Thinking of starting a bookkeeping company

 

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Thinking of starting a bookkeeping company

Thinking of starting a remote bookkeeping company, and wondering if there is a market for it. I’m far from starting it, but say if I charged monthly prices that were fairly cheap compared to other bookkeeping companies, and could provide financial statements and projections as needed or periodically. Maybe for companies that are not to the point where they need to pay for an accountant, but also want basic bookkeeping functions.

Just wondering if this business would applicable to any of your businesses, and any suggestions.

Thinking of starting a bookkeeping company

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9 Replies to “Thinking of starting a bookkeeping company”

  1. Know the value of your time. If you don’t value it enough to charge market rates, your clients won’t value it as much either.

  2. Contact accountants (e.g. CPAs) and sell your services to them. They usually use a 3rd party for these tasks, or a software like intuit.

  3. There is always opportunity when value can be created. Find a niche and determine how many clients you would need to achieve your goals. If you go too broad you will be competing with companies (e.g. bench.co) that have advantages over what you can offer.

  4. I think it’s a good idea. My accountant is ~30 minutes away and we’ve never actually met in person. I’d definitely be open to a remote bookkeeper.

  5. Freelancers often use smaller one-man accounting companies, so I’m sure there’s a market for this.

  6. We have used remote bookkeepers for our last few businesses, bookkeepers were mainly in phillipines. It’s great, I’ve seen one startups like bench even have a package for startups. I think this is pretty common need for most startups or small companies as full time bookkeeper is very expensive. So initial problem is bootstrapping customers, you can do places like Upwork but margins will be low, but you can build a customer base. Do you have any strategies for acquiring customers?

  7. Only issue is that bookkeeping is becoming easier and easier for small businesses and there are already a thousand Indians/Filipinos offering the same service for a fraction of the cost – I don’t see how you can really compete on price so you have to compete on value.

    The real value of accounting will be consulting, Are you a qualified accountant? Can you give tax advice and consult?

    This is coming from someone who left the accounting industry

  8. Lots and lots of companies doing this; some good and some bad.

    Look at QuickBooks’ ProAdvisor program – lots of good opportunities and exposure comes from being a ProAdvisor.

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