Isn’t it shocking that freelance bookkeeping has 11% growth every year? The technological shift is changing the business world upside down. And it’s for your advantage if you make yourself a spot in the bandwagon.
While there are different types of freelance jobs, only a few beats freelance bookkeeping, why? Only a few people know that it exists. The back office task can now be given to freelance contractors, thanks to cloud-based technology.
1] What is this Money-maker, and what does it entail?
Most of the business owners are busy and don’t have the time to record and classify their financial transactions. If they have to, then they must hire someone to set up an accounting system and an additional accountant to record the transactions.
This sounds like a lot of work for them and they would not mind hiring someone to do the job. Here is where you come in as a virtual bookkeeper. First, you don’t have to be at the offices every day by 8:00 am. You work remotely from the comfort of your home.
You don’t give your client the headaches of having to look for an extra working space, and you don’t get those side-eyes when working. What you need is extensive knowledge of bookkeeping, a laptop, and an internet connection.
Plus, you set your schedule, come up with your rates, and determine the number of clients you can work with. So it’s a win-win.
2] Skills you Must Have
Bookkeeping might be a dream job. You have freedom which most employees yearn for. However, this might only be a dream if you don’t demonstrate the skills needed.
You are not only there to record transactions but also help business owners solve problems in their business ecosystem. Here are the go-to skills if you want to join the club.
- Multi-Tasking: Being a jack of all trades gives you the first ticket. Since you’ll be working with multiple clients, you must be able to smoothly switch from one client account to the other without mixing things up. You must meet deadlines regardless of the influx of clients.
- Organized: Do you enjoy keeping things in order? Are you pissed you off when the dishes are not orderly in the rack? Well, bookkeeping might work out great for you. Dealing with financial accounts is tedious for many people. As a bookkeeper, your work is to make them organized, presentable, and transparent.
- Hard worker: You will have to break your back if you want to build a successful freelance bookkeeping business. It’s not like you’ll start minting money out of the blues. You must be ready to grow your client’s customer base and still over-deliver. This doesn’t come easy, and it takes nights of learning and optimizing new skills you pick along the way.
- Fast and Efficient: The biggest monster that attacks freelance workers is procrastination. If you don’t have a way of dealing with it, you might have a hard time as a bookkeeper. Most of the jobs can’t be left for tomorrow. These are daily reports and have to be presented on time as clients need IRS filling on time.
3] Does it Pay Handsomely?
But according to Ben, a virtual bookkeeper for over 14 years, it’s not a get rich quick scheme. Your return depends on how you work your tail off.
As a newbie that can successfully handle 3-4 clients, you can hit $10,000 a year. This is roughly $830 a month, which turns out to be $20/hour if you work 10 hours a week. If you can take more clients, the better.
Most of the established bookkeepers charge between $50-$100/hour; hence, they rake in $40,000 -$55,000 per year. Others make more than this. It depends on your customer base and experience.
Bookkeeping is a great way to add money aside from your full-time job before you scale it up to a full-time business. If you already have experience in bookkeeping, you don’t need more training before you wet your feet. If not, training is vital as you familiarize yourself.