How to make money bookkeeping is a huge subject for a short article. There’s many different aspects to making money as a bookkeeper.
Often the fundamentals are overlooked, so here’s 9 simple ways you can use immediately to help you make money bookkeeping.
Some people do really well bookkeeping
It’s just like any business. Some people do really well bookkeeping, others make an “average” living, and some never truly get started with their bookkeeping business.
So what’s the difference?
You can be the best bookkeeper in the whole wide world, but if you can’t find bookkeeping clients, your business is going nowhere. You can be the best marketer in the whole world, and find a city full of bookkeeping clients, but if you’re a lousy bookkeeper, you’ll not have much of a business in a few months time.
Discover how you can Multiply Your Bookkeeping Profits In 90 Days and fast track your bookkeeping career NOW. Successful bookkeepers are great at what they do, and are good enough at marketing to always have enough clients to fill their diary.
Bookkeeping Time And Money
Being a great bookkeeper and having a truckload of clients doesn’t always mean you will make any money bookkeeping.
You could be head down bum up flat out like a lizard drinking – but if you’re undercharging for your services you are heading for destruction. It’s like any business. You get ahead by making more money than you’re spending.
Everyone has different priorities. Everyone has different reasons for starting a bookkeeping business. There’s no “one size fits all solution” to Bookkeeping Outsourcing Services. But there is a stack of “Basics” folks can follow to make money bookkeeping.
1. Keep Books For Your Own Business:
You’re a great bookkeeper, so your books should be thorough and upto date. It’s crazy. Some bookkeepers don’t run a set of books for their own business!
Do you know how much it costs to run your household every hour of everyday? If you don’t, then how can you possibly determine whether you’re making a profit or a loss running your business?
We’ve seen bookkeepers issue invoices using Word documents or Excel spreadsheets, telling us their Bookkeeping Business “isn’t big enough to be use any accounting software”
Really? At what stage does your bookkeeping business become big enough?
It’s like the lead guitarist of a band saying he doesn’t need to practice his guitar until the band reaches world wide recognition. It ain’t gunna happen
2. Generate more money than you spend:
Without knowing where or how much you’re spending, how can you expect to become wealthy? As a bookkeeper, how hard would it be for you to start a monthly budget?
“But I’m just starting out, so I don’t know how much I’ll be earning!”
We used a spreadsheet to record every dollar we spent. How you decide to allocate the monies is your choice. We have headings such as phone, fuel, car, food, entertainment, gifts, personal care, hair cuts, medical, vitamins etc. We make cash purchases wherever possible, asking for receipts for everything, or recording all our cash expenses.
You can use your phone or in a notebook. You’ll be amazed to see where all your money has gone each month. After a few months you’ll have a better idea of your budget, and start moving forwards instead of backwards.
3.Always Be Marketing Your Bookkeeping Business:
You’ll most likely kick off your business spending 90% of your time marketing, and 10% bookkeeping. As your client base grows, more time is spent bookkeeping, to a maximum of 80%. You should always be marketing your business.
4. A Job Or A Business:
How you establish your bookkeeping business will determine the future of your business. Are you creating a job, where you can’t take time off without affecting your cashflow? Or are you establishing a business that you can walk away from and still get paid?
5. Set Boundaries:
Easier said than done. It’s your business and you are the boss. Not your clients. Make allowances for family emergencies, and keep reminding yourself why you set up your bookkeeping business.
6. Pay yourself first:
“A labourer is worthy of his/her reward.” Many self-employed people forget to pay themselves. You look back at the end of the week or month having busted a gut, and forget to reward yourself.
Rewarding yourself for your hardwork is important psychologically, plus you/ii feel so much better about your business.
7. Be ruthless with your time keeping:
Many busy work at home mums are already very good time-keepers. Keep a time sheet, keep records, review your progress. Monitor the time you spend on your clients.
8. Send Out Invoices:
We’ve been slack in the past, being so focused on completing the clients work, and rushing into start the next client, that we’ve been slow on the billing.
Not only does that stuff up your cash flow, but it also creates a situation where your client is suddenly faced with huge bills at the end of a quarter.
9. Choose your Bookkeeping clients carefully:
Not every prospect is a client. At first we took on everyone and anyone. Not a smart move. Some clients ended up costing us in time, effort and stress. It wasn’t worth it, so we fired them.
Hire a Virtual Bookkeeper
If you are looking for professional bookkeepers for hire, Account Consultant can become your one-stop destination for all your online accounting and bookkeeping requirements. Our Xero bookkeepers are very trained and having a great expertise in keeping track of sales, purchases, payments, receipts and more. They also review internal business processes as well as determine better designs to make the processes much more streamlined.
When you Hire a Bookkeeper can help most of them have saved up to forty percent of their working capital in comparison to handling everything online.
Are you looking for a Bookkeeping Outsourcing Services? Contact Us trustworthy outsourcing solutions for your business.