How to Start & Manage a Bookkeeping Service Business
A bookkeeping service business is a good choice for an entrepreneur looking for a home-based business who is good with numbers and enjoys keeping them balanced. Start-up costs are low and you can begin working part time to build a big enough clientele to leave your day job.
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Instructions
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Prepare for work by purchasing office supplies, filing cabinets and bookkeeping software. Figure out how much to charge for your services based on the costs of supplies, your time, taxes, insurance and marketing expenses. Call around to get some quotes from other professional bookkeepers in the area.
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Charge by the hour at first to find out what kinds of accounts you end up attracting. Bookkeepers typically charge between $20 and $50 an hour. Many customers prefer to pay a flat monthly rate for their bookkeeping services, which could range from $200 to $300 a month, depending on the amount of work.
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Develop meticulous habits that result in timely and accurate reports for your clients. Businesses rely on bookkeepers for important documents such as invoices for expenses and sales as well as profit statements. The IRS requires most of these reports, so businesses owners need a bookkeeper they can trust.
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Network with business owners to grow your business through local organizations and trade groups such as the Chamber of Commerce or Business Networking International (BNI). Invest in professional cards and brochures to hand to every prospect. Work on volunteer boards to develop business contacts and call on new businesses when they open.
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Consider other services that you can offer clients to increase your revenue while giving customers fewer reasons to shop around. Many bookkeepers become tax preparers and bill collectors. Take classes from a site such as Home Tax Business.com and earn a Professional Tax Preparer (PTP) designation.
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Tips & Warnings
Offer pick-up services to save your clients time. Arrange to stop by the company once a week to pick up any paper receipts or other documents that were not sent to you online. You can charge for travel time and gasoline, and you also get an opportunity to get out of the office and build a tighter relationship with clients.
Call part-time bookkeepers who may work on the side for extra income when pricing the competition. These bookkeepers often charge less than those who make a living in the industry, yet they often influence the prices clients are willing to pay.
