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How to Start a Bookkeeping BusinessWhen you start a bookkeeping business, you can work as many or as little hours as you like. Balance your family and commitments, set your own hours. Work from home, on site or a combination of both. A lot of small business's don't have the time or the expertise to keep their accounts in order, and they are prepared to hire a bookkeeper to help them. With the Internet, and remote desktop, some clients will be happy to email and fax you information and you can work from home in your own hours. With remote desktop you can connect to your clients computer and log into their accounting system. Other clients may require you to work at their premises. The way you handle your clients accounts would be determined at your initial appointment. Some clients do the day to day inputting themselves and just require a bookkeeper to reconcile and perform end of month and end of quarter reports.
What you need to get started in your Bookkeeping Business- Computer/Laptop - Internet - Fax and Printer - Mobile Phone - Business Cards(Print your own) - Accounts package ie MYOB
Minimum Education and Knowledge Required- Bookkeeping Certificate (the more accounts knowledge the better) - Computer Literate (also good knowledge of Excel and Word) - Knowledge of well know Accounts software such as MYOB - New legislation in Australia states that if you wish to complete BAS Statements, you must be Accredited, and apply to the ATO to be a BAS Service Provider. - The Institute of Certified Bookkeepers membership for a Member in Practise is $480. Go to the following website for more information:
How to get your first clients- Advertise in Trades/Services section of your local paper - Talk to Accountancy Firms - they will refer their clients to you. - Referrals - Once you start building your client base, your clients will refer you to their friends and business associates
How often should I visit my clients- Your first appointment with a new client will be to analyse their needs - Some clients require weekly appointments ie inovicing may have to be done weekly. An average appointment will be 2-3 hours. - Some clients may only require you to work on their accounts once a month or even once a quarter.
What Income can I MakeIt depends on the number of clients and most importantly how many hours you work. You will either charge an hourly rate for your services, or a fixed amount per month.
Tax DeductionsYou will be able to claim deduction for your motor vehicle, mobile phone, computer etc, stationary and sometimes a deduction for your home office. Please see your Accountant for advice
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