March 5, 2009

Bookkeeping Services For Home Businesses

By IdeaMan21

Welcome back! Great to See You Again!

With the job market being what it may and more and more people being forced to find a new way to make a living people are flocking to start their own businesses, and a high majority of these are home businesses. One thing most of these people need is help with their bookkeeping, so I suggest if you are mathematically inclined to start your own home business doing bookkeeping for the flood of new entrepreneurs.

To be a bookkeeper your primary responsibility is to keep financial records and to do simple single entry ledger accounting records. Your clients usually just give you receipts and invoices that you post to an accounting program. If you have even elementary accounting experience this is an easy profession to get into. If you are more inclined you can even offer tax preparation and other services to increase your value. Currently many self-employed bookkeepers are earning between $25 and $40 an hour, depending on the location and how much they do for their clients.

One good thing is that the Occupational Outlook Handbook published by the U.S. Bureau of Labor Statistics says the bookkeeping profession and services industry are expected to grow by 12% through 2016. Go to the Occupational Outlook Handbook site.

No formal education or training is necessary, although certification from the American Institute of Professional Bookkeepers couldn’t hurt. The median wage for bookkeepers is around $31,000, but it is not unheard of for determined self-starters who network, advertise and do good work in a bookkeeping services business to earn six figures, making this among the more potentially lucrative business ideas for home.

Pros of a Bookkeeping Services Home Business

Many entrepreneurs aren’t good at handling their money — that’s where you come in.
It’s a welcoming profession because by handling the bookkeeping you are relieving a client of perceived drudgery.
Bookkeeping services can be a true at-home business.

Cons of a Bookkeeping Services Home Business

The occasional slippery client may ask bookkeepers to omit certain transactions that come to your attention. You will not last long in the bookkeeping business if you skirt the law, experts say.
Family demands at home could be distracting.

What You Need to Get Started in a Bookkeeping Services Home Business

A love of numbers, meticulousness and honesty along with basic bookkeeping practices.
Ability to network and drum up business.
Membership with your local chamber of commerce – highly recommended as a source for new business and for projecting a professional reputation.
Business cards and a website, along with testimonials and references from satisfied customers (you can’t show a portfolio of your ledger work)
A computer with the necessary spreadsheet and accounting software to handle the tasks you want to offer.

Bookkeeper — Real-Life Example Business Ideas for Home:

Former controller Steven R. Hinds writes in the American Institute of Professional Bookkeepers newsletter that he began his own business by charging just $10 an hour for bookkeeping and tax preparation. After gaining 10 clients in the first six months, he now earns between $25 and $200 an hour, boasting more than 100 clients. That nets him $150,000 a year.

Feed Shark
home business
bookkeeping
second income
business opportunity
make money at home
Turbo Tagger