Over the years the demand for bookkeeping services has witnessed a steady increase. In 2022, the Bookkeeping services industry was estimated to be worth about $65 billion, with an annual growth of 2% between 2017 to 2022. To learn more about our bookkeeping courses and gain the knowledge and confidence needed to launch your bookkeeping business, visit Universal Accounting School today.

To stand out from the competition, focus on what makes your business unique—whether it’s affordable pricing, industry expertise, or top-notch service. Tracking your marketing efforts and refining your strategy will help ensure long-term success. Ready to take the first steps to start your own bookkeeping business? For example, you might build an Instagram presence if you want to specialize in helping solopreneurs and online coaches.

Some small businesses choose to do their own bookkeeping to save on costs, while others prefer to hire bookkeeping professionals. A virtual bookkeeper helps companies stay on financial track, understand their bigger financial picture, and decide where to spend money. A virtual bookkeeping firm can’t rely on signs outside an office building to advertise itself. The tricky aspect of this type of pricing is that it’s easy for the scope to expand. You need an engagement letter with your clients that clearly states any request outside the scope of your work comes at an additional cost. Starting up a virtual business doesn’t require ordering a bunch of office start bookkeeping business supplies.

Here are steps you should take in creating your offering:

• Virtual bookkeeping is becoming increasingly popular due to advances in technology.
• These services are often billed as either a flat rate or hourly fee based on the services needed.
• In many cases, registering your business is as easy as simply registering your business name.
• The EIN identifies your business and is separate from your social security number (SSN).
• Lessons learned on how top firms grow fast, build stronger teams, and increase profit while working less.

When in doubt, please consult your lawyer tax, or compliance professional for counsel. This article and related content is provided on an” as is” basis. Sage makes no representations or warranties of any kind, express or implied, about the completeness or accuracy of this article and related content. Setting up your own bookkeeping business can be very rewarding, not only financially but as a lifestyle choice. All these considerations are part of the bigger picture of your bookkeeping business plan. Thinking about starting a business or already putting your ideas into action?

• This is a necessary document if you think you might seek financing from a bank or other investors.
• Many virtual bookkeepers start with zero experience and continue to earn up to $80/hr and more.
• Bookkeepers also prepare VAT returns and can offer Self Assessment tax returns and payroll duties.
• You may also look to become a limited liability company and potentially even office space at the time you hire on employees, so bear those regulations and costs in mind as well.
• Whether you’re looking to escape the 9-to-5, start a flexible side hustle, or build a full-time business from home, bookkeeping can offer you both freedom and stability.

As you start your bookkeeping business, you’ll likely discover that each client has slightly different needs, which is why understanding the core responsibilities is so important. Your brand is more than just a name and a logo; it’s the essence of your business. Take the time to envision what you want your bookkeeping business to represent. We’ve created this ultimate checklist to assist you with starting a bookkeeping business from start to finish.

Understand the Value You Provide

The goal should be an easy-to-follow site that highlights your experience and what bookkeeping services you offer. Alright, we know you may be a little tired — but we promise you can get started on your virtual bookkeeping practice in eight steps. One of the biggest benefits of virtual bookkeeping is helping companies save a ton of time and money versus hiring an in-house bookkeeper.

We put together the top solutions you need after working with thousands of bookkeeping firms. Hopefully, by now you should have some good ideas for how to market your firm and find new clients. You can also build new connection by attending industry events and joining local business associations to network and build relationships.

QuickBooks Online Accountant is built specifically for bookkeeping professionals, making it easier to manage clients, automate tasks, and stay organized. Bookkeeping rates can vary widely depending on experience, industry focus, and the complexity of services provided. Also known as professional liability insurance, E&O insurance is arguably the most important coverage for bookkeepers. It protects you if a client claims you made a mistake, left something out, or caused financial loss. If you’re sued, E&O insurance can cover legal fees and settlements. A sole proprietorship is the simplest and most affordable structure for bookkeepers starting out on their own.

Attract Prospective Clients with Clear Options

Deciding what to charge your clients is often a difficult process. You will want to do your research before pricing your services, and you will also want to maintain some level of flexibility to adjust your rates in the future. For instance, both the American Institute of Professional Bookkeepers (AIPB) and the National Association of Certified Public Bookkeepers (NACPB) offer certification programs. Leverage online platforms like social media, your website, and email marketing to reach a wider audience and showcase your expertise. Digital marketing is an ongoing process, so be consistent and keep building your online presence. A customer relationship management (CRM) system helps you keep track of client information, communication, and project timelines, ensuring efficient service delivery.