subject: How to Start a Bookkeeping Business [print this page] How to Start a Bookkeeping Business How to Start a Bookkeeping Business
A bookkeeping business can be one of the simplest home businesses to get started. If you already have good bookkeeping skills or you are an accountant, then you already have the tools that are necessary to operate a bookkeeping business. If you do not possess these skills, you can certainly learn them. All it takes is a bit of time and perseverance to acquire the knowledge, and then you'll be ready to get started.
Proper Training
Successful bookkeepers are good with a variety of general accounting practices including accounts payable, accounts receivable, payroll, and general ledgers. If you have no idea what any of those things are, then you will need to start your training from the beginning.
Essentially, general accounting skills require you to have the knowledge to perform some basic functions that are involved in operating most any type of business. Accounts payable is a function which allows you to keep track of the bills you have to pay (whether long-term debts or short-term). Accounts receivable is a function which allows you to keep track of the money that customers or clients owe to you (or more specifically, your business).
Payroll, is of course, pretty self-explanatory, and general ledger functions are those which track the primary accounting records of a business, including current and fixed assets, liabilities, expense and revenue items, and gains and losses.
To be successful with operating a bookkeeping business, you will need to ensure that your basic accounting skills are good enough to provide your clients with quality service; otherwise, you won't keep any of your clients for very long. If you make sure that your accounting skills are up to par before you open for business, you will have a much greater chance of success.
What you need to get started
If you are planning to work out of your home, all you really need is a good, reliable computer with plenty of memory and an excellent bookkeeping software system. Ideally, you will also want to have a dedicated office space for your business so that you can keep all of your business files and other related information in one central location. If you plan to have clients come to your home to meet with you, then you will need to have one room in your house that is your designated office. This is absolutely essential to running a successful home-based business simply because you want to project a professional image to your clients. If potential clients visit you and they get the impression that you are unorganized or unprofessional, they will not be likely to hire you to oversee the bookkeeping for their business.
You should also plan to have some business cards made up, and try to figure out ways to advertise that won't break the bank. In the beginning, the most important thing you can do is let people know about your business through word of mouth. Even if you only get a couple of small jobs over the first few months that you are in business, you can use those clients as references, assuming that you do a great job for them. Creating a list of clients who are willing to vouch for your services is an excellent way to build your business, but this does take some time to accomplish, so be patient.
You might also want to invest in creating a website for your business. While this also might take several months for you to notice an increase in the amount of interest in your business, it may be well
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