manage the financial records of your clients.
Organization Skills
As a bookkeeper, you will be responsible for keeping track of various financial records for different clients. Being organized and managing time efficiently is key to ensure that all deadlines are met.
Attention to Detail
The accuracy of financial records is critical in bookkeeping. Therefore, being detail-oriented and precise is an essential skill required when starting a this side hustle.
Communication Skills
Excellent communication skills are vital when dealing with clients as a bookkeeper. Being able to listen actively and communicate effectively can help build trust with your clients and establish long-term relationships.
Marketing Skills
To attract potential customers, marketing skills are necessary. This includes developing a marketing strategy that targets your ideal client base and building an online presence that showcases your expertise as a professional bookkeeper.
Business Management Skills
Owning a bookkeeping business requires business management skills like pricing strategies, invoicing practices, networking events attendance, establishing referral networks among others
By mastering these essential skills and continually developing new ones, you can start growing your own successful bookkeeping side gig while helping small businesses manage their finances effectively.
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Starting Your Bookkeeping Side Hustle
Learn how to start your bookkeeping side business by getting certified with relevant bodies, create a solid business plan, identify target clients and services, build a professional online presence, become a freelance bookkeeper and set up an efficient accounting system to start your bookkeeping side hustle today!
Read more about the steps you need to take in this blog post.
Getting Certified with Relevant Bodies
Even if your goal isn’t to become a Certified Public Accountant (CPA), you still need to know the basics of accounting in order to start a bookkeeping business.
A wide range of courses in subjects like double-entry bookkeeping, accounts auditing, and creating financial reports should most likely be offered by your local community college or other technical institutions.
It will be advantageous to educate yourself on tax laws and other broad accounting principles in addition to developing your fundamental accounting skills.
Your path to acquiring an associate’s degree in Certified General Accounting from prominent institutions like the American Institute of Professional Bookkeepers would be paved with professional training. After all, these qualifications would provide you with access and attract potential clients.
Creating A Solid Business Plan
Creating a solid business plan is a crucial step for starting your bookkeeping side gig. It sets the foundation for your entire business and helps you define your goals, target market, services offered, and pricing strategy.
To create a successful business plan, consider conducting market research to identify potential clients and competitors in your niche. Determine what makes your bookkeeping services unique and outline the services you will offer.
Set achievable financial goals and establish how much time per week or month you can dedicate to the work. Also, make sure to include an overview of your marketing strategy and how you intend to reach potential clients.
Identifying Target Clients And Services
It is also important to identify your target clients and the specific services you will offer. Your potential client base could include small business owners or other entrepreneurs who may not have the time or expertise to manage their own financial records.
To attract these clients, you need to differentiate yourself from other bookkeepers by highlighting your unique skills and expertise.
It’s also important to establish clear pricing for your services based on your level of experience and the scope of work involved. This will help ensure that both you and your clients are satisfied with the financial arrangement.
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Building A Professional Online Presence
Building a professional online presence is an essential step for establishing your side hustle. A strong online profile can help potential clients find you and showcase your skills and services.
It’s crucial to create a website that showcases your skills and services professionally. Your website should include relevant information about yourself, including certifications or degrees you hold, experience in the industry, pricing information, client testimonials or reviews if available, and contact information.
Ensuring that your website is mobile-friendly will allow potential clients to access it from any device easily.
Setting Up An Efficient Accounting System
When starting a bookkeeping job, setting up an efficient accounting system is crucial for the successful management of finances.
This includes keeping track of all financial transactions and organizing them properly to create accurate financial statements and reports.
Using bookkeeping software can be immensely helpful in streamlining this process. It’s also important to establish clear invoicing practices that are fair to both the business owner and their clients.
According to labor statistics, professional bookkeepers typically have an associate’s degree or certification in accounting fundamentals, which allows them to expertly set up efficient accounting systems for businesses.
However, even those with zero experience in bookkeeping can learn how to do it through free content online or by taking classes at networking events like Ben Robinson’s speed networking night.
Becoming a Freelance Bookkeeper
You might look at online markets like upwork, fiverr and Freelancer.com to increase your reach.
The fact that there are many opportunities in the online space and that many people are generating a sizable fortune from it every day is no longer breaking news. As a result, if you want to get more out of your side business, you must go in this area.
You already possess the knowledge and resources needed to operate an accounting firm. Just create a seller account on one of the several freelancing sites. Once you’ve registered and made an account, you may advertise your services to attract clients.
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Tips For Growing Your Bookkeeping Side Hustle
Building a strong referral network, establishing fair pricing and invoicing practices, and developing a marketing strategy are essential tips for growing your bookkeeping side hustle.
Building A Strong Referral Network
Building a strong referral network is crucial for anyone starting their bookkeeping side gig. One way to do this is by reaching out to friends, family, and former colleagues who might need your services or know someone who does.
Don’t forget that satisfied clients are one of the best ways to build a strong referral network. By providing excellent service and being reliable, you can turn each client into an advocate for your business.
Word-of-mouth referrals from happy clients can help you attract new customers without spending money on advertising.
Establishing Fair Pricing And Invoicing Practices
It’s important to set fair pricing and invoicing practices when starting a bookkeeping side hustle. Determine your hourly rate based on factors such as experience, certifications, and market demand.
Researching what other bookkeepers in your area charge for similar services can also be helpful.
Invoicing should be clear and concise, with detailed breakdowns of services provided and their corresponding fees. Consistently sending out invoices on time improves cash flow and helps build trust with clients.
Using online invoicing software like Freshbooks streamlines the process and saves time compared to manual invoicing methods.
Developing A Marketing Strategy
To grow your bookkeeping side business, it’s essential to have a marketing strategy that helps you reach potential clients. One of the most effective ways to do this is by building a strong online presence through social media platforms like LinkedIn and Twitter.
Join groups related to small businesses, accounting firms, and finance on these platforms and share informative content that showcases your knowledge and expertise in the field.
Networking events can also be an excellent opportunity for promoting your service business. Attend local business gatherings or join virtual ones where you can meet with other entrepreneurs and make new connections.
Word-of-mouth continues to be one of the most powerful marketing tools out there; building a referral network with satisfied clients can significantly increase your chances of getting new business opportunities.
Conclusion
Starting a bookkeeping business is an excellent way to earn extra income. With the right skills and services, you can make up to $70 per hour working remotely. You don’t necessarily need certification, but it does help to have some experience in accounting fundamentals.
Developing a good business strategy is critical for launching your bookkeeping business, selecting target clients and services, establishing an online presence, and establishing an efficient accounting system.
Participating in networking events or collaborating with other companies might open up more major prospects for possible clients, allowing one to earn money while also providing expert advise on the company’s financial records.
Bookkeeping has proven itself to be one of the most lucrative side hustles around; taking advantage of this opportunity could provide much-needed extra money while performing good steward work in helping people manage their finances successfully.
Before you leave
If you’re tired of scams and want a real solution for making money online check out my no.1 recommendation.
It’s helped me earn over $300,000 in the last 12 months alone:
Go here to see my no.1 recommendation for making money online
(This is a 100% free training)
David Fortune has been the editor NoBSIMReviews.com since 2019. He is an expert at writing content on stock advisory services, side hustles, reviewing online business opportunities and many more topics. You can learn more about David on our about us page.