How to Start Your Own Accounting Business

Woman thinking at her computer Starting a business is usually thought of as something that takes lots of money and carries lots of risks. Many businesses require tens of thousands of dollars to start. Then, tens of thousands of dollars are required to pay salaries and overhead until the business becomes profitable. That can take six months to a year or even longer. Statistics also show that most businesses fail within the first three years. This can be a result of poor management, insufficient revenue (lack of capital reserves), and lack of financial controls (accounting).

You can start your own business without large amounts of money and high risks. Here is what you should look for:

You don't want to start a business only to find there is little demand for what you offer. That's why starting your own accounting business is such a good idea. The law requires every business to keep financial records.

Ninety percent of all businesses are considered small businesses. However, many small business owners are too busy running their business to take the time to manage their bookkeeping. They find it hard to justify a fulltime employee to be in charge of that function. And they usually do not have the training to do it themselves.

Your accounting business is just the service they need. Not only do you maintain their business records as required by law but you are able to advise them on steps they might take to become more profitable. You are also in a position to provide them with tax preparation services which adds to your income.

It is often assumed that becoming an accountant requires a college education. It seems hardly practical to start a business that requires four years of training. Unfortunately, the training they provide actually prepares you for doing accounting in the corporate environment rather than for small business.

Universal Accounting® provides training for starting your own service that caters especially to the needs of small business. Rather than years, you will learn the required skills in a matter of weeks. And many of our students have their first client even before they finish the course!

Financial chart Although most new business find a place in a commercial area and sign an expensive lease, this is not necessary for an accounting business. Your new business is ideal for working at home. Many of your clients may never see your place of business as you may meet with them at their location.

If you set up your office at home in a room used exclusively for business, you save on expensive lease payments and may qualify for additional write-offs. This may include deducting part of your mortgage or rental payments, taxes, utilities, and depreciation. How many businesses can claim this savings and get tax breaks for doing it?

Another advantage of your new business is there is no inventory. If you were to open a regular store, it would need to be stocked with the products that are to be sold. This is one of the biggest expenses with opening a store. With a service business, you only need your office equipment and software for your computer.

Without the overhead of employees and a commercial lease, it is easy for you to start your business and work part-time. This allows you to continue to receive the income from your current job as you begin to grow your business.

Even before you begin to earn a profit, you may still take the deductions for your business expenses. These deductions reduce the taxable income that comes from your current job if you file a Schedule C form for your business. This alone might pay for your training.

Without clients, your business has no hope of earning a profit. This is job one of any business owner. Module 4 of the Professional Bookkeeping course teaches you how to find clients. This is a very important skill and is easier than you might think. Learn from Universal Accounting® professionals who have developed these techniques from their own experience.

Get the Professional Bookkeeper course and start your own accounting business today. We will teach you what you need to know to have a successful company. You could earn $30 to $60 an hour working for yourself and setting your own hours.