The Top 20 Benefits of Owning a Bookkeeping Business
Bookkeeping can be the perfect work-from-home job! It doesn't cost much to start, and you can make a lot of money. The best part? You get to decide when you work, allowing you to tailor your schedule to fit your lifestyle. And, if you find good clients, they usually stick with you for a long time. Sounds too good to be true?!
In this article, we’ll discuss my top 20 reasons starting a bookkeeping business could be right for you.
1. Low Start Up Cost
The cost to start a bookkeeping business is much lower compared to other types of businesses. This means, there is little risk to you! When I started my bookkeeping business 9 years ago, it cost me $150. For additional information, check out my video on How Much Does it Cost to Start a Bookkeeping Business.
2. Low Overhead Cost
To start your business, all you need is a QuickBook Online subscription and a computer. As your business grows and you take on more complex clients, you can choose if you want to invest in other services to help your business run more efficiently, such as an online contract software.
3. High Income Potential
There is really no cap on how much money you can earn. Without an income ceiling, you have the potential to earn as much as your skills, efforts, and opportunities allow. Many bookkeepers can start charging $50/hour and build from there. This provides greater financial freedom and the ability to achieve your desired goals.
Interested in calculating how many clients you need to work with to earn the income you desire? Check out this FREE income calculator.
4. Income is Not Capped
When working for a corporate business, there is a limit on how much money you can earn, but when you own your own business, there isn’t a cap. This also provides room for you to explore creative ways to earn more in your bookkeeping business.
5. Clients Stick Around
After hiring your first few clients, you won’t have to be continually marketing. If you are doing a good job, your clients will keep you year after year. Check out my course, Bookkeeper Marketing Coach, for ideas on how to market your business to get more clients or watch my FREE Marketing Masterclass where I explain how I got my first 3 clients (it may surprise you just how simple it was!).
6. Satisfaction in Helping Others
One of the best parts about starting a bookkeeping business is helping others. Bookkeeping is a rewarding career where you are making someone's life better by organizing their finances and helping them put efficient processes in place.
7. Flexible Hours
Flexible hours allow for better work/life balance. You can schedule your day according to what works for you. This is why I became a bookkeeper! When I had my first child, I quit my full-time job and thought I would try bookkeeping for a year or two. It’s now been 10 years, and it gives me the ability to be available for my kids as they grow!
8. Flexible Size
Depending on your season of life and the number of hours you want to work, you can take on more or less clients. As a small business, you are also able to make decisions and implement changes quickly.
9. Flexible Clients
You get to choose who you work with. If you don’t like a client, you can end your contract and go your separate ways.
RELATED VIDEOS: How I got my BEST bookkeeping client and 5 Worst Clients
10. Flexible Location
Work in an office? Work from home? Work on vacation? Work at the gym or maybe the coffee shop? You get to choose and design your life the way you want to live it!
11. Flexible Services
You get to pick what services you provide and can tailor them to meet the specific needs and preferences of each individual client. This level of customization enhances customer satisfaction and provides a more personalized experience. Or maybe you don’t like processing payroll? You can choose to not offer a service as well.
RELATED VIDEO: #1 service to offer as a new bookkeeper
12. Work in Your PJ’s
No need to get dressed up if you are working from home. Starting your own bookkeeping business can be as casual as you want it to be.
13. Be Your Own Boss
As your own boss, you have the freedom to make decisions about your business. You get to choose your work style and career path. You're not bound by someone else's directives, giving you greater control over your professional life. Another huge perk is not having to deal with the frustrations (or drama) of working in a big office setting.
14. Don’t Need a Degree or Certification
In order to start your bookkeeping business, there are no required degrees or certifications. However, I do recommend taking the FREE QuickBooks Online ProAdvisor training and certification in order to make yourself more marketable in the business.
Need some help passing the ProAdvisor test? Check out Fast and Easy QBO with Margie (use “finepoints” for $20 off).
15. Learn on the Job
Bookkeeping is not a regulated field, meaning that anyone can become a bookkeeper as long as they can efficiently use QuickBooks and provide excellent service to their clients. You can either learn as you go, or if you’re looking to invest in an all-in-one bookkeeper training course, my favorite program is Bookkeeper Launch .
This course is VERY thorough and starts at the beginning to teach you all about bookkeeping, debits/credits, accounting rules, etc. They give you a QBO subscription to practice on & hands-on experience. It also goes through how to set up your business and has a very active, helpful community--along with email support for when you get your first clients and run into issues. You can also earn back the tuition fee quickly once you start getting clients.
16. Bookkeepers are in Demand
Over the past 10 years, I have found it quite easy to get and maintain clients. There are always businesses out there looking for a good bookkeeper, but they don’t know where to find one. Check out my marketing playlist if you want to learn more about getting clients.
17. Career Stepping Stone
People start a bookkeeping business for many different reasons. Whether you start it as a side hustle or as a college student wanting to earn a little extra money, being a bookkeeper provides you with experience in finances. This can lead to opportunities to grow your career in other jobs such as a CPA, tax preparer, or CFO. It’s a great low-stakes business that can springboard you into more career options.
RELATED BLOG POST: 6 Simple Steps to Become a Tax Preparer
18. Meet Cool People
Bookkeepers are not just boring number crunchers. Networking on social media or in your local community is a great way to meet other bookkeepers. It’s fun to get to know people who have similar interests as you, and you can learn and grow with them.
19. Don’t Need to be a Math Whiz
The math involved in bookkeeping is minimal; you simply input the numbers, and QBO handles the calculations for you. It’s mainly a lot of organization, so if that’s something you are good at, starting a bookkeeping business could be a good fit.
20. Always Learning
Over the past 10 years as a bookkeeper, I have gained confidence, people skills, self-discipline, and time management. Owning your own bookkeeping business allows opportunities for personal growth, career advancement, enhanced confidence, expanded connections, and so much more!
Let me know what led you to start your own bookkeeping business and what you enjoy most about making this career choice.
