10 Bookkeeping Rules That Changed My Business
In the 10 years I have owned a bookkeeping business, I have learned a few things.
In this article, I will share with you why it's key to not wait and just get your business started. We’ll talk about why I believe it is important to surround yourself with good influences, and I will explain why you should simplify everything--your clients, your bookkeeping services, and your processes.
Throughout the article I will also share bookkeeper "rules” having to do with motivation, making money, comparison, and more.
Watch the video here, or keep reading!
#1 - Surround Yourself with Good Influences
First, I have found that you truly can be influenced by the people around you. Not only by the physical people around you, but also by books you read, YouTubers you watch, or people in your online network.
As a bookkeeper, I encourage you to join a networking group, or if you take a training course, to participate in the chat sessions. If you are looking for a course with a helpful community, I recommend Bookkeeper Launch . Be sure to engage with all of the social aspects of the training that are easy to skip over.
In addition, surround yourself with the type of people you want to be like. A couple of my good friends started businesses before I did, and that allowed me to see that I could do it too. When I get together with my college friends, I like to hear about the new ventures they are involved in. These are the types of people I want to be with and be like.
#2 - The Time Will Pass Anyway
When I was first trying to figure out if I wanted to start my bookkeeping business or if I should start my YouTube channel, it seemed like a daunting task.
However, when I sat down and analyzed my time as a new mom, I realized I had a lot of wasted time throughout my day. I was either watching too much TV and YouTube or consuming media that was not productive.
I received the following advice from the Minimal Mom, and it really stuck with me. Her video, “10 Reasons to Live By,” inspired me to write this article.
Whether you start your bookkeeping business now, or you wait another two years, the time is going to pass anyway. Think about how much further you could be in those two years if you just start now.
#3 - Simplify
Simplifying goes along with the minimal theme. The main concept is to get really good at one thing and do it really well. If you’re trying to be everything to everybody, oftentimes you’re not really serving your clients the best you can. Try to focus on one or two services and become an expert in this area.
Maybe you are the bookkeeping business that is known for clean-ups, or maybe you are known for serving a certain type of client. Knowing that you are serving your clients well is more enjoyable and efficient.
You can also check out my video where I explain how to simplify your bookkeeping business.
#4 - Work Smarter Not Harder
Utilizing technology, as a bookkeeper, can make your job easier. Technology eliminates most of the boring busy work.
For example, in QuickBooks Online you can create a rule to always categorize a transaction the same way. You can also upload spreadsheets with the information you need, instead of entering everything manually.
Anytime I can create systems and processes in my bookkeeping business to run more efficiently, I make sure to take the time to do so.
#5 - Do What You Want
The longer I have been in bookkeeping, the better I have gotten at saying no and setting boundaries. In terms of clients, I don’t put up with toxic clients that I don’t want to work with. I also don’t work with clients that are too small or too complex.
Another great thing about owning your own bookkeeping business is you get to choose what type of bookkeeping services you want to offer your clients and what services you don’t want to offer.
For me, I have chosen not to do taxes, and I don’t do any kind of manual payroll in Quickbooks. These services are not enjoyable for me, so therefore, I chose not to offer them to my clients.
#6 - If It Were Easy, Everyone Would Do It
Bookkeeping is not a get rich quick scheme. It’s not meant to be a career where you quickly and easily make a bunch of money. Bookkeeping is a skill you must hone in and work through some obstacles. However, once you get through those hurdles, it’s 100% worth it.
Owning your own bookkeeping business provides flexibility and a good amount of earning potential. But again, if it was super simple, with no hardships, then everyone would be doing it.
RELATED VIDEO: Hardships in my bookkeeping business
#7 - Pay Yourself First
In the back of my mind, I always make sure my business is profitable. It’s common for small business owners to get stressed because they don’t have a system for their finances. If I am spending a ton of time on a client and their monthly rate is low, then I know this is not profitable for me.
When you first start your bookkeeping business you may feel like you are spending a long time on tasks because you are still learning. However, at some point you want to make sure that you are being efficient and earning the good income that you set out to earn. So pay yourself first!
#8 - Don’t Wait for Motivation (Just Get Started!)
Matt D’Avella talks about motivation as fleeting. He calls it a feeling and describes it in terms of working out. He doesn’t always want to work out, but he has a system in place where he never skips 2 days in a row.
It’s the same idea in bookkeeping. You may never feel motivated or completely ready, but get those wheels turning and start before you’re ready.
FREE DOWNLOAD - Start a Bookkeeping Business Checklist
#9 - Don’t Compare
Don’t compare yourself to other bookkeepers who are further along in their career. I know it can be overwhelming if you are in a forum and see people talking about complex issues that you know nothing about. And you question yourself, “Should I know this?”
In contrary, a healthy outlook is considering where you are now compared to where you started. The complex issue you read about can be a goal for you to achieve in the future.
Approach any comparison with grace and a feeling of curiosity. Don’t let it overwhelm or freeze you, and don’t get caught up in seeing where other bookkeepers are at in their business.
#10 - Give Back
I hear a lot of bookkeepers, myself included, that got into bookkeeping in order to help others. Volunteering for a non-profit or joining a board as their treasurer are great ways for bookkeepers to give back.
I’m trying to build this into my business structure as much as possible. It’s good to find a balance. You want to make sure that you are profitable and not being taken advantage of, but it does feel good to be able to give back. When you enroll in either of my courses, Bookkeeper Business Coach or Bookkeeper Marketing Coach, $25 of each purchase goes toward providing entrepreneurs overseas with a business loan.
So I encourage you, once your business is up and running, find a way that you can give back!
These are the 10 rules that redefined my bookkeeping business. I would love to hear what business rules you have found to be helpful in your bookkeeping business.
