Starting a Bookkeeping Business

If you’re a bookkeeper or have financial qualifications what about running your own bookkeeping business ?

You need some background in finance if you’re thinking of starting a bookkeeping business but there is no requirement for formal qualifications. If you have none then you can get qualified from the Institute of bookkeepers or standard accounting qualifications.

With most businesses you’ll need customers and marketing is key. It’s generally smaller business owners that retain the services of a bookkeeper and the work will be varied as you’ll get all the small sole traders such as electricians and plumbers and small family run companies.

Generally it’ll be work in updating sales and purchase ledgers with invoices from customers and suppliers and reconciling this with the bank account statements on a regular, perhaps monthly basis.

Once you have a few customers your business should grow by word of mouth as companies need someone reliable, trustworthy and keeps records in complete confidence. Sometimes you may have to deal with HMRC for tax and employee issues but most cases are fairly straight forward.

So if you have a background in finance or are at home with “numbers” then starting a bookkeeping business may be an opportunity for you to earn extra money or as a full time career.

Posted in Business Ideas | 8 Comments »

8 Comments - have your say

1. Sylvia Jaumann Says:

   I’ve been doing this for many years and have found that once I got a few clients going, the “word of mouth” spread fast.

   Also, I made sure I let everyone I spoke to know that I had a bookkeeping business. Someone always seems to know someone else who is looking for a bookkeeper because it’s so hard to find competent bookkeepers (apparently).

2. Gary Says:

   I personally think that the key to starting a bookkeeping business is how to secure your first few clients.

   That’s why the first thing you need to do to open your own bookkeeping business is to find your first client.

   I believe the rest of the things such as getting ready your basic tools are of secondary importance. Just my two cents.

3. Henry Says:

   Hi,

   I am with the ICB (Institute of Certified Bookkeepers) and they have been very helpful.

   If you are in the UK you need a licence before you can work now.

4. David Morson Says:

   One of my friends is doing job as an accountant in an organization for many years. I will persuade him to read this post to have some better choice of his source of income. I am sure that he would have never thought of such an idea before.

5. Beverley Hall Says:

   In my experience I think that if you are considering being a freelance bookkeeper it would be wise to work for a small accountancy firm first. These small practices get all the horrible bookkeeping jobs from businesses that are out of control and have lost paperwork. Once you have dealt with these you will have the confidence to face any problem head on.

   Thanks

   Bev

6. Richard Says:

   Starting a bookkeeping business is certainly a genuine business that could see the bookkeeper working with a portfolio of businesses. Rates of pay vary widely, some companies pay only very basic rates others more attractive. Don’t have anyone tell you the clients will come running to you once you’ve set up, it takes time and effort, and money is needed to network and market your business, but I agree once you have clients then word of mouth should kick in if your work is good and then you should get more clients.

7. Bookkeeping Services Says:

   I think if starting as a freelance bookkeeper you do need to be aware that getting clients takes time. It would be best to start doing freelance bookkeeping perhaps as well as your full-time job to start with and then as you do expand your portfolio you can then consider doing it full-time.
   Getting clients is always the tricky part and you will need to do marketing and advertise. Once you are more established, that’s when the referralls will come……

8. Beverley Hall Says:

   Hi Again,

   Since writing last I have filled my client books to capacity, which I’m guessing is normal for all eventually. To cater with the continual calls from new clients I have built a directory for bookkeepers, which I’m hoping will act as an overflow for my excess, but also allow other bookkeepers to promote themselves and network etc.

   Anyone reading this article is welcome to contact me about a link on the site – http://www.webookkeepers.co.uk – I hope it can keep us all in work for the years ahead.

   All the best

   Bev

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