Start a bookkeeping business

how to start a bookkeeping business

Any person who provides bookkeeping services must ensure their complicity with these regulations. You will need to be monitored by an HM Treasury appointed supervisory authority, such as the Institute of Certified Bookkeepers . Your business must also put controls into place to help you identify and prevent money laundering. You will need to choose where to charge an hourly rate or a monthly fixed rate. In both cases, being aware of how much work the client requires and how long it is likely to take is key.

Ensure all equipment is set up and used in accordance with the manufacturers’ instructions and that safety standards are being met. This includes your office furniture, which should be safe and supportive to prevent injuries and strain. You should also ensure electronic items, plugs and chargers comply with all electrical safety regulations. Many of the programmes, software and other subscriptions your business will require will have a monthly or annual subscription fee you will be expected to pay. Depending on which subscriptions you require and the specifications of the ones you choose, expect to pay a minimum of £40 per month, although this could rise as high as £200 per month. Rather than dealing with paper receipts or clients that can’t find physical copies, digital receipts allow you to keep electronic copies and store them safely.

Who requires Bookkeeping?

As an entry level to becoming an accountant, it provides some exemptions from the other more formal routes such as CIMA, ACCA and ICAEW. The AAT Accounting Qualification divides into three levels, Foundation / Certificate, Intermediate / Advanced Certificate and Technician / Diploma. The history of bookkeeping comes from the term “bookkeeper” who is generally a person who retail accounting keeps the “books” for an organisation or business. There are many more ways to promote yourself and your business, but follow the above as a starter and you should have no problem getting your business started and growing it rapidly. If you get an appointment to visit a client, always dress smartly. They are trusting you with a very sensitive part of their business.

  • Keep these in mind when you’re faced with decisions like taking on an extra client, increasing your fees, or hiring your first employee.
  • This bookkeeping business course pathway includes one-to-one mentoring support.
  • When looking for a business bank or credit card account shop around for the best deal.
  • All you need to say is that you are a local bookkeeping service, fully accredited and qualified and charge the best rates, come and see me afterwards.
  • – One of the hardest areas to price is clean-up work – sorting out the mess before you can take over the bookkeeping.
  • Flourish with accounting software support and practice advice that’s unrivalled in the industry.

No matter the reason, running your own bookkeeping practice can be extremely fulfilling. – Here I will share with you a proven 7-step formula you can follow to get a better price every time. Research shows that very soon 95% of what bookkeepers do will be automated.

Start Up Cost:

Now that you know who you want to work with and are ready to go, it’s time to start attracting some clients. Central to this will be your online presence – remember, with the right accounting software, you can work with clients anywhere in the world, so a solid online profile is vital. As well as considering your local competition, you will also need to consider bookkeeping businesses that operate remotely.

how to start a bookkeeping business

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