To start a bookkeeping business is not difficult as bookkeeping can be quite simple depending on what your client requires. To ensure that your future in the bookkeeping is rewarding it is essential that you provide strictly ethical practice and you may have to stipulate to your clientele that you must follow all relevant legislation. You will have to decide as to whether you will operate from your home or an office. The advantages to operating from home is greatly reduced expenses whereas an office may make your clients more comfortable, that is something that you will have to weigh.
Bookkeeping can also be accounting and it may be that you will have to avail yourself of some of the many accounting courses available in order to do more advanced accounting for your clients. It may be that you can learn to use some of the more advanced accounting programs and thereby be able to do the books and statements required. Accountants may well want to refer some of their bookkeeping work to you and if you are properly equipped you may attract a lot of excellent business from professional accounting firms.
Daily Routine for your Business
- Marketing with flyers and business cards.
- Review appointments.
- Review government reports due for each client.
- Prepare remittances if required.
- Analyse payables and receivables for clients.
- Issue whatever reports are required for each client.
- Visit clients and complete appointments.
- The actual bookkeeping work.
Equipment and Other Items Needed
These are essential to your business and well worth the time and energy required to complete them.
- Business Plan
- Marketing Plan
- Bookkeeping System
- Appropriate Licensing
- Tax Department Licensing.
- Flyers and Business Cards
Specific to this business:
- Website for marketing
- Bookeeping software and computer
- Software for reporting to clients and maintaining control for government reports
- Tax filing software for companies and individuals
Potential Customers to Start a Bookkeeping Business
Who is Your Customer
What your customer, specific to this business needs:
Many people are not able to cope with doing bookkeeping, many people have no interest in book keeping and many other people do not have time to do their books. What they want is, a service that will look after their interests in a timely manner and do it conscientiously and honestly so that they do not have disagreements with the tax department in future. They want their statements prepared in a competent manner and they want the reports promptly. It is essential that you are organized so that you can deliver what the customer requires.
Sources of Business
Some Suggested Markets for your business:
Word of mouth is going to bring you personal bookkeeping and tax returns. Flyers and business cards presented to every person you deal with.
You will want to visit the following on a regular basis to find clients:
- Small Industrial Malls
- Office buildings
- Retail Plazas
Sources of Financing
It may well be that your small business is going to need more financial resources than you have at this time and that you are going to require outside financing. You also may want to lease equipment or to factor your accounts receivable. You may want to learn about small business loans or you may wish to find suitable business credit cards.