If you are thinking of starting your own bookkeeping business, then you have landed at the right place. Bookkeepers are always in demand, and if you are good with numbers and can organize financial data, this could be the perfect career for you. So, here is the complete information on tips for starting your bookkeeping business with QuickBooks. For more inquiries, contact our Proadvisor at +1-844-405-0904.
A bookkeeping business consists of processing payroll, preparing tax returns for business clients, and tracking income and expenses. Bookkeeping is a great home-based business that requires very little capital to get started.
QuickBooks Online is the bookkeeping software, used by most of virtual bookkeepers across the country. You have to use the online version for starting a bookkeeping business. The following given below steps will help you to start your own bookkeeping business.
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How to Start a Bookkeeping Business with QuickBooks
Here are the simple 9 steps, by which you can start your bookkeeping business with the help of QuickBooks accounting software. Follow all the steps, without skipping a single step;
Step1: Earn your Certifications
QuickBooks is by far the most popular accounting software for small businesses. ProAdvisor certifications are available for both QuickBooks Online and QuickBooks Desktop. You need to know the QuickBooks certification cost. The Online certification is free, but the Desktop certification costs $449 per year and requires the purchase of QuickBooks Desktop Accountant software. By completing self-paced lessons and exams, you can earn your certification.
Step 2: Create a Business Plan
Writing a business plan is the important first step for starting your business. The right business plan can be used to obtain money for the business. It also helps develop focus and improve your vision, the services you will provide, your target clients and competitors, and how you will run your business day-to-day should all be included. It should also include information about your marketing strategy, projected financials, and other pertinent information.
During the business plan writing process, you should consider every aspect of your business, like what products and services you will sell, how to market products and services, and your competitors. The following are the key components of any business plan:
- Marketing Plan
- Competitive analysis
- Startup costs
- Executive summary
- Company Overview
- Cover page
- Financial projections
Step 3: Pricing Strategy
For a successful business plan, you should include prices charged for your services. This could be a little difficult to decide as you don’t want to charge higher or lesser than your value. You can be underselling yourself, you don’t ask for enough which may become difficult to turn into a profit. And if you are overcharging, you could price yourself out of the market. The best way to charge should be on an hourly or project-based fee.
Step 4: Register your Business Name
Registering your business name is important as it identifies you to clients and communicates about your business. Before registering, check for the domain name and email tags, and if they are available are not.
Select a Business Name: Select a business name that conveys precisely what you do. Here are some tips to help you choose your business name.
- It should tell people what you do, if you are focusing your bookkeeping business on a niche, you must include niche in your name.
- Use a term with an established brand.
- Get input from friends and family and put it on social media for suggestions.
- Compare your name to a competitor’s name to see if it stands out enough.
Select a Business Structure: There are four common business structures which are limited liability company (LLC), partnership, corporation, and sole proprietorship.
Step 5: Create your Brand Identity
Creating your brand identity involves your logo consisting of the tone of voice, fonts, colors, and the design templates you use. You can also visualize your ideas with the help of a professional graphic designer. This will all help in communicating who you are and what you stand for.
Step 6: Set Up Business Operations for Your Bookkeeping Business
After organizing your business, you have to set up operations like opening a separate business checking account and getting the right insurance. To make your accounting easier it is important to separate your business operations from your personal finances.
- Hire an answering service
- Set up a business bank account
- Establish a business mailing address
- Get bookkeeper insurance
Step 7: Invest in the Right Systems
You must invest in the right system as technology helps in making your bookkeeping business more smarter and efficient. QuickBooks Online Accountant is an online bookkeeping software, which can help in managing your admin tasks such as client books, invoicing, and easing your client relationship. Your own business landline, video call accounts, mobile, and good wifi are also important factors.
Step 8: Fund Your Bookkeeping Business
After completing your business plan, you will know the estimated startup costs. Apply for the business card great financial tool to help you with cash flow or necessary expenses in your business. It can also be a great way to track your business expenses easily.
Step 9: Start Marketing Yourself
Create an engaging and easy-to-use website for marketing your bookkeeping business. Also, create Facebook and LinkedIn pages and keep them active. To raise awareness and drive traffic to your site, use pay-per-click (PPC) advertising.
Above, we have provided a step-by-step guide for starting a bookkeeping business with QuickBooks. Here you have learned about setting up a strategic plan, creating your offering, picking the right technology, marketing your bookkeeping services, and many more. If you still have any questions regarding starting your business with QuickBooks, you can call +1-844-405-0904 for help.
What activities are important in Bookkeeping?
In the Bookkeeping process, there are some most important steps that are included.
- Analyze and categorized all the financial transactions and put them into the appropriate account that includes expenses and income.
- Writing all the journal entries that are credit and debit in the accounting software or the facility given by the organization.
- Enter transactions into ledger accounts and record all the cash flow data.
- Making all the adjustments at the end of every accounting period.
How many clients can be handled by one bookkeeper?
If you are a professional bookkeeper then you can handle 25 to 30 clients on your own. But if you have more than 30 clients or exceed 45 clients then you’ll need a helping hand so you will have to hire employees to maintain the data of clients. It helps to grow your bookkeeping business and generate more revenue as well as get more clients with happy customers.
How a bookkeeper can get their clients?
If you are a Professional bookkeeper or want to make your carrier in Bookkeeping then you need to do some given points that help you in getting clients.
- First of all, write a professional blog that helps to attract clients.
- Use references from other professionals that help in making new contacts.
- Share your testimonials that s helps in maintaining a belief in the mind of potential customers.
- For making your presence in the corporate, be a guest speaker that helps to build a relationship with the corporates.
- Make your presence on social media platforms.
- Keep updating your knowledge and learn the new tools that help to crack the counter questions of new clients.
Is there any difference between a Bookkeeper and an Accountant?
Yes, the Bookkeeper is different from the Accountant in many ways. Accountants need a degree and a license from a CPA (certified public accountant) they can file tax returns and can do audit financial statements. But bookkeepers are only certified in various financial platforms, they can’t prepare tax returns and do audits.