Small business owners, in particular, use bookkeeping services to keep up with
the ever-changing tax laws and the constant flow of bookkeeping details for which
they don’t have time.
Clients need help with such tasks as making deposits; recon-
ciling bank statements; preparing financial reports; and handling payroll, billing,
and accounts payable and receivable, to name a few. What’s the difference between
bookkeeping and accounting?
Bookkeepers are the record keepers; an accountant’s
job is to analyze and audit the records. If you have a clear, logical mind and com-
mon sense, this may be a great business for you. It is recession-proof, essential
work that can be challenging and fun.
What You Need
The required computer and office equipment can be acquired for as little as $2,000.
Add another $500 or so for your first six months of advertising or the design and
hosting of your own Web site, and you’ll be all set. You might consider joining
business owners’ associations or your local Chamber of Commerce to generate
business. Charges for your services will vary according to the extent of the project,
but the average fees are $25–$35 per hour.
Keys to Success
This work gives you a great opportunity to learn more about the business world
and about specific fields of business. The work requires close attention to each
detail and necessitates your staying current about tax-law changes relating to
payroll and record keeping.
Mistakes may cause problems for your client with the
government. Clients may also blame you for mistakes that they made. If you like
numbers and enjoy working independently to solve problems, bookkeeping may
be a great career for you.
Start-up cost: $2,000–$9,000
Potential earnings: $20,000–$50,000
Typical fees: $25–$35 per hour; more for financial statements and other
tasks; flat monthly fees rather than hourly for some clients
Advertising: Ads in Yellow Pages and trade publications, networking
with CPAs, referrals, Web site with client testimonials and
perhaps some simple record-keeping tips
Qualifications: Knowledge of basic bookkeeping principles, some legal
and tax knowledge, ability to use a computer, accounting/
spreadsheet software, good eye for detail, honesty, good
communications skills
Equipment needed: Computer with Internet access, basic office equipment, a
financial calculator and accounting software.
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